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Organizations Combining Organizational Learning and AI-Specific Learning Are up to 80% More Effective at Managing Uncertainty

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New MIT SMR and BCG Research Quantitatively and Qualitatively Links Organizational Learning, AI-Specific Learning, and the Ability to Manage Rapidly Changing Business Environments

BOSTON, Nov. 12, 2024 /PRNewswire/ — Addressing uncertainty is a critical challenge for leaders today as geopolitical tensions, shifting consumer preferences, talent disruptions, evolving regulations, and rapid technological advancements increasingly complicate the business landscape. According to a new report by MIT Sloan Management Review (MIT SMR) and Boston Consulting Group (BCG), artificial intelligence, a major source of uncertainty in its own right, is essential for meeting this challenge.

The report, Learning to Manage Uncertainty, With AI, presents findings from the eighth annual global research study on artificial intelligence and business strategy by MIT SMR and BCG. It draws from a global survey of 3,467 respondents across 21 industries and 136 countries, along with interviews with nine executives leading AI initiatives in sectors such as financial services, technology, retail, travel, transportation, and health care.

“AI adoption jumped 20% last year, driven by interest in generative AI, as 91% of organizations now expect GenAI to be core to the strategy in at least parts of their organization,” said report coauthor Sam Ransbotham, professor at Boston College. “This increased AI use isn’t causing workers to panic about their jobs, with respondents far more hopeful (84%) than fearful (20%). Instead, augmenting organizational learning with AI-based learning enhances the knowledge capture, synthesis, and dissemination that organizations depend on to manage the myriad uncertainties they currently face.”

“Our previous research found that organizations with superior learning capabilities are more likely to obtain significant financial benefits from their AI use,” said Shervin Khodabandeh, a BCG managing director, senior partner, and coauthor of the report. “Now we find that the reverse is also true. Using AI can improve organizational learning capabilities, and these learning improvements are tied to not only enhanced financial results but also the ability to manage strategy-related uncertainties.”

Most Organizations Lack Strong Learning Capabilities Despite Facing Widespread Uncertainty

The report defines organizational learning as “an organization’s capability to change its knowledge through experience.” The research finds that organizations that combine organizational learning with AI-specific learning outperform organizations that do neither or employ either alone.

Of the companies surveyed, 59% reported low levels of both organizational and AI-specific learning and only 29% of respondents say their company has strong organizational learning.

Organizations Combining AI and Learning See Greater Success  

According to the report, 15% of organizations integrate AI into their learning capabilities. These organizations — referred to in the report as Augmented Learners — are:

1.6 times more likely than those with limited learning capabilities to manage various environmental and firm-specific uncertainties, including unexpected technological, regulatory, and workforce changes.Twice as likely to be prepared to manage talent-related disruptions compared with organizations that have limited learning capabilities.60% to 80% more likely to be effective at managing uncertainties in their external environments than Limited Learners—companies with limited learning capabilities.1.4 times more likely to recognize some revenue benefits from AI compared with Limited Learners.

Augmented Learners Are Prepared to Manage Many Types of Uncertainty

Organizational learning and AI-specific learning (augmented learning) help enterprises manage uncertainty and disruptions from talent mobility, changing technology, and evolving regulatory and legal requirements. The survey results show a clear link between organizational learning and preparedness for talent mobility disruptions. Only 39% of Limited Learners feel ready to manage knowledge loss from departing employees, while this rises to 64% in those with strong learning capabilities. Using AI can further contribute to this readiness: Eighty-three percent of Augmented Learners are prepared to deal with the uncertainty of knowledge disruption from talent mobility—twice as much as Limited Learners.

Compared with Limited Learners, Augmented Learners are significantly more likely to be prepared to deal with uncertainty from technology disruptions (86% versus 49%) and regulatory disruptions (79% versus 48%). On the regulatory front, large organizations with global operations can use AI to navigate complex, uncertain regulatory frameworks that vary from one country to the next. Augmented learning organizations have an advantage here because they have abilities that those unable to learn with AI lack.

“This research demonstrates that human users can use AI to make sense of the business environment in new ways,” said David Kiron, a report coauthor and editorial director, research, at MIT Sloan Management Review. Both organizations and managers can become better learners with AI. That is arguably at least as important as using AI to create efficiencies.”

“Companies can adopt five practical and actionable strategies to enhance their organizational learning through AI,” said Leonid Zhukov, vice president of data science at BCG and a coauthor of the report. “These strategies include fostering growth in both organizational and AI-driven learning, leveraging AI to drive exploration, accelerating learning with AI, selecting initiatives that support continuous learning, and ensuring responsible and ethical AI usage.”

The State of AI in Business

Since 2017, MIT SMR and BCG have tracked AI implementation in business as part of an ongoing research program. The report details evidence of other trends in AI use in business beyond the relationship between AI use and organizational learning:

Interest in AI, Especially GenAI, Is Increasing. Since 2017, AI adoption has been relatively stable, but this year, 70% of organizations report piloting or deploying AI solutions, up from 44% to 57% in previous years. More than 54% of organizations are now piloting or deploying GenAI solutions.GenAI Is Drawing Attention. Ninety-one percent of organizations report that their leadership expects generative AI to be a core element of their business strategy in at least some of their business units in the next three years. While 26% of organizations surveyed feel GenAI is diverting funds from traditional AI initiatives, 51% report that it is expanding their overall AI budget. Only 11% find it distracting, and just 13% believe their organization is overly focused on it.Hopes for AI Are Outpacing Fears. In 2024, 84% of respondents are hopeful that AI can assist with some of their tasks, up from 70% in 2017, while only 20% are fearful that AI will assume some of their tasks, down from 31%.Emergence of GenAI Upsets Strategic Plans for AI Use. Since 2020, MIT SMR and BCG have tracked AI’s importance in business strategy. In 2020, 41% of respondents viewed AI as core to their strategy, rising to 61% by 2023. However, in 2024, only 38% consider AI to be core, likely due to the impact of GenAI as executives reassess its role in their strategies.

Download the publication here: https://www.bcg.com/publications/2024/manage-uncertainty-with-organizational-learning-ai

Media Contacts:

Eric Gregoire:
+1 617 850 3783
gregoire.eric@bcg.com 

Tess Woods:
+1 617 942 0336
Tess@TessWoodsPR.com 

ABOUT BOSTON CONSULTING GROUP
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

ABOUT MIT SLOAN MANAGEMENT REVIEW
At MIT Sloan Management Review (MIT SMR), we explore how leadership and management are transforming in a disruptive world. We help thoughtful leaders capture the exciting opportunities—and face down the challenges—created as technological, societal, and environmental forces reshape how organizations operate, compete, and create value.

MIT SLOAN MANAGEMENT REVIEW: BIG IDEAS
MIT Sloan Management Review’s Big Ideas Initiatives develop innovative, original research on the issues transforming our fast-changing business environment. MIT SMR conducts global surveys and in-depth interviews with frontline leaders working at a range of companies, from Silicon Valley startups to multinational organizations, to deepen our understanding of changing paradigms and their influence on how people work and lead.

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SOURCE Boston Consulting Group (BCG)

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Leading Business Events Management Company, PRA Acquires Island Style Innovations in Hawai’i

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CHICAGO, Nov. 25, 2024 /PRNewswire/ — PRA, a leader in the Business Events industry, announced today the company has acquired Island Style Innovations, local destination management experts in the exclusive Hawaiian market. This move marks the second acquisition in the last 18 months in this important meeting, convention, and incentive program market, delivering continued growth and execution of PRA’s overall expansion strategy. The Island Style Innovations team will join the PRA Hawai’i office, under the leadership of Debbie Weil-Manuma, and rebrand as PRA, integrating with the current team.

Founded in 2014 by Tatiana von Oelhoffen and Colleen Reyes, Island Style Innovations is one of the leading events and incentive management teams operating across the Hawaiian Islands. With decades of combined event management experience, extensive local knowledge and strong operational excellence, the team specializes in comprehensive event design and execution. With well-established strategic relationships with many leading hotel brands, event venues, suppliers and business partners throughout the region, Island Style Innovations excels at delivering the highest quality meetings and events with a keen focus on local, authentic experiences. The company’s clientele spans programs for the insurance, financial, pharmaceutical, and technology sectors, along with diverse corporate clients.

Laurie Knapp, Chief Growth Officer of PRA, stated, “We welcome the incredible Island Style Innovations team to the PRA family who share our passion for creating once-in-a-lifetime experiences for valued clients. This continued expansion of our PRA Hawai’i team in this key destination emphasizes PRA’s steadfast commitment to deliver innovative event concepts through the industry’s most talented event designers and operators. Now working in conjunction with PRA’s industry leading creative, production, and global sales organization, the team will be able to deliver enhanced solutions in this important market.” 

The acquisition of Island Style Innovations along with the previous Weil & Associates Hawai’i purchase in 2023, marks a key step in the execution of PRA’s strategic growth plan.

“We are excited to have the Island Style Innovations team join PRA Hawai’i in this thriving market for events, enhancing our standing as the premier business events management company in the islands,” added Weil-Manuma. “Tatiana, Colleen, and the team have so much to be proud of in their creation of this successful business and we look forward to building our exciting next chapter together.”

“When it was time to consider the future for Island Style Innovations, we knew we wanted to collaborate with a group that aligned with our values and dedication to the personalized service our clients have come to expect over the years,” shared Reyes. “I couldn’t be prouder of what our team has achieved, yet this is just the beginning. And, while Tatiana will be heading off to new pursuits, the team will remain in place, and we look forward to working alongside the outstanding group at PRA Hawai’i. With increased resources and access to a robust network of destination experts nationwide, we are eager to see what the future brings. I extend my gratitude to Tatiana for all her significant contributions to the success of our Hawai’i team through her leadership and valued partnership over the years.”  

PRA (pra.com)
Headquartered in Chicago with teams throughout every major and secondary market in North America, PRA is a leading business event management firm, creating experiences which move hearts, minds, and businesses forward. Through its strategic approach to creative design, production services and destination programs, PRA offers end-to-end integrated service capabilities and solutions aligned with business meetings and events. PRA blends Passion, Reach and Authenticity to consistently deliver incomparable experiences that engage participants and exceed business goals. PRA’s reach runs deep, delivering value to millions of participants for 40 years in every major destination and beyond. For information on our complete portfolio of services, please visit pra.com.

PRA is majority owned by investment funds managed by EagleTree Capital.

About EagleTree Capital: 
EagleTree Capital is a leading New York-based middle-market private equity firm, with $5.3 billion of assets under management, that has completed 45 private equity investments and over 100 add-on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: business services, consumer, and water and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn. 

Media Contact:  Laurie Knapp
Laurie.Knapp@PRA.com
M: +1.312.623.3713

View original content to download multimedia:https://www.prnewswire.com/news-releases/leading-business-events-management-company-pra-acquires-island-style-innovations-in-hawaii-302315087.html

SOURCE PRA

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Michael Baker International Increases Geographic Reach with Fayetteville, Arkansas, Office

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Firm’s third Arkansas location opens in rapidly growing market

PITTSBURGH, Nov. 25, 2024 /PRNewswire/ — Michael Baker International, a global leader in engineering, planning and consulting services, today announced the opening of the firm’s Fayetteville, Arkansas, office.  The office is the firm’s third Arkansas location, joining outposts in Little Rock and Bentonville, and will serve as an extension of Bentonville operations, which has exceeded its existing office capacity due to the high demand for the firm’s urban roadway design and construction inspection services in Northwest Arkansas. The office will be led by Mike Stengel, P.E., Office Executive for Michael Baker’s Bentonville location.

“We are thrilled to expand Michael Baker’s footprint in the fast-growing Northwest Arkansas region. This new location will allow us to better serve statewide clients and accelerate growth in Arkansas,” said Tommy Montgomery, P.E., Southern Regional Director at Michael Baker International. “In opening our third Arkansas office, Michael Baker is reaffirming our commitment to our local clients and community. We look forward to continuing to Make a Difference in Arkansas and beyond.”

The new Fayetteville location enables Michael Baker to better serve the firm’s clients and provides an additional gateway for delivering its full spectrum of services to the Arkansas Department of Transportation (ARDOT) and other public and private clients, including major universities and retailers in the region. Additionally, the new office’s prominent location in a high-traffic area will enhance the firm’s engagement with clients and elevate its visibility as it continues to expand.

Michael Baker was recently named as one of the 2024 Best Places to Work in Arkansas by Arkansas Business Magazine. The new Fayetteville location will accommodate the firm’s growing workforce and provide room for ongoing expansion.

About Michael Baker International
Michael Baker International is a leading provider of engineering and consulting services spanning five distinct Verticals: Infrastructure, Design-Build Services, Federal Programs and Services, Consulting and Technology Solutions (CTS) and Sustainable and Resilient Solutions (SRS). The firm’s Practices encompass all facets of infrastructure, including design and civil engineering for diverse bridge, highway, water, rail and transit and aviation projects, as well as planning, architecture, environmental and construction and program management. For more than 80 years, the company has been a trusted partner to clients, providing comprehensive services and solutions, delivering expertise and quality, and embracing emerging technologies and the latest innovations – like intelligent transportation, engineered models and public safety software as a service (SaaS).

The company has more than 4,900 employees across more than 90 office locations. Michael Baker’s Wolf Pack is committed to Making a Difference for clients and communities through a culture of innovation, collaboration and technological advancement while evolving its business to become a full-service engineering and consulting firm.

To learn more, visit https://mbakerintl.com/.

Contact: Julia Covelli
julia.covelli@mbakerintl.com
(866) 293-4609

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SOURCE Michael Baker International

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ERIN Launches ‘Sloths for Sloths’ to Fill CEO’s Office with Holiday Toys for Pittsburgh’s Underprivileged Youth

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Employee referral software platform ERIN has announced ‘Sloths for Sloths’ — a holiday toy drive hosted in collaboration with Hall of Fame running back Jerome “The Bus” Bettis.

PITTSBURGH, Nov. 25, 2024 /PRNewswire-PRWeb/ — Pittsburgh-based employee referral software platform ERIN is getting into the holiday spirit with the launch of Sloths for Sloths — a holiday toy drive hosted in collaboration with Hall of Fame running back Jerome “The Bus” Bettis. Through an Amazon storefront set up specifically for this purpose, the ERIN team hopes to fill CEO Mike Stafiej’s office with toys for kids of all ages.

“There are two things that people will always support — giving toys to children for the holidays, and Jerome “The Bus” Bettis. At ERIN, we’re supporting a holiday toy drive with The Bus, and trying to fill a bus with toys.” – ERIN CEO Mike Stafiej

“ERIN’s notorious symbol is Sammy the Sloth, so we’ve aptly named this effort after our company’s kid-friendly mascot,” said Stafiej. “It’s our hope that every single underprivileged child in Pittsburgh will be greeted on Christmas morning with a toy that brightens their holiday. We’re proud to be taking initiative on their behalf, and hope for great success so we can continue this new tradition for years to come.”

Since 1997, Bettis and his The Bus Stops Here Foundation have been supporting Pittsburgh’s underprivileged inner-city youth through education, sports, technology and recreational opportunities. ERIN is proud to partner with such a valuable organization this holiday season to bring joy to the city’s youth.

Here’s how the program works:

Order a toy from the company’s Amazon storefront, or select a toy that you know a lucky child will love.Ship it to the ERIN headquarters at 600 River Avenue, Suite 103, Pittsburgh, PA 15212, c/o CEO Mike Stafiej.Email proof of your purchase to marketing@erinapp.com.

For every proof of a toy purchased, ERIN will match with another toy donation of up to $500 and add a stuffed Sammy the Sloth as a bonus gift. The Sloths for Sloths toy drive will end on December 13, after which all donated toys will be delivered to The Bus Stops Here Foundation for delivery to the kids of Pittsburgh.

For additional information, visit https://erinapp.com/toys. To hear more about Sloths for Sloths directly from CEO Mike Stafiej, watch this episode of The HR Morning Show.

Media Contact

Evan White, ERIN, 509.995.9105, ewhite@erinapp.com, https://erinapp.com 

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View original content to download multimedia:https://www.prweb.com/releases/erin-launches-sloths-for-sloths-to-fill-ceos-office-with-holiday-toys-for-pittsburghs-underprivileged-youth-302314940.html

SOURCE ERIN

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