Maximize AI while Prioritizing People? | C-Suite Insights for What's Ahead 4.17.24
Corporate America Can Maximize AI’s Potential…While Also Prioritizing People
The transition to AI is heating up—and C-Suite executives are on board. Our global survey reveals that 93% have either already integrated AI into their operations, plan to do so immediately, or are actively exploring options for the future.
Yes, but: As AI adoption accelerates, fully leveraging its benefits will require business leaders to equip their workers with the knowledge and tools to adapt and thrive.
The TCB take: Businesses that invest in their employees and cultivate a culture of continuous learning and adaptation will be better poised to turn their initial investments into long-term productivity and innovation gains.
Leaders should engage their employees throughout the development and implementation of AI plans, communicating openly about the changes and addressing workers’ concerns. They should:
Calling all Chief Human Resources Officers and CHRO direct reports!
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How J.M. Huber is Pioneering Sustainability Excellence
Join us on May 16 in NYC as we honor J.M. Huber Corporation , a trailblazer in sustainability, at our ESG Leadership Awards. CEO Gretchen McClain shared insights during our Innovation in ESG webcast:
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Will China Hit Its 2024 Growth Targets?
In March, China set a goal of “around 5%” GDP growth for 2024. This is an ambitious target. Growth will not benefit from a low base of comparison like last year, which means that it will have to be driven by robust economic activity. This will be difficult to achieve.
Tough economic headwinds: The key challenge facing China is persisting weakness in confidence levels. The property sector’s downturn—which used to contribute up to 30% of growth—has softened domestic consumption. China intends to add more stimulus this year, but authorities remain cautious about systemic risks.
Plus, the allocation of resources to national security priorities will unlikely help unlock the potential for consumption. Overcapacity will therefore remain an issue, exacerbating deflationary pressures.
The TCB take: We’re forecasting that China’s GDP will grow 4.6% this year, undershooting expectations. As global HQs and their China operations align on recalibrating their strategies in response, adapting know-how acquired in other geographies that have gone through periods of economic stress can help hone operating competencies.
NUMBER OF THE WEEK: 3.5%
US inflation remains stubbornly elevated, with the Consumer Price Index rising 3.5% year-over-year in March—up from 3.2% in February.
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The TCB take: While we still expect the Fed to cut interest rates in June, hotter-than-expected price data in recent months mean more progress on inflation will need to occur between now and then. Otherwise, cuts may well be postponed until later this year.
125+ Capabilities Needed: Why Modern Marketing Is Being “Fractionalized”
The principles of marketing remain the same, but the practice is becoming exponentially more complex.
A leader of marketing operations at a global technology company stated on a podcast that they track “over 125 specific capabilities, in 20 buckets” to deliver their goals for driving growth.
More marketing, fewer CMOs: That’s why we're seeing a fractionalization of marketing and the gradual disappearance of the title “Chief Marketing Officer.” As digital ecosystems evolve, customer experience becomes elevated, barriers to entry dissolve, and greater agility is required.
In a 2023 survey by Spencer Stuart , only 36% of Fortune 500 companies had the traditional CMO title. A contemporaneous report from 麦肯锡 noted that 67% of CEOs have more than one leader reporting to them for marketing. While the classic CMO position may be fading, the strategic importance of marketing remains paramount.
The TCB take: The future of marketing leadership lies in its integration with other core business functions, a holistic approach to customer engagement, and driving growth in the evolving marketplace. This is redefining the practice of marketing but making it more important that marketers are constantly fueled with broad business insights.
QUOTABLE: Baby Steps with Artificial Intelligence
“[AI] is something that you can dip your toes into. You're going to find there are opportunities to make small, incremental improvements that are going to have a lasting impact on your organization. So, start small. Don't try to boil the ocean.”
— Diana Scott , US Human Capital Center Leader, The Conference Board . She joined C-Suite Perspectives to discuss the role of AI in HR.
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