In this report, McKinsey & Co demonstrates how focusing on innovation, RPA, skills and labor fluidity will be keys to good social outcomes of technology adoption.
The development and adoption of advanced technologies including smart automation and artificial intelligence has the potential not only to raise productivity and Gross Domestic Product (GDP) growth but also to improve well-being more broadly, including through healthier life and longevity and more leisure. Alongside such benefits, these technologies also have the potential to reduce disruption and potentially destabilizing effects on society arising from their adoption.
The report demonstrates how good outcomes for the economy overall and for individual well-being come about when technology adoption is focused on innovation-led growth rather than purely on labor reduction and cost savings through automation. This needs to be accompanied by proactive transition management that increases labor market fluidity and equips workers with new skills.