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The global asset management industry is at a critical juncture. Longstanding tailwinds —primarily in the form of low interest rates and stable GDP growth—have changed direction, compounding ongoing challenges presented by the shift from active to passive and traditional to alternatives. Together, these trends are forcing firms to discover more sustainable pathways to outperformance. After a decade of unprecedented market growth, industry costs have become increasingly sticky and revenues unpredictable.…

Findings from economic geographer Bent Flyvbjerg, editor of The Oxford Handbook of Megaproject Management (Oxford University Press, June 2017), confirm a stark reality: Out of a database of 16,000 projects, only 8.5 percent met their cost and schedule targets, and a mere 0.5 percent achieved all promised benefits. This phenomenon, which he calls the “iron law of megaprojects,” underscores that underperformance is the norm. We agree, as our in-depth review…

For generations, automotive OEMs sought to distinguish themselves in the marketplace through the styling, quality, and performance of their cars. Another front, software development, is now a top priority. As cars have become more reliant on software to enable required systems and functions as well as to create a distinctive customer experience, conventional OEMs have struggled to keep up with development speed, quality, and cost—mainly due to their legacy setup.…

Construction is one of the world’s largest industries, accounting for 13 percent of global GDP. Yet it also struggles with low productivity growth and performance while facing urgent needs for more skilled labor, steadier supply chains, simpler regulations, and predictable commodity and equipment pricing. These would be challenging at any time but are particularly significant today as investment surges amid infrastructure renewal, the energy transition, and increased demand for data…

Once in a great while, a technological innovation comes along that changes the world, and businesses have to adjust—or potentially decline into irrelevance. The Industrial Revolution’s steam engine and the mechanization of production allowed for a shift from largely agrarian to urban lifestyles. The birth of the internet brought us enhanced real-time communication, e-commerce, cloud computing, and more. Now, it’s AI’s turn. This powerful technology is rapidly transforming workflows, driving…

Enterprise resource planning (ERP) transformations are often large and complex investments that can cost millions of dollars and take many years to complete. They are also notoriously difficult to manage, and it is not uncommon for companies to run into delays and cost increases. METRO AG, a multinational food wholesaler based in Düsseldorf, Germany, was facing significant problems with its ERP transformation. In this interview, McKinsey’s Florian Bauer speaks with…

Business leaders have come to a stark revelation: The gap between their companies’ tech workers and their nontech colleagues must shrink. The emergence of digital technologies, especially the rapid rise of AI over the past two years, comes with immense promise to unleash growth and productivity. But companies will not see those benefits if their employees are not up to speed. Achieving the full benefits of digital and AI technologies…

It has been described as “the biggest and most economically significant bilateral trade deal the UK has done since leaving the EU.” On May 6, 2025, the United Kingdom and India signed the historic UK-India Free Trade Agreement (FTA), which both governments estimate will increase bilateral trade by $34 billion a year. This comes on top of a near doubling of the existing trading relationship between the two countries from…

This interview is part of the Leading Asia series, which features in-depth conversations with the region’s most influential leaders on what it takes to lead in Asia today. In this Leading Asia interview, Avinash Goyal, a senior partner at McKinsey, talks to Rajesh Rathi, the chairman and managing director of Sudarshan Chemical Industries Limited. With over 50 years in operation and a presence in more than 85 countries, the business…

This transcript has been lightly edited for clarity. What themes should chief procurement officers (CPOs) focus on to unlock new value sources in a volatile era? Tarandeep Ahuja: We are seeing procurement leaders focus on five key themes to drive sustainable competitive advantage in their organizations today: First, a full adoption of digital and AI, both as a source of identifying new opportunities and also generating efficiencies across the supply…

Addressing the climate transition requires a new way of thinking. On the one hand, if the goal is net-zero emissions by 2050, the world is well short of meeting it. The United Nations has noted that there are big gaps between the targets that countries have committed to and the actions being taken to meet them. At the same time, there are real concerns that taking effective action could raise…