Unleash their potential. Both inflows and outflows matter for growth, as they expose economies to ideas, research, technologies, talent, and best practices from around the world. Digital platforms for both traditional employment and freelance assignments are beginning to create a more global labor market. cookies, McKinsey_Website_Accessibility@mckinsey.com. A new European model for innovation could help close the gap. McKinsey Quarterly Our flagship business publication has been defining and McKinsey Quarterly Our flagship business publication has been defining and We seek to provide insights on the evolution of the global … In this new briefing note (PDF–179KB), the McKinsey Global Institute (MGI) draws on its extensive research on digitization that has looked at the importance of more inclusive infrastructure to broaden access to these technologies and at the emergence of new families of digital technologies including social media, enterprise 2.0, big data, and artificial intelligence (AI), and how these technologies are being diffused and affect economies, sectors, and firms. 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. Please click "Accept" to help us improve its usefulness with additional cookies. Individuals are using global digital platforms to learn, find work, showcase their talent, and build personal networks. Reinvent your business. People create and sustain change. The gap to the digital frontier remains large across industries. Trade was once largely confined to advanced economies and their large multinational companies. hereLearn more about cookies, Opens in new In fact, each type of flow is concentrated among a small set of highly connected countries. The McKinsey Digital Survey covered 1,600 firms worldwide, with results unweighted. The most digital companies see outsized growth in … Singapore tops the latest rankings, followed by the Netherlands, the United States, and Germany. This is a moment for companies to rethink their organizational structures, products, assets, and competitors. Select topics and stay current with our latest insights, Digital globalization: The new era of global flows. 173 personas están hablando de esto. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Flip the odds. 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. Use minimal essential 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. MCKINSEY GLOBAL INSTITUTE Find this report and other MGI research at: www.mckinsey.com/mgi MCKINSEY GLOBAL INSTITUTE @McKinsey_MGI Most transformations fail. … Subscribed to {PRACTICE_NAME} email alerts. If you would like information about this content we will be happy to work with you. Source: McKinsey Digital Survey 2018; McKinsey Global Institute analysis 1Lower than average industry. Please use UP and DOWN arrow keys to review autocomplete results. (Yicai Global) July 20 -- COVID-19 will be an accelerator for the second phase of globalization, which will be characterized by regionalization, service orientation and digitization, Jeongmin Seong, Partner of McKinsey Global Institute, predicted. If the rest of the world had increased its participation in global flows at the same rate as the top quartile over the past decade, world GDP would be $10 trillion, or 13 percent, higher today. 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. Most transformations fail. In addition, explore new articles on digitization, marketing, and analytics, across industries such as consumer goods, financial services, and tech. Part 1 looks at China’s position in the global digital landscape. We have chosen to focus on the business and management aspects of digitization, but acknowledge, as we have made clear in much of our research, that digitization has broader effects notably on the future of work and on societal welfare. Even the smallest enterprises can be born global: 86 percent of tech-based start-ups surveyed by MGI report some type of cross-border activity. Ten insights can help leaders navigate this new digital world. The index “combines dozens of indicators to provide a comprehensive picture of where and how companies are building digital assets, expanding digital usage and creating a more digital workforce,” the report authors write. The world is more connected than ever, but the nature of its connections has changed in a fundamental way. hereLearn more about cookies, Opens in new These advanced technologies bring the promise of lower costs, more efficient business processes, and innovative new business models. About us The McKinsey Global Institute (MGI) is McKinsey's business and economics research arm. For countries that have been slow to participate, the opportunities for catch-up growth are too substantial to ignore. Reinvent your business. Learn more about cookies, Opens in new Never miss an insight. 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. [19] [74] Many consultants are contributors to the Harvard Business Review . Although there is substantial value at stake, not all countries are making the most of this potential. Countries, sectors, and CEOs face an increasingly complex world characterized by the diffusion of new digital technologies, affecting productivity performance while causing disruption. James Manyika, Jacques Bughin, and Jonathan Woetzel are directors of the McKinsey Global Institute, where Susan Lund is a principal; Kalin Stamenov and Dhruv Dhingra are consultants in McKinsey’s New York office. In addition, explore new articles on digitization, marketing, and analytics, across industries such as consumer goods, financial services, and tech. McKinsey Quarterly Our flagship business publication has been defining and informing the senior Conventional wisdom says that globalization has stalled. Never miss an insight. In this article, we offer a closer look at how E&C companies can realize benefits like … our use of cookies, and Digitization in Europe is lagging behind both the United States and China. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Our new McKinsey Global Institute (MGI) report, Digital America: A tale of the haves and have-mores, represents the first major attempt to measure the … Our flagship business publication has been defining and informing the senior-management agenda since 1964. People create and sustain change. Some 900 million people have international connections on social media, and 360 million take part in cross-border e-commerce. 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. Digital upends old models. According to McKinsey research, Indonesia has the potential to increase its economic productivity through digitization by US$121 billion by 2025. Today, Europe operates at only an Rather, it is entering a new phase defined by soaring flows of data and information. 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. Please try again later. Something went wrong. McKinsey Quarterly Our flagship business publication has been defining and informing the senior In this world, the rewards for success—and the penalties for failure—are ever greater. Learn about tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Press enter to select and open the results on a new page. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Learn more about cookies, Opens in new But although the global goods trade has flattened and cross-border capital flows have declined sharply since 2008, globalization is not heading into reverse. SOURCE: The Conference Board (May 2017 release); McKinsey Global Institute analysis McKinsey & Company 4 Trend line of labor productivity growth, total economy % year-over-year 1955 60 65 70 75 80 85 90 95 2000 15 0 8 Select topics and stay current with our latest insights, Twenty-five years of digitization: Ten insights into how to play it right. Use minimal essential collaboration with select social media and trusted analytics partners Using digital platforms and tools, they can sell in fast-growing markets while keeping virtual teams connected in real time. 「McKinsey Insights」をダウンロードしてiPhone、iPad、iPod touchでお楽しみください。 ‎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. We'll email you when new articles are published on this topic. Today, even the smallest firms can compete with the largest multinationals. It funds the McKinsey Global Institute, which studies global economic trends and was founded in 1990. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Discussion Paper - McKinsey Global Institute. tab. tab. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. The McKinsey Global Institute is the business and economics research arm of McKinsey & Co. collaboration with select social media and trusted analytics partners We strive to provide individuals with disabilities equal access to our website. In this new briefing note (PDF–179KB), the McKinsey Global Institute (MGI) draws on its extensive research on digitization that has looked at the importance of more inclusive infrastructure to broaden access to these technologies and at the emergence of new families of digital technologies including social media, enterprise 2.0, big data, and artificial intelligence (AI), and how these … 01.01.2014 - McKinsey Global Institute | Digitization, automation, and other advances are transforming industries, labor markets, and the global economy. McKinsey Global Institute: AI Critical for Productivity, Economic Growth At a time when productivity is stagnating around the world, artificial intelligence and automation offer a lifeline. Tens of millions of small and midsize enterprises worldwide have turned themselves into exporters by joining e-commerce marketplaces such as Alibaba, Amazon, eBay, Flipkart, and Rakuten. Please try again later. Please click "Accept" to help us improve its usefulness with additional cookies. The McKinsey Global Institute’s Industry Digitization Index uses dozens of indicators to provide a snapshot of digital assets, usages, and workers, and our findings about Europe are sobering. 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. Approximately 12 percent of the global goods trade is conducted via international e-commerce. Remarkably, digital flows—which were practically nonexistent just 15 years ago—now exert a larger impact on GDP growth than the centuries-old trade in goods, according to a new McKinsey Global Institute (MGI) report, Digital globalization: The new era of global flows. In this interview, MIT’s Andrew McAfee and McKinsey’s James Manyika discuss how executives and policy makers can respond. In this report, the McKinsey Global Institute assesses the strengths of China’s digital system, the degree of digitization of industries, and the scope for value shift and creation. The latest MGI Connectedness Index—which ranks 139 countries on inflows and outflows of goods, services, finance, people, and data—finds large gaps between a handful of leading countries and the rest of the world. We use cookies essential for this site to function well. Research by the McKinsey Global Institute indicates that digital transformation can result in productivity gains of 14 to 15 percent and cost reductions of 4 to 6 percent. Unleash their potential. McKinsey & Company 8 Strong focus on digitization can generate additional 2.1 EUR billion of GDP in Slovenia by 2025 SOURCE: Eurostat; IHS; Local institutes of statistics; McKinsey Global Institute … Today, Europe operates at only an estimated 12 percent of its digital potential, compared with the United States’ 18 percent. This value amounted to some $7.8 trillion in 2014 alone, and data flows account for $2.8 trillion of this impact. 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. Learn about [74] McKinsey consultants published only two books from 1960-1980, then more than 50 from 1980 to 1996. But the industry has an intractable productivity problem and, according to Reinventing construction: A route to higher productivity, a new McKinsey Global Institute report, an opportunity to boost value added by $1.6 trillion. The amount of cross-border bandwidth that is used has grown 45 times larger since 2005. Digital upends old models. 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. We use cookies essential for this site to function well. our use of cookies, and Subscribed to {PRACTICE_NAME} email alerts. Flip the odds. 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. China has grown more connected, reaching number seven, but advanced economies in general remain more connected than developing countries. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. And although this shift makes it possible for companies to reach international markets with less capital-intensive business models, it poses new risks and policy challenges as well. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. 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. In this increasingly digital era of globalization, large companies can manage their international operations in a leaner, more efficient ways. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. McKinsey & Company 14 Digitization also leads to value chain restructuring, which in many cases leads to value reallocation from producers to consumers… and to disruptors! The McKinsey Global Institute’s Industry Digitization Index uses dozens of indicators to provide a snapshot of digital assets, usages, and workers, and our findings about Europe are sobering. Download the full briefing note, Twenty-five years of digitization: Ten insights into how to play it right (PDF–179KB) for additional details behind each insight. 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. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Virtually every type of cross-border transaction now has a digital component. Press enter to select and open the results on a new page. Our flagship business publication has been defining and informing the senior-management agenda since 1964. We'll email you when new articles are published on this topic. 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. SOURCE: Eurostat; Local institutes of statistics, McKinsey Global Institute McKinsey & Company 12 … resulting in significant digitization gaps compared to other EU economies – these gaps will need to be closed to unlock full Coleads the McKinsey Global Institute (MGI) and works with leading companies to develop strategies and implement transformations. Meanwhile, there is a growing opportunity cost for the organizations and individuals that fall behind. Please use UP and DOWN arrow keys to review autocomplete results. SOURCE: McKinsey Global Institute … , compared with the largest multinationals discuss how executives and policy makers can respond Twenty-five years of:... - McKinsey global Institute | Digitization, automation, and competitors countries that have been slow to participate, United... China has grown 45 times larger since 2005 global Institute our mission to. Opportunities for catch-up growth are too substantial to ignore understanding of the global goods is. 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