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

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Publications (21)


What AI can and can't do (yet) for your business
  • Article

January 2018

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202 Reads

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104 Citations

McKinsey Quarterly

M. Chui

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J. Manyika

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M. Miremadi

The Internet of Things: Assessing Its Potential and Identifying the Enablers Needed to Capture the Opportunity

January 2017

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42 Reads

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17 Citations

The Internet of Things (“IoT”), networks of connected machines and sensors with the ability to monitor and manage objects in the physical world electronically, has substantial economic potential. IoT technology has a wide range of applications, such as optimizing the performance of industrial operations and infrastructure systems; coordinating self-driving cars; managing the energy efficiency and security of homes and offices; and monitoring patients remotely. Drawing on a body of research by the McKinsey Global Institute (most notably, The Internet of Things: Mapping the value beyond the hype, June 2015), this chapter finds that the IoT could generate anywhere from 3.9trillionto3.9 trillion to 11.1 trillion in annual economic impact by 2025. We arrive at these figures through a bottom-up quantification of economic surplus that examines multiple use cases clustered in nine types of settings where IoT technology has relevance. We also highlight some of the fundamental enablers that will be necessary for this value to be realized, including industrial adoption, interoperability standards, cybersecurity, and regulatory certainty regarding issues such as data sharing and liability. While these factors are not yet certain, we conclude that the current hype of IoT is somewhat justified. Indeed, if these issues are resolved quickly and fully, the eventual economic value may exceed current expectations.










Citations (19)


... 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. ...

Reference:

Exploring the experts’ perceptions of barriers to using internet of things for chronic disease management in Iran
The Internet of Things: Assessing Its Potential and Identifying the Enablers Needed to Capture the Opportunity
  • Citing Chapter
  • January 2017

... 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]. ...

A CEO action plan for workplace automation
  • Citing Article
  • January 2017

McKinsey Quarterly

... 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. ...

Where machines could replace humans-and where they can't (yet)
  • Citing Article
  • January 2016

McKinsey Quarterly

... 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. ...

What AI can and can't do (yet) for your business
  • Citing Article
  • January 2018

McKinsey Quarterly

... 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). ...

Big data: The next frontier for innovation, competition, and productivity
  • Citing Technical Report
  • May 2011

... 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. ...

Four fundamentals of workplace automation
  • Citing Article
  • January 2016

... 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. ...

Capturing business value with social technologies
  • Citing Article
  • January 2012

... 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. ...

How Web 2.0 pays off: The growth dividend enjoyed by networked enterprises
  • Citing Article
  • January 2011

... 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). ...

What executives should know about open data
  • Citing Article
  • January 2014

... 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. ...

Are you ready for the era of 'big data'?
  • Citing Article
  • January 2011