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Businesses must move beyond merely upgrading existing products and instead focus on inventing new use cases for technology. This shift is essential to unlock the full potential of emerging technologies like AI, electric vehicles, and blockchain. A McKinsey and Company study indicates that over 70% of transformation efforts in adopting new technologies fail, highlighting the need for a strategic approach.
To successfully leverage these technologies, companies need to redefine their operational strategies and establish appropriate key performance indicators (KPIs). This transformation requires internal alignment and a willingness to challenge long-standing assumptions about business practices. Embracing this innovative mindset can lead to improved margins and sustainable growth.
• Over 70% of technology adoption efforts fail according to McKinsey.
• Businesses must redefine operational strategies to leverage emerging technologies.
The article emphasizes the importance of redefining how AI can be utilized to unlock new business value.
Establishing the right KPIs is crucial for businesses adopting new technologies to ensure they meet their goals.
The article mentions blockchain as one of the emerging technologies that can drive innovation when properly integrated into business strategies.
The firm's study highlights the challenges companies face in successfully adopting new technologies.
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