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People often speak of industry momentum as if it were a force of nature independent of individual companies’ actions—like the mysterious “ether” scientists once believed filled the universe and allowed light to travel. While demographics and macroeconomic factors outside organizations’ control do contribute to momentum, the trajectory and pace of industry growth very much rely on the innovation efforts of a sector’s constituent businesses. By harnessing technology and creating new…

At a glance The energy transition is in its early stages, with about 10 percent of required deployment of low-emissions technologies by 2050 achieved in most areas. Optimized over centuries, today’s energy system has many advantages, but the production and consumption of energy accounts for more than 85 percent of global carbon dioxide (CO2) emissions. Creating a low-emissions system, even while expanding energy access globally, would require deploying millions of…

The German healthcare system, renowned for its efficiency and quality of care, is at a critical juncture in the postpandemic era. The results of a McKinsey survey of physicians in Germany highlight substantial challenges that could be affecting the quality and reliability of patient care (see sidebar, “Research methodology”). The survey results also inspire optimism, however: most physicians believe the issues could be resolved with technology-enabled solutions, innovative organization designs,…

The squeeze on retailers’ profits is tighter than ever. And while some retailers are struggling to eke out value, the best are pulling away from the rest (Exhibit 1). Those that are left behind have already picked the low-hanging fruit to combat the sector’s headwinds: they have tried to solve their operational problems with localized solutions, to limited effect. But if they want to protect their margins and gain a…

US banks’ deposit operations have experienced a difficult few years, with total deposit balances declining 7 percent between the first quarter of 2022 and the third quarter of 2023. In 2022, the US Federal Reserve began pursuing quantitative tightening (QT), or reducing its balance sheet by not reinvesting all the proceeds of maturing securities. It also started rapidly raising interest rates. Consequently, banks’ funding costs have risen, ratcheting up pressure…

With between 79 and 98 percent of jobs in Australia predicted to be automated by 2030, enabling vast productivity gains, how will this change the nature of work? Generative AI (gen AI) will have different effects on different sectors; however, early adopters in any sector can drive positive change—at the company and employee level—not only in productivity but also in the quality of work. Top-down thinking will be critical for…

When it comes to creating a more sustainable future, the construction industry has a great role to play. On top of fulfilling critical economic and societal needs for offices, housing, hospitals, and infrastructure, the industry can help meet net-zero goals by 2050 by developing and executing the needed projects, including renewables, low-carbon activities, infrastructure, building insulation, and more.The construction industry could thus be on the brink of remarkable expansion: in…