Historically, periods of great innovation follow periods of great crisis. We are presented with the opportunity to think creatively and bring about rapid change that has the potential to have an effect that lasts for a long time during times of crisis. The COVID-19 outbreak is not an exception.
McKinsey & Company’s research indicates that COVID-19 has significantly accelerated the adoption of new technologies, many of which will continue. To stay afloat, businesses had to quickly adopt new technologies or risk becoming irrelevant. Over the course of the pandemic, advances in artificial intelligence, robotics, and automation have accelerated. As a result, almost every industry has altered how it interacts with customers and conducts business with them over the past two years. The use of new biosensors with AI facial mask detection and automatic temperature checks is now widespread. Robots and artificial intelligence are also rapidly replacing jobs lost due to the pandemic. The mRNA vaccines, which were developed using a technology that was previously thought to be fringe, were distributed to billions of people in a fraction of the time required for a typical vaccine development process. The way we work has changed as a result of the implementation of digital infrastructure across all sectors and geographies, allowing for new collaborations. This rapid, forced adaptation can come at a cost. The road to digitalization is sometimes out of reach, especially for SMEs. In a recent World Economic Forum survey, 40% of SMEs surveyed ceased their activities during the pandemic, leading to layoffs and other cost-cutting measures.
In today’s highly uncertain environment, leaders must make difficult decisions that can have a significant impact on their workforce’s well-being and employee satisfaction. With the staggering amount of data created online, new risks have also emerged, such as more frequent and costly cyberattacks. Our Young Global Leaders are well aware of the fact that it is simple to lead in good times, but real responsibility arises when you must defend your beliefs. When faced with adversity, responsible leaders truly shine. In light of this, we questioned eight Young Global Leaders about their plans for using technology and ingenuity to improve their leadership in 2022. Better strategic planning through game theory and AI
Auctionomics’ CEO and co-founder, Silvia Console Battilana Business leaders are already using new computational and AI tools to help them make strategic decisions. In the next decade, this software will become more powerful and will be applied in new and different settings. AI tools use the computational innovations that power chess engines and are based on game theory math. But they are no longer limited to simple zero-sum games: today’s AI can solve much more complex (and more human) problems, by identifying unseen patterns and finding new paths to strategic goals. AI analysis will be essential to tomorrow’s leaders and has already been used by CEOs to evaluate corporate structures and to help telecom companies compete in high-stakes auctions.
