CEO Today - September 2023 Edition

ONS data published in July revealed that labour productivity in the UK was 0.6 per cent lower in the first quarter of 2023 in comparison to the same period in 2022. Whilst productivity has been notably stunted since the global financial crisis in 2008, factors such as poor communication and an overload of administrative work continue to weaken outputs. Technological breakthroughs and generative artificial intelligence (AI) - a form of AI that generates media such as images or text - are offering a solution to this problem. With advancements in automation and the evolution of cloud computing already upgrading workflows, the introduction of new technology promises to revitalise workers by reducing manual tasks and unlocking opportunities for creativity and collaboration. However, such implementation is not a fast-track solution. For the best results, CEOs and senior leaders need to prioritise digital adoption, proactivity and cultural change to actualise higher productivity within the organisation and deliver change for good.

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