Michael Chui’s research while affiliated with McKinsey and other places

... IoT has a great impact on the world economy and is expected to generate US$3.9tn to US$11.1tn annually by 2025 (Bughin and Chui, 2017). Based on experts' predictions, IoT will create approximately 40% economic added value in developing countries by 2025. ...

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Exploring the experts’ perceptions of barriers to using internet of things for chronic disease management in Iran

... Given the broader economic implications, the aim of business should be to find solutions that provide not only income for employees but also meaning, purpose, and dignity [10,13]. They are practically positioned to do this, as they will be the first to understand which new skill sets will be needed, which tasks can be fully automated, and how machines and humans will work together [14,15]. ...

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On the path to artificial intelligence: the effects of a robotics solution in a financial services firm

... From predictive analytics that help businesses anticipate consumer behavior (Chui, Manyika, & Miremadi, 2016) to diagnostic algorithms that assist doctors in making more accurate medical decisions (Jiang et al., 2017), AI is increasingly seen as a powerful tool for augmenting human decision-making. However, while AI excels at processing information, it lacks the ability to incorporate human judgment, emotions, and creativity, which are essential in certain decision-making scenarios. ...

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Human-AI Collaboration: Enhancing Productivity and Decision-Making

... The complexity of AI systems, coupled with the continuous evolution of technology, requires individuals with specialized knowledge and expertise to effectively harness the potential of AI applications. Chui et al. (2018) opine one of the primary reasons for the skill gap in AI development is the interdisciplinary nature of the field. AI development involves a combination of computer science, mathematics, statistics, and domain-specific knowledge. ...

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Adoption and implementation of artificial intelligence in small businesses in selected developing countries

... Veracity addresses the trustworthiness and quality of data, crucial for producing accurate analytics that drive decision-making (20). Finally, value signifies the importance of deriving actionable insights from data, transforming raw information into strategic assets that support organizational goals (21). ...

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Integrating big data and machine learning in management information systems for predictive analytics: A focus on data preprocessing and technological advancements

... As there is no personal interface involved between the buyer and seller online, it requires a long time to develop trust. According to (Chui et al., 2015) in McKinsey Quarterly, digitization is intensifying core beliefs of competition among industries as it has lowered the cost of stepping into the markets. Lai et al. (2010) concluded that the attributes of innovation have a positive relationship with the need for success among female entrepreneurs in Malaysia. ...

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Power of Social Media: Journey of Females Towards Entrepreneurship

... According to a McKinsey study, employees spend nearly 20% of their working week searching for internal information or asking colleagues for help [3]. Knowledge transfer from senior engineers to junior engineers is vital for enhancing an organization's competitiveness. ...

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In-House Knowledge Management Using a Large Language Model: Focusing on Technical Specification Documents Review

... Moreover, social media are considered as time wasters and security traps by some (Turban et al., 2011). The aim of this study was, therefore, to assess the extent to which businesses use social media tools in their business process in order to get connected with their customers and to analyze the impact of social media on the capabilities and performances of businesses (Bughin, 2009(Bughin, , 2011. ...

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Social media, business capabilities and performance: A review of literature

... First, in the UK's £7.8 billion animal healthcare industry, the generation and availability of data offer many opportunities for data-driven innovation (Global Animal Health Market, 2022). However, this data is often left underexploited by companies in the industry (Chui, Manyika and van Kuiken, 2014). Second, AnimalCo is an established firm concerned about potential industry disruption, embarking on a digital transformation journey to leverage its current resources and strategic position (Furr, Ozcan and Eisenhardt, 2022). ...

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Managing Asymmetries for Data Mobilization under Digital Transformation

... The advancement of data technologies, the widespread utilization of cloud computing, the burgeoning development of the Internet of Things, and the pervasive penetration of intelligent smartphones and social media platforms have collectively propelled the global arena into the epoch of Big Data (Pan et al. 2017;Choi et al. 2018). Characterized by voluminous, rapidly expanding, and diversely patterned information reservoirs with profound value (Chen et al. 2014), Big Data has reverberated across manifold operational dimensions, encompassing production, management, decision-making, and sales, thus establishing itself as an indispensable substratum for cultivating competitive prowess among firms (Brown et al. 2011;Behl et al. 2022). Inherent within the rubric of Big Data is a comprehensive assemblage of encompassing data, technology, and application, each discreetly underpinned by latent data value, technology-driven revelation, and the genesis of application-derived value. ...

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Big data and inter-firm wage disparities: theory and evidence from China