We keep our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know.
1. Crossing the ethical finish line
Welcome to the trailing edge of AI. The question now is, what’s it going to take for companies to push AI over the finish line and deliver on all those big promises? An overwhelming majority of business leaders, 98%, expressed a willingness to delay being the first to deploy AI if it means ensuring the technology is implemented safely and securely, according to a survey published in the MIT Technology Review. Raj Sharma, Global Managing Partner for Growth and Innovation at EY, acknowledges the skepticism surrounding the transformative promises of new technologies. He advocates for caution but remains optimistic about the potential of AI, particularly generative AI and large language models. Sharma observes that while the previous year was marked by AI hype, the current year, 2024, is witnessing the realization of AI’s potential, with businesses exploring large-scale transformations and regulators developing new AI regulations. The goal of AI governance and risk management is to ensure the responsible and ethical development of the technology within organizations. Now, here’s how to do it ethically…
Getting AI Past The Finish Line, Responsibly And Ethically
2. Transformation touchdown
Leaders are discovering that the secret to success might just lie in the playbook of sports teams. Transformation teams and sports squads share more than just the thrill of the chase. Both arenas demand a laser focus on common goals, resilience under pressure, and a scoreboard that doesn’t lie. But here’s the kicker: it’s not just about numbers and deadlines—it’s the human element, the emotional pulse of the team, that can make or break success. Leaders, take note: the secret to steering a transformation to victory lies in tuning into your team’s emotional frequencies. Research by EY and Oxford’s Saïd Business School reveals three-quarters of us are craving more emotional support during crunch times. On top of that, a staggering 96% of transformation programs hit a snag, and it’s the human element — our behaviors and emotions — that wave the red flag before the numbers nosedive. Enter Key Behavioral Indicators (KBIs), the new players on the field, signaling shifts in team dynamics way before trouble hits the scoreboard. After all, the real MVPs of any transformation are the people powering it, and when leaders prioritize their teams’ emotional well-being, they’re not just hitting targets — they’re smashing records.
How understanding people’s emotions can help deliver success
3. Can AI change the world?
AI isn’t the magic bullet for everything, but when it’s woven into the fabric of broader solutions, it can help move the needle on big global challenges. The thing is, for AI to reach its full potential in making the world a better place, people need to trust it. They need to see AI as a force for good, not something that’s just going to make bad practices worse. AI’s potential to create positive human impacts and accelerate sustainable outcomes can only be fully realized if stakeholders have confidence in AI, which can only be built by transparently reporting on the net impacts of the technology. It can impact education, environment and social innovation, and EY plans to do that. Through the EY Ripples program, the goal is to harness AI’s power for good and positively impact one billion lives in the next five years. As we look towards 2030, these efforts’ impact will be measured not just in numbers but in the improved quality of life for individuals and communities worldwide.
Responsible AI for the UN SDGs
4. Sync or swim
The old-school office is long gone. Remote work, the Great Resignation, and the quest for talent have rewritten the rules. Employers and employees are redefining their must-haves. Companies are strategizing amidst economic and geopolitical shifts, while workers chase the dream trio: competitive pay, flexibility, and standout benefits. There’s a striking disconnect, though: employers and employees aren’t quite on the same page, with a notable perception gap in leadership’s attunement to the workforce, with 76% of employers that think they understand their teams, yet only 54% of employees actually feel understood. To sync up, companies must focus on four essentials: fostering a sense of belonging, revising compensation, embracing work-life balance, and promoting continuous learning. Inclusivity is key, especially for Gen Z, who demand transparency and authenticity. As living costs rise, employees are eyeing more than just a paycheck; they want meaningful support and rewards. Hybrid work is the future, with employees expecting autonomy. And upskilling is crucial for both employers and employees to stay competitive. Businesses that align development with retention strategies will not only attract but also future proof their talent.
Why the future of work lies in employee satisfaction
5. Flipping the switch
It’s crucial for businesses to keep a finger on the pulse of emerging consumer trends, and right now, Gen Z is the heartbeat. Trust in big business is at a premium, especially for energy companies traditionally distanced from their consumers. Energy companies, take note: your future consumers are discerning and demand genuine engagement. Gen Z is not swayed by flashy tech or empty promises; instead, they demand practicality and proof, especially when it comes to sustainability and spending. So, what’s the secret sauce for energy companies aiming to connect with this discerning demographic? It’s all about building genuine engagement and trust. With over half of them anxious about finances, energy companies must strike a delicate balance between sustainability and affordability. By educating and empowering consumers, especially the younger ones stepping into the marketplace, energy firms can earn their interest and, ultimately, their loyalty. Energy companies need to show them the tangible benefits, from a greener planet to a fuller wallet. It’s time to educate, personalize, and build the trust that will power the future.