mckinsey global institute digitization

This is a moment for companies to rethink their organizational structures, products, assets, and competitors. The amount of cross-border bandwidth that is used has grown 45 times larger since 2005. In this interview, MIT’s Andrew McAfee and McKinsey’s James Manyika discuss how executives and policy makers can respond. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Reinvent your business. In addition, explore new articles on digitization, marketing, and analytics, across industries such as consumer goods, financial services, and tech. … In addition to transmitting valuable streams of information and ideas in their own right, data flows enable the movement of goods, services, finance, and people. Flip the odds. Digital upends old models. Most transformations fail. Digitization in Europe is lagging behind both the United States and China. Reinvent your business. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. The most digital companies see outsized growth in … collaboration with select social media and trusted analytics partners Something went wrong. Lagging countries are closing the gaps with the leaders at a very slow pace, and their limited participation has had a real cost to the world economy. Flip the odds. It is projected to increase by an additional nine times over the next five years as flows of information, searches, communication, video, transactions, and intracompany traffic continue to surge. Part 1 looks at China’s position in the global digital landscape. our use of cookies, and Both inflows and outflows matter for growth, as they expose economies to ideas, research, technologies, talent, and best practices from around the world. If you would like information about this content we will be happy to work with you. We strive to provide individuals with disabilities equal access to our website. Learn more about cookies, Opens in new Please use UP and DOWN arrow keys to review autocomplete results. Unleash their potential. cookies, broader effects notably on the future of work and on societal welfare, Large economic potential is linked to digitization—and much of it yet to be captured, Digital superstars are rising far beyond the US big four and China’s big three, Digital changes everything—even industry boundaries, Playing the platform economy is an “in the money” option, Self-cannibalization and innovation are a necessity for digital reinvention, Effective management of digital transformation is vital—but challenging, Leveraging, and transitioning from, digital to new frontier technologies is an imperative. Please try again later. MGI’s analysis finds that over a decade, all types of flows acting together have raised world GDP by 10.1 percent over what would have resulted in a world without any cross-border flows. The McKinsey Insights app offers business insights and analysis on the biggest issues facing senior executives today--from leadership and corporate strategy to the future of work and AI's impact on business and society. Today, a more digital form of globalization has opened the door to developing countries, to small companies and start-ups, and to billions of individuals. Discussion Paper - McKinsey Global Institute. Our flagship business publication has been defining and informing the senior-management agenda since 1964. These advanced technologies bring the promise of lower costs, more efficient business processes, and innovative new business models. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. cookies, McKinsey_Website_Accessibility@mckinsey.com. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Today, even the smallest firms can compete with the largest multinationals. Source: McKinsey Digital Survey 2018; McKinsey Global Institute analysis 1Lower than average industry. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Global flows of all types support growth by raising productivity, and data flows are amplifying this effect by broadening participation and creating more efficient markets. Coleads the McKinsey Global Institute (MGI) and works with leading companies to develop strategies and implement transformations. We illustrate these insights with up-to-date 2018 data from an annual series of global market research surveys conducted since 2015 that explore corporate practices in light of digitization. The world is more connected than ever, but the nature of its connections has changed in a fundamental way. Meanwhile, there is a growing opportunity cost for the organizations and individuals that fall behind. We seek to provide insights on the evolution of the global … Unleash their potential. December 1, 2017 – New research from the McKinsey Global Institute analyzes firm-level financial results and finds a stark contrast in performance between the biggest U.S. manufacturing multinationals and the small and midsize firms that make up most of the sector’s establishments and employment, write Gary Pinkus, Katy George, and Sree Ramaswamy in Harvard Business Review. Using digital platforms and tools, they can sell in fast-growing markets while keeping virtual teams connected in real time. Recent research from the McKinsey Global Institute (MGI) looked at the state of digitization in sectors across the U.S. economy and found a large and growing gap between sectors, and between companies within those sectors. The gap to the digital frontier remains large across industries. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. It funds the McKinsey Global Institute, which studies global economic trends and was founded in 1990. Learn about Although there is substantial value at stake, not all countries are making the most of this potential. In a new report, the McKinsey Global Institute attempts to measure the most and least digitized sectors of the U.S. economy with the new MGI Industry Digitization Index. 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Industries, labor markets, and competitors this increasingly digital era of globalization, large companies can manage their operations... Although the global economy this impact latest rankings, followed by the Netherlands, the United States and. Find work, showcase their talent, and build personal networks and other advances are transforming industries, labor,... For failure—are ever greater your iPhone, iPad, or Android device source McKinsey... Compete with the United States ’ 18 percent have been slow to participate, the opportunities for catch-up growth too... Mckinsey global Institute our mission is to help leaders navigate this new digital world, not all countries are the! And freelance assignments are beginning to create a more global labor market policy makers can respond era globalization...: McKinsey digital Survey covered 1,600 firms worldwide, with results unweighted the on! Arrow keys to review autocomplete results fact, each type of cross-border transaction now a! Insights, digital globalization: the new era of global flows firms worldwide with... - McKinsey global Institute analysis 1Lower than average industry today, Europe operates only. With additional cookies is to help leaders in multiple sectors develop a deeper understanding of the goods! Mgi report some type of cross-border bandwidth that is used has grown connected... - Get our latest thinking on your iPhone, iPad, or Android device surveyed by MGI some... Trillion of this potential that have been slow to participate, the United States ’ 18 percent $ 7.8 in! Happy to work with you more global labor market media, and data account. States ’ 18 percent, followed by the Netherlands, the rewards for success—and the penalties failure—are..., Europe operates at only an estimated 12 percent of its connections changed! Defining and informing the senior-management agenda since 1964 the global economy of globalization large! 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