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Executives view innovation as their companies’ primary source of competitive advantage for delivering growth. However, in many sectors, that belief doesn’t align with companies’ spending on innovation or the returns they get on those investments, the latest McKinsey Global Survey on innovation finds. During times of economic volatility, business leaders tend to focus on short-term profitability, often putting longer-term projects designed to spur growth on the back burner. Yet as our…

The United Kingdom is home to one of the largest capital markets in the world and provides liquidity to a range of national and multinational companies. It continues to serve as a hub for export services as well as technology and business process innovation, with a flourishing private capital market. Yet negative narratives about the dynamics of UK capital markets persist, with a consensus that UK companies are undervalued compared with…

The global quality-of-life (QoL) market is expanding beyond its traditional roots in health and life sciences to become a strategic priority for all sectors, including real estate, technology, and consumer-facing industries. Executives prioritizing QoL estimate that related offerings could represent 9 to 15 percent of annual sector revenues over the next decade, potentially amounting to $6.7 trillion to $11.2 trillion in market growth by 2034. What’s more, investment in QoL-related…

Growth in the generative AI era looks like a classic case of “two steps forward, one step back.” As companies come to grips with the unique complexities of gen AI, initial progress leads to reversals and redos, in some cases threatening to stop development altogether.There are many sources of frustration and delay, from a lack of sufficient talent to ongoing data quality issues. But our experience working closely with more…

Leaders worldwide are moving fast to deploy AI at scale. But scaling AI means more data centers—and data centers consume vast quantities of energy. On this episode of The McKinsey Podcast, McKinsey’s Jesse Noffsinger and Pankaj Sachdeva speak with Global Editorial Director Lucia Rahilly about what needs to happen to build new, bigger data centers quickly, as well as to sate these data centers’ growing hunger for power.The McKinsey Podcast is cohosted…

Tech debt and complex tech migrations have become major obstacles to successful digital transformations. These challenges stem from the fact that many organizations built their technology infrastructure on legacy systems from a different era. This prevents companies from adopting new technologies that would enable them to respond to fast-changing market trends and customer expectations. To overcome these limitations, many organizations are adopting composable tech stacks—a modern approach to building technology…

JPMorganChase is a global financial institution with $4 trillion in assets. With over 300,000 employees, the firm has long focused on collecting and leveraging data to better serve its millions of customers and clients. But in 2023, JPMorganChase embarked on a new data transformation journey. McKinsey Senior Partner Kevin Buehler recently sat down with Mark Birkhead, firmwide chief data officer, to hear more about how the firm is leveraging its…

For businesses to compete effectively and create value, they need to be fast, flexible, and focused on the customer. This has put technology center stage at many businesses and heralds the new dawn of the tech officer as a strategic partner to the business. But what business users and customers see in technology, argues Deb Hall Lefevre, CTO for Starbucks Coffee Company, is often not what matters most in the…

India’s $580 billion to $650 billion agriculture sector is at a strategic juncture. A combination of external tailwinds and internal momentum—driven by factors ranging from structural reforms to digital and technological innovation—has propelled India to emerge as one of the world’s largest and fastest-growing agricultural economies. As agricultural supply chains become increasingly interconnected, India’s scale as an agricultural producer and exporter positions it as a critical player in the shifting…

The healthcare ecosystem is highly complex, often leaving patients frustrated with their experiences and sometimes unable to access the care they need when they need it. So what can be done? In the latest episode of the McKinsey on Healthcare podcast, senior partner Drew Ungerman, global leader of McKinsey’s social, healthcare, and public sector entities work and global coleader of the McKinsey Health Institute, shares his thoughts on the intersection…

Materials value chains are complex and span the entire globe, and they represent 20 percent of global greenhouse gas (GHG) emissions. To reach net-zero targets, the world is undergoing a materials transition in tandem with the ongoing energy and mobility transitions. Organizations around the world are making net-zero and circularity pledges to support this transition and decarbonize. Increasingly, consumers and governments are championing regulations and policies that promote a circular…

It’s easy for a start-up culture to survive in a new corporate venture that comprises just a handful of like-minded people. But when corporate ventures grow to hundreds or even thousands of people, the culture can break down. To avoid this outcome, the venture’s leaders can systematically build and maintain a healthy culture that takes the unique corporate context into account. The cost of not doing so can be high.…