Latest news with #McKinsey
Yahoo
3 hours ago
- Business
- Yahoo
AI-Powered Quality Inspection Poised to Unlock Billions in Global Corporate Savings
SAN DIEGO, May 28, 2025 /PRNewswire/ -- Flexible Vision Inc today announced that Companies worldwide are on the cusp of realizing unprecedented financial benefits as Artificial Intelligence (AI) revolutionizes quality inspection processes. The integration of AI into manufacturing and other sectors is projected to save businesses substantial sums by drastically reducing errors, minimizing waste, and optimizing operational efficiency. Traditional quality control methods, often labor-intensive and prone to human error, contribute significantly to operational costs, with visual quality inspection alone accounting for over 60% of all quality control labor expenses in some cases. AI-driven visual inspection systems are transforming this landscape by automating defect detection with remarkable accuracy and speed. This automation directly translates into lower manufacturing costs through minimized waste, rework, and scrap associated with faulty products. The financial impact is already becoming evident. Companies adopting AI for predictive maintenance, a related application, have reported reductions in machine breakdowns by up to 50% and lower maintenance costs by 10-40%. Specific to quality, McKinsey reports that AI innovations can cut quality-related expenses by 10% to 20%. For instance, Bosch implemented AI in visual quality inspection across automotive component plants, achieving a 25% reduction in scrap rate and saving $1.2 million annually, while defect detection accuracy soared from 89% (manual) to 97.6% (AI-assisted). Similarly, Siemens realized a 20% drop in defects and millions in annual savings by using AI in its gas turbine production. "The adoption of AI in quality inspection is not just an upgrade but a fundamental shift, enabling companies to enhance competitiveness, deliver superior products, and achieve substantial, quantifiable financial returns," stated Aaron Silverberg from Flexible Vision Inc. The market reflects this transformative potential. The global AI in manufacturing market is projected to surge from $2.6 billion in 2022 to an estimated $20.8 billion by 2028, growing at a CAGR of 45.6%. The AI-based Visual Inspection Software market alone was valued at $624.29 million in 2023 and is projected to reach $1.96 billion by 2032. Furthermore, the broader AI Visual Inspection System market is expected to grow from $18.28 billion in 2024 to $52.38 billion by 2034. About Flexible VisionFlexible Vision is an AI machine vision software and hardware application that works together to automate visual inspections on the factory floor. For more information, visit Contact:Aaron Silverberg, PresidentFlexible Vision Inc(619) 287-7000 View original content to download multimedia: SOURCE Flexible Vision
India.com
14 hours ago
- Business
- India.com
Bad news for employees of this company as it sacks 5000 workers due to…, check company's connection with Mukesh Ambani's daughter Isha Ambani as she…
McKinsey and Company, the US-based consulting firm where Isha Ambani started her career, has reportedly laid off more than 5000 workers since 2023. (File) McKinsey layoffs: McKinsey & Company — the global consulting giant where billionaire Mukesh Ambani's daughter, Isha Ambani, started her professional career– has reportedly laid off over 5000 employees , making it one of largest reduction of workforce by the company in its 98-year history. McKinsey laid off over 5000 workers since 2023 As per a report by the Financial Express, McKinsey has laid off more than 5000 workers, roughly over 10% of its global workforce, over the past 18 months, which is being seen as part of the sector's ongoing recalibration efforts after the explosive growth witnessed during the Covid-19 pandemic. According to the report, McKinsey and Company currently employs a workforce of around 40,000, compared to more than 45,000 at the end of 2023. The company's workforce had swelled by nearly two-thirds from 2018-2023 as clients rushed to future-proof their business models after the pandemic era. However, the consulting industry has cooled off in the post-pandemic era, prompting firms to revaluate their strategies and scale of operations. During recent years, McKinsey, driven by increased demand during the pandemic era, had aggressively expanded in various sectors, including digital transformation, data analytics, and project delivery. But as the demand cooled off, the firm kicked off a major internal restructuring imitative in 2023, which began with the elimination of 1400 back-office positions, and later sacked 400 data and software engineering specialists in the same year. Meanwhile, McKinsey's operational challenges have been compounded by the many legal battles the company has been embroiled in, especially one surrounding its historical consulting work with opioid manufacturers in the United States, which forced the firm to pay $1.6 billion in settlements, putting pressure on its financials. Isha Ambani started her career at McKinsey Notably, Isha Ambani, the only daughter of billionaire Mukesh Ambani, and Nita Ambani, started her corporate career at McKinsey and Company, prior to joining Reliance Industries– the mega conglomerate led by her illustrious father. In 2014, after earning a bachelor's degree in psychology and South Asian studies from the prestigious Yale University, Isha Ambani, then 22, joined Mckinsey & Company as a business analyst, a move business insiders believe, was aimed to groom her for a leadership role at Reliance in the future. The prophecy was fulfilled as Isha Ambani, following a brief stint at Mckinsey, joined the her father's expansive oil-to-telecom conglomerate, and currently heads Reliance Retail, a subsidiary of Reliance Industries, which has emerged as India's largest retailer.
Time of India
18 hours ago
- Business
- Time of India
Agentic AI: The strategic leap redefining workplace automation
As the boundaries of workplace automation expand, a new era is taking shape—one defined by Agentic AI. Unlike traditional automation systems that rely on predefined rules or even adaptive machine learning models that require ongoing human supervision, Agentic AI introduces a new class of intelligent agents capable of reasoning, decision-making, and acting autonomously. These agents do not simply perform repetitive tasks—they become active participants in business processes, fundamentally reshaping how organizations operate and make decisions in real makes Agentic AI transformative is its capacity to perceive context, interpret real-time data, and respond dynamically to evolving situations. Unlike conventional automation that often struggles with exceptions and edge cases, these intelligent agents can independently manage entire workflows with minimal human input. They reduce the complexity typically associated with automation by eliminating the need for constant configuration and supervision. Whether it's handling customer inquiries, resolving IT system issues, or managing HR onboarding from start to finish, agentic systems streamline processes and increase overall speed, precision, and reliability. McKinsey research estimates the long-term opportunity of artificial intelligence at $4.4 trillion in added productivity growth potential driven by corporate use cases. Over the next three years, 92 percent of companies plan to increase their AI investments, signalling strong momentum in enterprise adoption. This underscores the transformative impact of AI across industries and highlights the urgency for organizations to strategically invest in AI capabilities to stay competitive in an increasingly data-driven world. The reason why Agentic AI is succeeding is because it can enhance human efforts and offer automation in sectors, including dynamic workforce management, cybersecurity, and customized customer experiences. With the ongoing development of AI, agentic AI is a revolutionary force that is transforming industries and changing the way we work. Transforming enterprise functions across industries Agentic AI is significantly reshaping modern work environments by enabling automation across a wide range of tasks, from routine operations to complex analytical functions. At the operational level, it efficiently manages repetitive activities such as data entry, inventory monitoring, and appointment scheduling, thereby reducing the likelihood of errors and optimizing the use of human resources. Simultaneously, advanced AI frameworks are addressing intricate challenges, including legal contract analysis, predictive maintenance, and large-scale financial modelling. This comprehensive automation capability renders agentic AI particularly valuable in sectors such as manufacturing, healthcare , and logistics—industries where accuracy, speed, and adaptability are paramount. By assuming responsibility for routine and labour-intensive tasks, AI enables the workforce to redirect its focus toward areas that demand creativity, critical thinking, and human empathy. Automating Workforce Management Successfully managing today's workforce—remote, on-site, or hybrid—demands high levels of agility and responsiveness. The advent of agentic AI is transforming workforce management by bringing scheduling, productivity monitoring, and dynamic resource allocation based on changing organizational requirements to the automated domain. For example, AI can review past trends to predict staffing needs at peak times or pre-emptively modify project schedules to keep workflow interruptions low and avoid operations bottlenecks. Such high level of intelligence is especially helpful for businesses with a tendency toward volatile demand patterns, like hospitality and retail. By maintaining maximum staffing with right people, AI not only makes operations more efficient but also helps minimize employee burnout and enhances the overall wellness of the workforce. Laying the Technical Foundation for Agentic Systems The success of Agentic AI relies heavily on a robust technological foundation. At the heart of these systems are advanced models such as large and small language models, reinforcement learning frameworks, transformer architectures, and probabilistic reasoning engines. However, even the most sophisticated models require the right infrastructure to perform effectively in enterprise environments. Cloud-native platforms provide the flexibility and scalability needed to support large-scale deployments. Real-time data access enables agents to make informed, timely decisions. API-first system designs ensure smooth integration across diverse enterprise tools, while GPU-enabled computing delivers the performance required for deep learning and rapid inference. Together, these elements create a powerful ecosystem in which agentic intelligence can thrive and deliver real-time business value. Redefining the Future of Work As Agentic AI systems become more autonomous and powerful in enterprise operations, governance becomes a critical support pillar of their deployment. Organizations need to establish strong frameworks that guarantee the ethical, safe, and transparent use of these technologies. This entails making sure that all decisions made by an agent are explainable and auditable, which strengthens accountability and trust. Ethical design principles should drive system development to avoid bias and make sure that AI is used fairly for all users. Agentic AI is not merely an evolution of automation but a strategic direction toward self-managing, learning-capable systems that can develop in synchronization with business requirements. For current business leaders, embracing Agentic AI is not merely a technological leap—but a foresighted step toward creating more agile, durable, and adaptive organizations. By directly integrating intelligence into workflows, organizations can unlock disruptive efficiencies, give teams new digital capabilities, and achieve a sustained competitive edge. In this next era of intelligent automation, Agentic AI does not just automate what is currently done—it reinvents the fundamental nature of work and what it means to be a future enterprise.
Irish Times
21 hours ago
- Business
- Irish Times
McKinsey sheds 10% of staff in 2-year profitability drive
McKinsey has cut more than 10 per cent of its staff in the past 18 months, reversing a big expansion plan that peaked during the coronavirus pandemic when consulting services were in high demand and the firm increased its workforce by almost two-thirds. The consulting firm has about 40,000 employees, according to people familiar with the matter, compared with more than 45,000 at the end of 2023, when it most recently published a figure. The job cuts, which are among the largest in McKinsey's nearly 100-year history, reflect the sharp slowdown in revenue growth across the consulting market. The group has also been hit with $1.6 billion in legal settlements from its work for US opioid manufacturers. As well as laying off 1,400 back-office staff in a restructuring that began in 2023, McKinsey last year dismissed 400 specialists in areas such as data and software engineering. It also increased pressure on its weakest-performing consultants to quit via an unusually tough mid-year performance review programme last year, according to people familiar with the matter. READ MORE McKinsey's headcount had grown by almost two-thirds in the five years to 2023 as it expanded beyond its core advisory services into larger-scale project implementation and business boomed for all consulting firms during the pandemic. Since the consultancy boom ended, the number of staff voluntarily leaving professional service groups has swung to record lows. The reduced level of attrition has caught many groups by surprise, following the 'Great Resignation' when a roaring jobs market and the effects of the pandemic led to workers quitting in favour of more rewarding or better-paid roles elsewhere. Bob Sternfels, McKinsey global managing partner, told colleagues last year that the firm intended to be 'back in balance' by the end of 2024. McKinsey's shrinking headcount contrasts with its smaller rival BCG, which last month reported a 10 per cent increase in global revenue to $13.5 billion for 2024 and said its workforce had grown by about 1,000 people to 33,000. Its headcount stood at 30,000 two years ago. McKinsey's workforce was '45,000 plus' at the end of 2022 and 45,100 at the end of 2023, according to its annual reports. The report for 2024, published this month, did not include staff numbers. The report also did not include a figure for 2024 revenue, unlike in previous years. McKinsey's revenue was $16 billion in 2023. McKinsey said: 'Our firm continues to grow and we're doing more impactful work, in more ways, than ever. We continue to recruit robustly and will welcome thousands of new consultants to our firm this year.' As well as slower revenue growth, the consulting industry is contending with the introduction of generative artificial intelligence, which is set to automate tasks performed by junior employees while increasing the productivity of others. Janet Truncale, global chief executive of EY, said at the Milken Institute annual conference this month that her firm would not cut jobs in response to AI but could do more with less. 'I like to think we can double in size with the workforce we have today,' she said. McKinsey said: 'Generative AI enables new levels of productivity for our teams.' Copyright The Financial Times Limited 2025
News.com.au
a day ago
- Business
- News.com.au
Trillions heading into the hands of women – which sectors stand to win?
Women are set to control most of Australia's wealth Female investors are chasing long-term, values-driven gains With this in mind, which sectors look set to win? Behind closed doors and deep in the spreadsheets, something big is happening – women are taking the reins of global wealth. Quietly, and with a lot less chest-thumping, women are amassing fortunes and rewriting the rules of money. Right now, women hold roughly a third of all retail financial assets in the US and Europe, and that share is projected to rise to 40-45% by 2030. In Australia, women are poised to inherit approximately 65% of the nearly $5 trillion expected to be transferred in intergenerational wealth by 2034. This positions women as primary custodians of future wealth in the country. The number of female millionaires in Australia is also increasing at nearly double the rate of male millionaires, growing at 5.7% annually compared to 3.6% for men. And with more women outpacing men in education and sliding into top jobs, the flow of financial power is shifting fast. Add in longer life expectancy, later marriages, and higher divorce rates, and you've got a growing wave of financially independent women steering their own wealth ships. According to a report from McKinsey, over half of the assets women hold are currently unmanaged. That's around $10 trillion globally just sitting around. How women invest And here's where it gets interesting. Women clearly just aren't like men when it comes to investing – they've apparently got a different philosophy altogether. Instead of swinging for the fences, most women invest like seasoned marathoners. They're less interested in short-term wins and more focused on long-term security. According to the McKinsey report, their top financial goals are: not running out of money in retirement, managing healthcare costs, maintaining a comfortable lifestyle, and not chasing the next moonshot stock. They also place a premium on advice, especially in-person and personalised service. And if they don't feel like they're getting that? They walk. And while they're price-aware, they're also looking for values-aligned investing; like sustainability, social impact and transparency. Who stands to win? So, who's in the winner's circle as women reshape the investing world? According to the latest ASX Australian Investor Study, it's clear from the trend that women are leaning towards long-term, stable plays. That likely means strong interest in consumer-facing companies, ETFs, sustainable investing, healthcare, and diversified funds. Think less crypto roulette, more "Warren Buffet". Women are also big on passive income, investing to earn while they sleep. Portfolio manager Vihari Ross says this isn't just a gendered idea, but a smart one for anyone keen on more freedom and flexibility later in life. Then there's sustainable investing. ESG (environmental, social, governance) funds are no longer niche, they're now mainstream, and women are some of their biggest backers. Clean energy, ethical fashion, impact-driven fintechs, these are the kinds of investments catching the female eye, notes the study.
