How to learn new skills

Feeling stuck at work, and in life, is not uncommon. But it can become particularly bothersome when you’re in the position of managing others who rely on your guidance and wisdom. Fortunately, there’s a way to get unstuck: Learning new skills is key to greasing the wheels of creativity, personal development, and productivity. 

Learning can be honed through practice. Here’s an effective strategy to continually learn, grow, and achieve development goals. Got interested? Keep reading here the original post from McKinsey on 3x3x3 intentional learning.

Elements Paving The Path To The Metaverse

Thomas has been attending the Munich TechDays this year as Rainmaker from Metacity and gave a speech on the upper mentioned topic.

“What a great and awesome day at #MunichTechDays it has been! WoW! Totally overwhelmed meeting all the old and new friends – and on top chatting with outstanding inspiring industry megastars! Thank you Peter Moehring and the overall team that made this event happen this year! I truly enjoyed sharing my view on #Metaverse in my presentation for #MetaCity “Elements Paving The Path To The Metaverse”. “

“Good to see the brave and strong traction, which is being generated in this field – really, really happy to see that!” The full presentation can be seen here:

Another extreme pleasure and honour it was to be on the same stage in the #AI and #Metaverse slot – talking about the #MetaVerse with Kevin Niekrawietz today at the #MunichTechDays. For sure we will follow on a dozen of super-creative (and most probably very tangible) topics for the #future.

In the meantime we are wrapping our minds around the challenge on how to beam and morph bikes into the #Metacity … probably #NFT is a viable solution? Paid with #MetaCity #TOQNs?!”

Looking forward to next year!!

#Metaverse #metacity #metabusiness #metalifes #metasociety #metaspaces #metaart #trecos #growth #shiftgears #team #nft #vr #ar #digitalid #digitalasset #blockchain #smartcontracts #dapp #DeFi #DAO #web3

How can CFOs rebrand themselves as innovation allies?

CFOs continue to have an innovation problem—or, rather, teams in their organizations think they do. Research shows that many business unit leaders view the CFO and the finance team as obstacles, not allies, to the innovation process.

How the CFO can better support innovation

  • Build innovation goals into the company’s plans for growth
  • Discover and validate untested assumptions about an innovation project
  • Speed up the standard budget process
  • Establish metrics specific to innovation projects
  • Upskill and empower the finance team

The long-standing perception of CFOs as obstacles to innovation is stale—and mostly incorrect. CFOs who perpetuate the old mindsets and processes associated with innovation initiatives may put their organizations’ long-term health and viability at risk. But those who work to become innovation allies stand to boost value creation substantially and to improve both the company culture and the bottom line.

Read the full story from McKinsey here

Balancing digital and physical channels in retail banking

Banking distribution needs to account for the evolving interdependencies between channels. Accelerating digital and upgrading the physical experience to “phygital” offers a viable solution.

Institutions that act promptly can expect to reignite growth and distance themselves from slower-moving competitors. Success depends on creating truly unique-to-digital experiences in harmony with improving and enhancing physical channels with digital elements. These banks will provide a “phygital” human experience that contributes significantly to the satisfaction and trust that customers across demographics are still seeking.

Read the full story from McKinsey’s here.

The metaverse could generate up to $5 trillion in value by 2030

Original by McKinsey – “While the world is still figuring out the metaverse and its role in our daily lives, one thing is certain: its potential is too big to ignore. Indeed, a new report on value creation in the metaverse finds it could generate up to $5 trillion in impact by 2030. But how do you navigate a space that’s still taking shape? Explore the research and download the full report, which draws on a survey of more than 3,400 consumers and executives, plus expert interviews and analysis. Prepare for what’s next with insight on the metaverse’s history and characteristics, investment flows, evolving consumer and business behavior—and what leaders should do to realize its value. Don’t miss this vital look at the real business of the virtual world.”

In brief (excert from the report)

“Value creation in the metaverse

The metaverse is still being defined, both literally and figuratively. Yet its potential to unleash the next wave of digital disruption seems increasingly clear, with real-life benefits already emerging for early adopting users and companies. As we saw in previous shifts in technology such as the emergence of the internet followed by social media, mobile, and cloud, novel strategies can quickly become table stakes. The metaverse has the potential to impact everything from employee engagement to the customer experience, omnichannel sales and marketing, product innovation, and community building. Examining its potential effect should be part of strategy discussions, with leaders accelerating their analysis of how the metaverse could drive a very different world within the next decade. Of course, many questions remain, including how virtual worlds will be balanced with the physical world to ensure the metaverse is built in a responsible manner, how it can be a safe environment for consumers, how closely it will align with the “open” vision of the next iteration of the internet, and whether technology can advance quickly enough to build the metaverse of our imagination. This report examines the metaverse’s building blocks, investment flows, and what is driving them, and how consumer and business behavior is evolving, its potential economic impact, and actions leaders should consider to capture value.

— There continue to be questions around the longevity and potential of the metaverse, with an extreme view regarding it as merely a rebranded gaming platform of little wider interest. We do not share that skepticism and believe the metaverse has the potential to be the next iteration of the internet. It may seamlessly combine our digital and physical lives by featuring a sense of immersion, real-time interactivity, user agency, interoperability across platforms and devices, the ability for thousands of people to interact simultaneously, and use cases spanning activities well beyond gaming. But the pace of its development will depend on multiple technological and user-experience factors, and is not limited to one platform, device, or even technology.

— The metaverse’s technology stack has four core building blocks: content and experiences, platforms (such as game engines), infrastructure and hardware (including devices and networks), and enablers (such as payment mechanisms and security). Ten layers span these components, providing the critical building blocks on which all metaverse experiences are based. One primary question about the future evolution of the metaverse is the extent to which the interoperability of these elements can be advanced.

— Large technology companies, venture capital (VC), private equity (PE), start-ups, and established brands are seeking to capitalize on the metaverse opportunity. Corporations, VC, and PE have already invested more than $120 billion in the metaverse in the first five months of 2022, more than double the $57 billion invested in all of 2021, a large part of it is driven by Microsoft’s planned acquisition of Activision for $69 billion. Large technology companies are the biggest investors—and to a much greater extent than they were for artificial intelligence (AI) at a similar stage in its evolution, for example. Industries currently leading metaverse adoption also plan to dedicate a significant share of their digital investment budgets to it.

— Multiple factors are driving this investor enthusiasm, including ongoing technological advances across the infrastructure required to run the metaverse; demographic tailwinds; increasingly consumer-led brand marketing and engagement; and increasing marketplace readiness as users explore today’s early version of the metaverse largely driven by gaming (with some games boasting tens of millions of active players) with applications emerging that span socializing, fitness, commerce, virtual learning, and others.

— Our survey of more than 3,400 consumers and executives found significant excitement about the potential of the metaverse. Almost 60 percent of consumers using today’s early version of the metaverse are excited about transitioning everyday activities to it, with connectivity among people the biggest driver, followed by the potential to explore digital worlds. Some 95 percent of business leaders expect the metaverse to have a positive impact on their industry within five to ten years, and 61 percent expect it to moderately change the way their industry operates. Industries most likely to be impacted by the
metaverse include consumer and retail, media and telecommunications, and healthcare, and those industries are also among those already undertaking metaverse initiatives.

— While estimates of the potential economic value of the metaverse vary widely, our bottom-up view of consumer and enterprise use cases suggests it may generate up to $5 trillion in impact by 2030— equivalent to the size of the world’s third-largest economy today, Japan. It is shaping up to be the biggest new growth opportunity for several industries in the coming decade, given its potential to enable new business models, products, and services, and act as an engagement channel for both business-to-consumer and business-to-business purposes.

— The potential impact of the metaverse varies by industry, although we believe it holds implications for all. For instance, we estimate it may have a market impact of between $2 trillion and $2.6 trillion on e-commerce by 2030, depending on whether a base or upside case is realized. Similarly, we estimate it to have an impact of $180 billion to $270 billion on the academic virtual learning market, a $144 billion to $206 billion impact on the advertising market, and a $108 billion to $125 billion impact on the gaming market. These effects may manifest in very different ways across the value chain, however.

— Companies already leveraging the metaverse may build lasting competitive advantages. Business leaders should develop a strategic stance by defining metaverse goals and the role they want to play; testing, learning, and adopting by launching initial activities, monitoring results, and examining user behavior; and preparing to scale by identifying necessary capabilities and embedding the metaverse in their operating model. They should also explore becoming metaverse users themselves.

— The metaverse also poses urgent challenges that cut across firms, their employees, independent developers and content creators, governments, and, of course, consumers. Part of the workforce will need to be reskilled to take advantage of it rather than compete with it, and cities and countries serious about establishing themselves as hubs for its development will need to join the global competition to attract talent and investment. The metaverse also has obvious societal implications. A variety of stakeholders will need to define a road map toward an ethical, safe, and inclusive metaverse experience.
Guidelines may also be necessary around issues including data privacy, security, ethics and regulatory compliance, physical health and safety, sustainability, and equity and fairness.”

This is just a quote / teaser – keep reading the whole report …!!

Digital action = Climate action: 8 ideas to accelerate the twin transition

“It is clearer than ever that we urgently need to take bold actions to counter the global existential threat of climate change and to promote a green economic recovery!

Together, Europe has set an ambitious target of reducing our emissions by 55% compared to 1990 levels. If we are serious about reaching that goal, we governments, businesses and citizens need to think digital.”

Eight ideas on acceleration of the twin transition:

  1. Set ambitious key performance indicators for the twin transition
  2. Promote data cooperation on sustainability
  3. Boost infrastructure & connectivity
  4. Develop international standards for measuring digital enablement and carbon footprint
  5. Increase access to funding for research, development and innovation spending in green technologies
  6. Launch a continent-wide drive for green tech skills
  7. Strengthen the link between digital and green policies
  8. Create sector-specific action plans to facilitate uptake of digital across Europe’s most energy intensive sectors

“Natural disasters and resource scarcity, like limited access to clean water and agricultural land, will lead to security risks and unrest. These challenges are not national but international by nature. It is our common responsibility towards future generations to do what it takes to protect the environment. It is also our common duty to create a strong and competitive European economy, where people have the means to develop and put into practice innovative solutions that we need.”

Got interested? Read the full post from Cecilia Bonefeld-Dahl here .

Much more details on the eight ideas can be read in the report DIGITALEUROPE – download a copy here.

Mobility’s net-zero transition: A look at opportunities and risks

A transition to net-zero emissions would entail much greater demand for electric vehicles. McKinsey analysis shows how the shift could create opportunities and risks for automakers around the world.

Mobility is essential to social interaction, commerce, exploration, and self-expression—and now it must be decarbonized to limit the buildup of physical climate risks. The transition to low-emission mobility requires not just a move away from ICE technologies but also the reengineering of value chains. Coordinated responses by the private and public sectors can ease this transition, so that stakeholders can benefit from the opportunities and weather the risks it will bring. Read the full article here.

Six practical actions for building the cloud talent you need

A great article from McKinsey on the cloud talents topic …:

Despite a shortage of cloud talent, top companies are finding ways to get past table stakes and build the capabilities needed.

Some actions you should consider …:

  • Find engineering talent with broad experience and skills
  • Balance talent maturity levels and team composition
  • Build an upskilling program that is extensive, mandatory, and focused on need
  • Build an engineering culture that optimizes the developer experience
  • Consider using partners to accelerate development, and assign your best cloud leaders as owners
  • To keep top talent from leaving, focus on what motivates them

Without cloud talent, the value that cloud offers is simply unattainable. Companies can win the war for cloud talent, however, when they combine a clear understanding of what talent they really need, a culture where that talent can thrive, and a commitment to practical changes so they can capture cloud value quickly.

The original post with much, much more very valuable information is here.

Redefining corporate functions to better support strategy and growth

Striking the right balance between decentralized functions and centralized control starts with addressing the needs of business units.

Over the past decade, companies have struggled with organizational designs that vary widely in how centralized or decentralized they are across functions. (…) Against this backdrop, McKinsey believes companies need a new approach to set up functions that maximize business value and successfully serve business units. This approach is based on three core beliefs. Keep reading the original post of McKinsey here.

Improving strategic outcomes with advanced analytics

AI and machine-learning tools can enhance strategic planning.

In this episode of the Inside the Strategy Room podcast, McKinsey Insights explores how digital analytics is revolutionizing strategy. Nicholas Northcote, who for years led McKinsey’s research on strategic decision making, is joined by Sagie Davidovich, the cofounder and CEO of SparkBeyond, a McKinsey partner company that operates an AI-driven analytics platform, and Sasha Vesuvala, who leads much of McKinsey’s work in applying advanced analytics to strategy and growth-related questions. To read this edited transcript of the discussion follow this link.