The future belongs to companies that use data and analytics to address challenges.
Increasing revenue, enhanced customer service, and industry-leading operational efficiency contribute to the increased profitability of data-driven businesses. Data and analytics are entrenched throughout each business unit of the most successful companies, with some degree of centralization. Employees feel comfortable using artificial intelligence, machine learning, and robotics in the workplace. The data should be considered an asset to the business, not the property of specific departments. According to MIT economist Daron Acemoglu, earnings in the United States decreased by 0.42 percent for every robot installed per 1,000 employees.
Astute employers will utilize artificial intelligence where it can augment human capabilities rather than replace them. One solution is to create a peer-training program that cycles both senior and younger staff through trainer positions. Employers must move beyond providing job training and increased pay for low-wage positions. It is also essential for businesses to improve the quality of their employment. According to Zeynep Ton, underinvestment in people causes operational and customer service issues.
Erin Kelly, a professor at MIT Sloan, and Phyllis Moen, a professor of sociology at the University of Minnesota, advocate for a dual-agenda work redesign. According to a speaker at MIT Sloan, it is necessary to encourage diversity in the workforce to narrow the technology gap. These actions are exposing all children to STEM subjects at a young age and making higher education more cheap and fair. Employers should also analyze and diversify professional networks and hire based on skill set rather than degree. Environmental priorities are being established from the inside out by businesses.
Sixty-four percent of millennials would not accept a job offer from a company that has a robust corporate social responsibility program. Eighty-three percent would be more loyal to a corporation that assists them in addressing social and environmental challenges. According to the co-director of the Sustainability Initiative, climate change is inherently a matter of justice.