Forbes
Don’t Mistake Training for Learning
Writing for Forbes, BCG’s Deborah Lovich addresses how companies can rethink their training programs to better equip workers with 21st-century skills. While formal trainings are beneficial, she says, proficiency requires coaching, practice, and repetition. Companies should incorporate day-to-day practice to jumpstart the learning process and help employees master new skills.
The Wall Street Journal
The Impact of Electric Vehicles on Power Grids
In The Wall Street Journal, BCG’s Thomas Baker discusses how US utility companies will need to invest in power grid improvements in order to account for the rise in electric vehicle (EV) usage. According to a BCG study, charging an EV requires a 70% to 130% increase in the electricity-transmitting capacity of the wires and transformers serving an EV-owning household. Upgrading the grid system could cost $10 billion nationwide through 2030, Baker says, and while utilities will get new revenue from EV users, it will not be enough to cover the necessary upgrades to local power grids.
VentureBeat
Getting Stakeholder Engagement Right in Responsible AI
In VentureBeat, BCG’s Abhishek Gupta, Steven Mills, Kes Sampanthar, and Emily Dardaman explain why companies should consider their stakeholders when implementing AI systems. As AI advances, leaders must grapple with a shift in decision-making authority and decide which stakeholders to engage with and when. “As capabilities scale, more and more people will find themselves in the crosshairs of leaders’ decisions and look to be heard,” the authors write.
Fortune
In Synthetic Biology, Startups and Incumbent Companies Should Be Partners, Not Foes
In Fortune, BCG’s François Candelon, Maxime Courtaux, Max Männig, and Vinit Patel explore how synthetic biology (syn-bio) startups and industrial incumbents can realize the full potential of syn-bio technologies by teaming together. Startups can leverage incumbents’ domain knowledge to meet product specifications, address regulatory issues, and establish supply chains, while incumbents can reduce their risk of disruption and access technologies they do not currently possess. “Business in the Syn-Bio Age,” the authors explain, “must be a dance between startups and incumbents—not a fight.”
Reuters
Why Malaysia Needs to Attract Clean Power Investments
Commenting in Reuters, BCG’s Joel Kwong discusses how large investments in renewable energy will be needed to meet Malaysia’s 2050 zero-emissions goal. Improvements to the power grid and energy storage are vital to bring solar power from the north to the south, where demand is higher. Another action Malaysia can take, says Kwong, is to phase out coal-fired power plants to reduce greenhouse gas emissions and in turn improve their trade position.
Hindustan Times
How the Budget Can Spur India’s Energy Transition
Writing in the Hindustan Times, BCG’s Janmejaya Sinha and Kaustubh Verma share critical steps that India can take in the financial and economic sectors to advance the country’s clean energy transition. India’s budget should take into account energy projects that reduce emissions and phase out inefficient subsidies, such as priority lending to the renewable energy sector and increasing the nation’s share of nuclear power. The authors assert that through the Union Budget, India could fully embrace the energy transition to help achieve its net-zero goals.
Fortune
A Soft Landing Is Playing Out—but Optimism Needs to Be for the Right Reasons
In Fortune, BCG’s Philipp Carlsson-Szlezak and Paul Swartz discuss the “soft-landing optimism” that has replaced the more cynical whispers of an impending recession. They explain that the hiring slowdown, return of labor supply, and decline of labor hoarding are the primary reasons for this shift in sentiment. “Against the odds,” write Carlsson-Szlezak and Swartz, “we’re moving toward a soft landing, and we would not be surprised if 2023 ends with the labor market still strong and wage growth eases.”
The Straits Times
BCG’s CEO on the Firm’s Growth and Priorities for 2023
In an exclusive conversation with The Straits Times of Singapore, BCG CEO Christoph Schweizer explains how the firm is strengthening its offerings in areas of AI, digital transformation, and sustainability. A 25-year BCG veteran, he discusses the consulting industry’s growing focus on information and data analytics and outlines his goal to make BCG the employer of choice. Reflecting on the firm’s growth, Schweizer says, “Our big question is: How big do we want to get? The market is huge, and there are a lot of problems out there we can contribute to resolving.”
Fortune
How AI Can Aid—Not Hurt—HR Departments
In Fortune, BCG’s Julia Dhar explains how artificial intelligence can be used as a tool by human resource professionals. She asserts that AI technology like ChatGPT can be trusted to take on tasks that are high volume but still relatively complex, such as writing job descriptions and company policies. Instead of fearing AI’s possible workforce takeover, Dhar says: “The right way to think about [ChatGPT] is as a trusted colleague or counterpart in the organization.”
Australian Financial Review
How Luxury Brands Are Revamping the VIP Experience
In the Australian Financial Review, BCG’s Sarah Willersdorf describes how luxury brands are rethinking the way they retain VIP customers as a potential recession looms. As brands turn to top clients to drive revenue, Willersdorf says that investing in exclusive events, private transportation, and couture fashion shows, among other unique experiences, is key to improving engagement and the bottom line.
Forbes
In 2023, Let Us Not Bury Tech Too Fast...
In his Forbes column, Sylvain Duranton, global leader of BCG X, explains why the tech sector is poised for growth in 2023 despite recent weak earnings performance and industry-wide layoffs. According to BCG research, 60% of global executives want to increase their investments in digital technology and AI. Since companies that invest in AI and digital outperform their peers in times of volatility and uncertainty, Duranton argues that now is the time to double down on digital transformation efforts.
Yahoo Finance
Optimism Takes Center Stage at Davos
In an interview with Yahoo Finance, BCG’s Global Chair Rich Lesser reveals the optimistic attitudes of the attendees of the World Economic Forum’s annual meeting in Davos, Switzerland, regarding the potential economic recession. CEOs face a challenging world, says Lesser, with geopolitical tensions, technological advancements, and changes in global trade at the forefront. “I think it puts a premium on resilience, a premium on agility—a requirement to make investments that allow one to navigate those new sources of data faster,” he says.
BQ Prime
Southeast Asia’s Promising Future
In conversation with BQ Prime at the World Economic Forum’s annual meeting in Davos, Switzerland, BCG’s Neeraj Aggarwal describes how Southeast Asian nations have the opportunity to grow amongst global economies as the world shifts geopolitically. To do so, however, they must also grapple with fundamental issues like the ease of doing business and depth of talent. Overall, he says, trade flows, capital flows, and talent flows are all in Southeast Asia’s favor.
Arab News
Why Financial Institutions Are Key to Achieving Net-Zero Goals
In Arab News, BCG’s Shelly Trench and Aytech Pseunokov explain that financial institutions will become the key source of funding for Middle Eastern countries to achieve their energy transition targets. According to a BCG report, the United Arab Emirates still faces a $500 billion funding gap to reach its decarbonization goals, despite already investing $163 billion. A possible solution, Trench says, is to establish carbon prices that adequately reflect the cost of greenhouse gas emissions and international carbon price levels.
Bloomberg
High Inflation Curbs Global Trade
In Bloomberg, BCG’s Nikolaus Lang discusses the slowing growth of international trade over the next decade. According to a BCG report, global trade’s annual expansion rate will average 2.3% each year through 2031, compared to a 2.5% annual increase in global gross domestic product (GDP) over the same period. “As the world adjusts,” Lang says, “we expect inflationary pressures to reduce; but overall, through 2023 and 2024 we will continue to see higher-than-normal inflation through this period of adjustment.”