BCG in the News

Reuters

A New Year’s Resolution for Banks

Reuters highlights a BCG study that explains how banks can unlock at least $7 trillion in value over the next five years. While the study notes that banks are unlikely to return to the profitability levels that existed prior to the global financial crisis, they can roughly double their current valuations by pursuing growth and improving their price-to-book ratios. This can be achieved by embracing radical change rather than incremental improvements.

Forbes

New Year, New Job: Finding Joy at Work

In her column for Forbes, BCG’s Deborah Lovich encourages those in the job-hunting process to ensure that work is a source of joy. BCG research found that for companies to retain their employees, they must meet their emotional needs, such as feeling valued, supported, and respected. Lovich advises individuals to pay attention to their potential manager and the organization’s culture when deciding where to seek employment. “Work consumes an average of 50% of an employee’s wakeful hours during a typical workday. You should enjoy that time,” Lovich asserts.

Bloomberg Radio & Financial Times

A New Map for Global Trade

On Bloomberg Radio and in the Financial Times, BCG’s Tim Figures explains that global trade flows are changing as companies prioritize secure and resilient supply chains over more efficient but potentially risky ones. BCG research forecasts that world trade in goods will grow at 2.8% per year, on average, through 2032, while global GDP will grow at a rate of 3.1%. Figures tells Bloomberg that he expects to see more emphasis on regional trading blocs and less on big global trading relationships that are economically efficient but have environmental and social consequences.

The Edge Malaysia

Malaysia’s Potential as a Low-Carbon Energy Hub

Writing in The Edge Malaysia, BCG’s Dave Sivaprasad and Priyanshu Kumbhare assert that an effective hub strategy could be a game changer in building a resilient hydrogen economy in Malaysia. Hydrogen hubs, which can supply multiple industry partners simultaneously through shared infrastructure and cover a large share of the hydrogen value chain, help lower the overall cost of the gas and increase commercial viability. “A strategic regional approach with a fully integrated hub would not only address local demand but also tap into intra-regional economic opportunities,” note the authors.

Fortune

How Companies Can Benefit from Web3 in 2024

Writing in Fortune, BCG’s François Candelon, Michael Jacobides, Urs Rahne, and Katie Round emphasize how Web3 can be used to enhance a company’s existing tech stack rather than replace it. While early use cases involving virtual and augmented realities have been overshadowed by the rise of GenAI, Web3’s quiet shift toward more practical applications has proved valuable. “As we move from tech utopia to real use cases, having a clear strategy of when and how to use Web3 is important,” note the authors.

The New York Times

ChatGPT Helps, yet Worries, Business Consultants

The New York Times highlights a study from BCG, Harvard Business School, MIT Sloan School of Management, the Wharton School at the University of Pennsylvania, and the University of Warwick, which revealed feelings of unease among ChatGPT users. The study, which was based on an experiment that measured how ChatGPT would affect more than 750 BCG consultants worldwide, determined the tool was best used for creative ideation. However, BCG’s François Candelon explains that three out of four participants worried that using ChatGPT would cause their creative muscles to atrophy.

The Wall Street Journal

CFOs Must Prepare for an Unpredictable 2024

In The Wall Street Journal, BCG’s Paul Goydan emphasizes the importance of cost management for CFOs preparing for the upcoming year. With the cost-of-living and energy crises limiting the ability to raise prices, Goydan says that finding efficiencies and staying profitable will remain a priority in 2024. “The sheer volume of unknowns in their 2024 plans has reached a level that many CFOs haven’t yet seen in their careers,” he adds.

The Economic Times

Great Managers Make All the Difference

In Fortune and The Economic Times, BCG’s Neetu Chitkara, Gabrielle Novacek, and Deborah Lovich underscore the influential role managers play in lowering attrition risk. BCG research found that 28% of employees say they do not see themselves with their current employer within a year—a figure that rises to 56% among those who are dissatisfied with their manager. “The best way to create great managers is through on-the-job coaching, the rhythm and routines, the small things that people do that make a big difference,” Lovich tells Fortune.

Bloomberg

BCG and Climeworks Strengthen Carbon Removal Partnership

Bloomberg reports that two years after signing their first carbon removal partnership in 2021, BCG has signed a 15-year agreement with Climeworks to rapidly scale high-quality carbon removal to fight global warming. BCG’s removals purchase of 80,000 metric tons of CO2 is the largest of Climeworks’s corporate buyers to date, and the length of the deal is the longest the firm has signed. “Without carbon removal, net zero is out of reach,” says BCG’s Chief Sustainability Officer, David Webb.

Forbes

How Leaders Can Shape Organizational Change

In Forbes, BCG’s Julia Dhar explains why recognizing employees’ natural resistance to change is crucial for successful organizational transformation initiatives. A BCG survey found that leaders tend to overlook the concept of change aversion when it comes to their employees, often focusing on the business rationale for change without considering the human element. Dhar says leaders who understand people’s natural change aversion will be met with less resistance, more engagement, and better outcomes.

Live Mint

The Pandemic May Be Behind Us, but Digital Healthcare Is Here to Stay

Writing in Live Mint, BCG’s Priyanka Aggarwal and Ketan Kapuria explain that the pandemic sparked a wave of digital transformation across India’s healthcare industry. While health-tech startups have been driving innovation throughout the sector, established players in pharma, insurance, and diagnostics have also been ramping up their digital capabilities. “The Indian healthcare industry, with its many constraints and challenges, has been ripe for technological disruption for a while,” note the authors.

The Business Times

Getting Supply Chain Resilience Right in Southeast Asia

Writing in The Business Times, BCG’s Kazutoshi Tominaga and Hitesh Tak explain that Southeast Asia has emerged as an attractive destination for supply-chain relocation due to geopolitical uncertainties, regional policy measures, and a growing domestic market. BCG research projects that the region’s exports will increase by nearly 90% by 2031, reaching $3.2 trillion. “While the regional opportunity is ripe, understanding the local context is vital in realizing this opportunity,” note the authors.