The MIT Work of the Future Report

Irving Wladawsky-Berger

“The world now stands on the cusp of a technological revolution in artificial intelligence and robotics that may prove as transformative for economic growth and human potential as were electrification, mass production, and electronic telecommunications in their eras,” said the MIT Task Force on the Work of the Future in its recently released interim report. The final report will be issued after conducting additional research over the next year.

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The Productivity Puzzle

Irving Wladawsky-Berger

Economic growth has two main components, productivity growth and the growth of the labor force. I ncreasing productivity is thus more crucial than ever to promote economic growth. But, in the US and other advanced economies, productivity growth has significantly slowed down over the past few decades. From 1987 to 2004 US labor productivity grew at a 2.1% Since 2011, the productivity rate has further declined to 0.6%. . US labor productivity grew at only 1.5%

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AI and the Productivity Paradox

Irving Wladawsky-Berger

But, at the same time, productivity growth has significantly declined over the past decade, and income has continued to stagnate for the majority of Americans. This puzzling contradiction is addressed in Artificial Intelligences and the Modern Productivity Paradox , a working paper recently published by the National Bureau of Economic Research (NBER). Economists have proposed competing explanations for declining productivity growth and so far have failed to reach a consensus.” .

The Productivity Paradox: Digital Abundance and Scarce Genius

Irving Wladawsky-Berger

Despite the relentless advances of digital technologies, productivity growth has been declining over the past decade. Some contend, - most prominently Northwestern University economist Robert Gordon , - that over the past few decades there’s been a fundamental decline in innovation and productivity. We’ve been living in a time of major transformative technologies, - the Internet, smartphones, IoT, big data, AI - whose deployment and impact on productivity growth are still lagging.

Remote Work is Surprisingly Productive, But For Many… Something Is Missing

Irving Wladawsky-Berger

Despite having to switch from face-to-face to audio and video interactions, overall productivity actually went up as measured by several metrics. His article discussed two separate productivity case studies, one focused on working from home (WFH), the second on working from anywhere (WFA).

AI and the Productivity Paradox

Irving Wladawsky-Berger

But, at the same time, productivity growth has significantly declined over the past decade, and income has continued to stagnate for the majority of Americans. This puzzling contradiction is addressed in Artificial Intelligences and the Modern Productivity Paradox , a working paper recently published by the National Bureau of Economic Research (NBER). Economists have proposed competing explanations for declining productivity growth and so far have failed to reach a consensus.” .

From Mass Production to Mass Individualism

Irving Wladawsky-Berger

The Collaborative Economy , a 2013 report by Jeremiah Owyang , nicely explains the evolution of this Internet-based economy, and the associated shift of economic power from institutions to individuals. All kinds of new products and services, like Airbnb, are now coming to market. The result is a personalistic culture in which people have actively lost trust in big institutions. A few weeks ago, NY Times columnist David Brooks posted an OpEd on The Evolution of Trust.

Solow Paradox 2.0: The Lagging Impact of Technology Advances on Productivity Growth

Irving Wladawsky-Berger

Our aging economies are thus dependent on productivity gains to drive long-term economic growth , future prosperity and higher standards of living. Which is why few topics have generated as much concern among economists and policy makers as the sharp decline in productivity growth in the US and other advanced economies over the past decade, - despite accelerating technology advances. Their average productivity growth in the 5 years between 2000 and 2004 was 2.4%.

Lessons In Culture From United Airlines

Dan Pontefract

Specifically, I wanted to know if she felt their new CEO, Oscar Muñoz, would bring any change to the company, its culture and its operating practices. “Oh Take for instance the Airline Quality Rating 2015 report. In its 25th year of reporting on airline performance, the 2015 version does not indicate things are significantly improving for United Airlines. It is an average experience, both of its product and its service. Photographer: Patrick T. Fallon/Bloomberg.

Become a More Productive, Empathetic, Creative Person With the Help of AI-Based Tools

Irving Wladawsky-Berger

Despite dramatic advances in technology, most of the world’s economies have been stuck in a long period of slow growth and slow productivity. In a recent article in the MIT Sloan Management Review , MIT Research Fellow Michael Schrage proposed a provocative and counterintuitive approach for enhancing innovation and productivity through man-machine collaborations. We’ve long been leveraging technology to help increase productivity.

Stop Days: The Secret To Nonprofit Productivity

Beth Kanter

The video chat provided a nice opportunity to have conversation in real-time about the relationship between self-care and workplace productivity. discussed the issue in relation to remote working staff and how to address some of the common issues that hinder group and individual staff productivity. Workplace Productivity and Well Being . The chart above comes from a recent study on the link between well being and workplace productivity and the impact of office design.

Leveraging Commercial Best Practices to Maximize Government Productivity

Irving Wladawsky-Berger

On October 6, the Technology CEO Council released its report One Trillion Reasons: How Commercial Best Practices to Maximize Productivity Can Save Taxpayer Money and Enhance Government Services. The report identifes a set of recommendations aimed at reducing US government spending by one trillion dollars over the next decade. But for both public and private, the more productive and efficient the operations, the more can be delivered at the lowest cost.

Online Learning Trends Enhancing Employee Productivity in 2017

TOPYX LMS

Corporate Online Learning Trends Can Boost Employee Productivity . They want to know which trends are noteworthy, and which can facilitate a productive workplace. Read on to discover a few online learning trends that can bolster company culture and increase employee productivity in 2017. 3 Corporate Online Learning Trends That Can Boost Employee Productivity in 2017. The post Online Learning Trends Enhancing Employee Productivity in 2017 appeared first on TOPYX.

It’s Culture, Leadership and E2.0 … or fail

Dan Pontefract

Over the last several months, at the job that actually pays me, I’ve been on somewhat of a soapbox speaking, writing, blogging, yammering about the link between culture, leadership philosophy and Enterprise 2.0 It is breaking down silos, opening up doors, building relationships … and … eventually, improving productivity, efficiencies and ideally revenues/profits. The two must marry if an organization wishes to be successful in the culture of tomorrow. Culture enterprise 2.0

Online Learning Trends Enhancing Employee Productivity in 2017

TOPYX LMS

Corporate Online Learning Trends Can Boost Employee Productivity . They want to know which trends are noteworthy, and which can facilitate a productive workplace. Read on to discover a few online learning trends that can bolster company culture and increase employee productivity in 2017. 3 Corporate Online Learning Trends That Can Boost Employee Productivity in 2017. The post Online Learning Trends Enhancing Employee Productivity in 2017 appeared first on TOPYX.

The Secret Every Successful Nonprofit Leader Knows About Being Productive

Beth Kanter

Some workplace cultures in nonprofits encourage this approach. In his words: “For nearly 15 years, I’ve been making the case — in my writing and with corporate clients — that employees can be more productive by working fewer hours and taking more time for rest and renewal during the work day.” This means I have to be careful about scheduling my too many back-to-back work chunks without breaks which can be an energy and productivity zapper.

The Increasing Economic Value of Digital Capital

Irving Wladawsky-Berger

According to a 2019 research report , the overall value of the S&P 500 in 1975 was $715 billion, of which 17% was intangible. It introduces a set of methods for quantifying the value of digital capital investments, as well as their impact on a company’s long term productivity and growth.

Total Institutions, Productivity, and Unemployment

Bob Sutton

   And I do believe from many conversations with senior Google executives over the years that they care deeply about their people's happiness and well-being and seem -- somehow -- to have sustained a no a **e culture even at 32,000 people strong.    I love the folks at Facebook, especially their curious and deeply skilled engineers, but think of the message it sends about the definition of a good citizen in that culture). 

The Current State of AI Adoption

Irving Wladawsky-Berger

Most of these companies saw measurable benefits from their AI deployment, with 63% reporting year-over-year (YOY) revenue increase, while 44% reported YOY cost savings. For the past few years, McKinsey has been conducting a yearly online survey to help assess the state of AI adoption.

Building Better Jobs in an Age of Intelligent Machines

Irving Wladawsky-Berger

On November 18, the MIT Task Force on the Work of the Future released its final report , The Work of the Future: Building Better Jobs in an Age of Intelligent Machines. An interim report was released in September, 2019. The Task Force comprehensive report covers a lot of ground.

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How Covid Is Reordering the Global Economy

Irving Wladawsky-Berger

It’s becoming increasingly clear that “the pandemic will lead to immense structural changes in the global economy: less globalized, more digitized, and less equal.” Supply chains will bring production closer to home to cut risks.

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One Simple Tip To Increase Your Productivity at Your Nonprofit Job

Beth Kanter

It really spoke to me about our culture of overwork, especially i n the nonprofit sector. The header to this cartoon in the article is “ Be Realistic About Your Productivity Goals.” And, of course, we have all experienced attempting to get a task down and not allocating enough time. Block out time on your calendar from 60-120 minutes and take on a particular project that requires high concentration like writing proposals or reports, or creative thinking and planning.

The State of AI Adoption - High Performers Show the Way

Irving Wladawsky-Berger

A common theme throughout the report was that the same players who were leaders in the earlier waves of digitization and analytics were the early leaders in the AI wave. Overall, 63% report revenue increases in the business unit where the AI use case is deployed.

AI Technologies Are Fundamentally Changing How Work Gets Done

Irving Wladawsky-Berger

To the contrary, automating the more routine parts of a job will often increase the productivity and quality of workers by complementing their skills with technologies and tools, thus enabling them to focus on those aspect of the job that most need their attention.

The Changing Nature of the Liberal Arts in the Digital Economy

Irving Wladawsky-Berger

Similarly, in a 2006 report , the National Academy of Engineering called for reforming engineering education. The final product compresses Homer, Socrates and Plato into 2.5gb of tidy Extensible Markup Language (xml), complete with the grammatical properties of each word.”.

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Why Business Transformation Efforts Often Fail

Irving Wladawsky-Berger

It’s very hard to transform a large complex organization through business-as-usual objectives, - e.g., growing revenue and profit, cutting expenses, improving quality, developing better products and services. Not Anchoring Changes in the Corporation’s Culture.

Is Work-from-Anywhere Here to Stay?

Irving Wladawsky-Berger

In 2013, a year after it instituted work from anywhere, the USPTO was ranked highest on the Best Places to Work in the Federal Government survey.” Happier workers are also more productive. The USPTO’s WFA program increased individual productivity by 4.4%

New Directions for Government in the Digital Age

Irving Wladawsky-Berger

Companies - especially large, global corporations - have leveraged digital innovations to improve their productivity and competitiveness and adapt better to these powerful technology and market changes.

The Pace of Creative Destruction is Accelerating

Irving Wladawsky-Berger

According to the Innosight Forecast report , a few key megatrends are responsible for the market turbulence behind the changing makeup of the S&P 500. Complex Systems Economic Issues Innovation Management and Leadership Smart Systems Society and Culture Technology and Strategy

What History Tells Us About the Accelerating AI Revolution

Irving Wladawsky-Berger

A few weeks before our lives were turned upside down by Covid-19, I read Technology at Work v4.0 , the fourth report in the Technology at Work Series developed by Citigroup in collaboration with Oxford University.

Why Some AI Efforts Succeed While Many Fail

Irving Wladawsky-Berger

Winning with AI , - a 2019 report based on a survey jointly conducted by the MIT Sloan Management Review and the Boston Consulting Group , - found that 90% of respondents agree that AI represents a business opportunity for their company.

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The Urgent Need to Strengthen the Nation’s Resilience

Irving Wladawsky-Berger

These included a significant expansion of government support for scientific research in universities and R&D labs, leading to product innovations from the private sector and better weapons from the defense industry, - and making the US the most prosperous and secure nation in the world.

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Hope for HP's Culture - Bob Sutton

Bob Sutton

Management maxims in need of a makeover - US News and World Report. James Adams: Good Products, Bad Products: Essential Elements to Achieving Superior Quality. The Power of Observing and Talking to Real Humans » Hope for HPs Culture.   As one former HP executive explained, once they put that word on the signs, she knew that HP's brilliant culture of innovation was fading fast. Stanford Reports: The Acceptance Speech. Bob Sutton.

How Will the Pandemic Reshape Labor Markets?

Irving Wladawsky-Berger

Autor and Reynolds are cochairs of the ongoing MIT Work of the Future task force, whose interim report was published in the (pre-Covid) Fall of 2019. The final report of the MIT Work of the Future task force will be published later this year.

Issues 170

Reflections on the Later Stages of Our Careers

Irving Wladawsky-Berger

A few parameters account for most individual differences: the age at which the career starts, the career’s initial creative potential, the rates at which new ideas are generated, and the rate at which the ideas become finished results as publications or products.

The Economic Value of Artificial Intelligence

Irving Wladawsky-Berger

PwC recently released a report on the potential economic value of AI to different regions and industry sectors around the world. The report’s overriding finding is that AI is the biggest commercial opportunity for companies, industries and nations over the next few decades. trillion of the expected GDP growth will come from productivity gains, especially in the near term. Make sure you have the right talent and culture, as well as technology.

Redefining Work - Leveraging Human Capabilities in a Future of Expanding Automation

Irving Wladawsky-Berger

Over the past few years, a number of papers , reports and books have addressed these very important questions. F or the most part, they view AI as mostly augmenting rather than replacing human capabilities, automating the more routine parts of a job and increasing the productivity and quality of workers, so they can focus on those aspect of the job that most require human attention. How will labor markets evolve in our 21st century digital economy?

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The Impact of AI on the World Economy

Irving Wladawsky-Berger

A few weeks ago I wrote about the economic value of AI based on a recently published report by PwC. The report’s overriding finding was that AI technologies and applications will increase global GDP by up to 14% between now and 2030, the equivalent of an additional $15.7 I now want to discuss a September, 2018 report by the McKinsey Global Institute on the impact of AI on the world economy. Below is a summary of the report’s key findings. .

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The Current State of AI Adoption

Irving Wladawsky-Berger

Two recent reports concluded that, over the next few decades, AI will be the biggest commercial opportunity for companies and nations. AI advances have the potential to increase global GDP by up to 14% between now and 2030, the equivalent of an additional $14-15 trillion contribution to the world’s economy, and an annual average contribution to productivity growth of about 1.2 AI is seemingly everywhere.

Artificial Intelligence is Ready for Business; Are Businesses Ready for AI?

Irving Wladawsky-Berger

asks McKinsey in a recently published report - Artificial Intelligence: the Next Digital Frontier. “AI adoption outside of the tech sector is at an early, often experimental stage,” is the report’s succinct answer. “Few firms have deployed it at scale.”. The report is based on a survey of over 3,000 AI-aware C-level executives across 10 countries and 14 sectors. Higher productivity, lower costs and minimized maintenance and repairs.

The Economic Value of Digital Identity

Irving Wladawsky-Berger

A few weeks ago, the McKinsey Global Institute released Digital Identification : A key to inclusive growth, a comprehensive report at over 100 pages that examined the state of digital identities around the world. The report analyzed the value creation potential of good digital IDs for individuals and institutions, as well as the potential risks and challenges. Identity plays a major role in our everyday life.

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Human Capital and the Changing Nature of Work

Irving Wladawsky-Berger

But on balance, such fears appear to be unfounded, noted the World Bank in a comprehensive recent report on The Changing Nature of Work. The World Bank report discussed five such changes: While the idea of robots replacing workers is striking a nerve, the threat to jobs from technology is exaggerated - and history has repeatedly taught this lesson. “We The World Bank report suggests three major areas where governments should act: Invest in human capital.

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A Novel Method for Measuring the Value of Free Digital Services

Irving Wladawsky-Berger

Gross domestic product (GDP) is the basic measure of a country’s overall economic output, based on the market value of all the goods and services the country produces. GDP is essentially a measure of production. While suitable when economies were dominated by the production of physical goods, GDP does not adequately capture the growing share of services and increasingly complex solutions that characterize advanced economies. noted its report.

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