Automation to Destroy 200,000 Banking Jobs


A recent Article states that automation will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade – this according to Wells Fargo & Co.

Automation is likely to usher in the Next Generation of Productivity – I say that realizing full well that we keep saying that – and yet expected productivity is not realized. But as automation increasingly replaces knowledge workers, we enter a new era of productivity potential. Emerging exponential technologies will converge in a way that automates that which we never believed possible (e.g., knowledge work, driving cars, etc.). As described in my productivity post, as technology like Blockchain, AI, and robotics mature, the realization of completely decentralized and autonomous organizations becomes viable. It is possible for the rules that drive business to be executed without a central authority, leveraging autonomous agents to enable fully automated business entities.

Movement on a continuum between our current centralized, controlled structures and decentralized autonomous structures moves the productivity needle. No one can predict how far we move on that continuum – Automated Society Spectrumbut it is safe to assume movement will occur – witness the first Unmanned Factory in China or the job cuts described in the banking article above. These are examples of movement in this direction – as chatbots with an A.I. engine answer our questions, unbeknownst to us.

I like to say that we cannot predict the future – we can only rehearse it. Much can happen to alter the path of automation. Many still believe that we cannot automate knowledge work – we can only alter it – 200,000 banking professionals might soon disagree.

Digital: We’ve Only Just Begun


“Digitization has barely started, and so has the accompanying upheaval”

Jacques Bughin, Mckinsey

That’s a scary thought – but accurate. That thought comes from a recent Mckinsey Insights post titled: Think digital is a big deal? You ain’t seen nothing yet. Thanks to Heidi Schwende for sharing this article.

Their research finds that digital technologies and processes have penetrated only about 35% of an average industry, which says that a third of the products and operations that could be digitized have been. Yet this is more than thinking about digitizing the other 65% – it’s a moving target. The phrase “You ain’t seen nothing yet” captures that well. As the innovation accelerators that I describe in my Anchor Visual accelerate, digital is merely the foundation. A reimagined world is built on that foundation – and without it, organizations cannot participate in Reimagination. Here are other key insights from the Mckinsey post:

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See the Future, Rehearse it and Adapt to the Inevitable Shifts


In my last post, I described a Sense and Respond model that sits at the heart of several activities, including scenario, opportunity, and risk analysis. As complexity and pace continue to intensify, uncertainty increases. To survive in this Emerging Future, we must embrace a framework for future thinking,  and an organization that can adapt as it shifts. In essence, we must see the future, rehearse it, continuously monitor for shifts, and adapt as the shifts occur. A sense and respond model sits at the core of the framework – but represents the biggest cultural challenge.

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Next Generation Productivity


In a recent post, I focused on a series of emerging shifts and the transformation pillars that enable a re-imagined future. In this post, I will dive into one of those pillars: next generation productivity. According to Wikipedia, productivity is an average measure of the efficiency of production. It can be expressStalled Productivityed as the ratio of output to inputs used in the production process. In a recent Citi Report, they describe the significant slowing of labor productivity growth, which drives a focus on next generation gains. But In spite of technological progress and innovation, measured productivity growth is low by historical comparison. They cite these  growth statistics across advanced economies.

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The Year of Shifts


The year of shifts is upon us. 2016 will ultimately be viewed as the bridge to a different future; a year where our intuition and beliefs will be reset. Accelerating advancements across science and technology have set the foundation for these shifts. Driven by societal and economic challenges, we will leverage this foundation to change current institutions and build new ones. To succeed, organizations of all types must view transformation through a different lens; one that enables their role in this future. In my current series, I am focusing on the thirteen (13) key enablers of future viability. The first post explored Structural Change. In this post, I will look closer at the pillars of transformation, and delve into the second enabler: a holistic digital foundation.

the-pillars-of-transformation

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