WEBVTT 1 00:00:04.270 --> 00:00:05.440 Let me give a little bit of context. 2 00:00:05.440 --> 00:00:07.600 So historically, we used to say 3 00:00:07.600 --> 00:00:10.020 most organisations were about command and control. 4 00:00:10.020 --> 00:00:12.310 The centre used to decide-the one individual, 5 00:00:12.310 --> 00:00:14.963 or, you know, and then the organisation used to follow. 6 00:00:16.460 --> 00:00:17.960 At least there was an attempt to do that. Right? 7 00:00:17.960 --> 00:00:19.110 More recently, at least, 8 00:00:19.110 --> 00:00:20.920 what we at BCG talk about, is 9 00:00:20.920 --> 00:00:24.870 this concept of head, heart, and hands. 10 00:00:24.870 --> 00:00:27.170 The head is about setting the big rocks 11 00:00:27.170 --> 00:00:28.610 of the future vision, 12 00:00:28.610 --> 00:00:32.430 the heart is about inspiring and empowering people, 13 00:00:32.430 --> 00:00:34.450 and the hands is about innovation 14 00:00:34.450 --> 00:00:36.530 and agility to make it happen. 15 00:00:36.530 --> 00:00:37.990 So that's what we talk about. 16 00:00:37.990 --> 00:00:39.860 But I think in the world you are outlining, 17 00:00:39.860 --> 00:00:42.140 we probably need more skills than just that. 18 00:00:42.140 --> 00:00:44.280 So if there is one call-out skill 19 00:00:44.280 --> 00:00:46.020 you would have for the CEOs, 20 00:00:46.020 --> 00:00:48.910 to reflect on what they should add to their own arsenal, 21 00:00:48.910 --> 00:00:50.530 what could be one thing you would say 22 00:00:50.530 --> 00:00:53.473 to master...to be better in the coming world? 23 00:00:55.091 --> 00:00:56.570 So I say two things, 24 00:00:56.570 --> 00:00:59.097 even though you said one, I'll say two things. 25 00:00:59.097 --> 00:01:00.120 (both laugh) 26 00:01:00.120 --> 00:01:04.893 One thing is that CEOs are so far human beings, 27 00:01:06.020 --> 00:01:07.880 and they're flesh and blood, 28 00:01:07.880 --> 00:01:10.370 the brain is an organic brain. 29 00:01:10.370 --> 00:01:12.100 And we are reaching a point, 30 00:01:12.100 --> 00:01:15.200 when because of the speed of change in the world, 31 00:01:15.200 --> 00:01:17.520 and the complexity of the systems, 32 00:01:17.520 --> 00:01:20.890 the human brain is incapable of understanding 33 00:01:22.200 --> 00:01:24.690 what is actually happening. 34 00:01:24.690 --> 00:01:26.760 That we are very close to the point, 35 00:01:26.760 --> 00:01:28.520 you know, again, it links back 36 00:01:28.520 --> 00:01:30.870 to the increase in the speed of information 37 00:01:30.870 --> 00:01:31.703 in the world, 38 00:01:31.703 --> 00:01:35.020 which means an increase in the speed of change, 39 00:01:35.020 --> 00:01:36.683 that in more and more fields, 40 00:01:37.630 --> 00:01:39.380 it's just becoming too complicated. 41 00:01:39.380 --> 00:01:41.500 You know, how many people today understand 42 00:01:41.500 --> 00:01:43.740 the global financial system? 43 00:01:43.740 --> 00:01:45.280 To be very generous, 44 00:01:45.280 --> 00:01:47.240 I would say 1% of the population. 45 00:01:47.240 --> 00:01:48.450 That's very, very generous. 46 00:01:48.450 --> 00:01:49.480 That's very generous. 47 00:01:49.480 --> 00:01:51.530 I think in 20 years 48 00:01:51.530 --> 00:01:54.178 the number will be exactly zero. 49 00:01:54.178 --> 00:01:58.670 The global financial system will be so complicated, 50 00:01:58.670 --> 00:02:02.630 and almost entirely run by algorithms and AI, 51 00:02:02.630 --> 00:02:04.710 that humans just can't understand. 52 00:02:04.710 --> 00:02:06.600 It doesn't matter how smart you are, 53 00:02:06.600 --> 00:02:09.100 how educated, you can't understand it. 54 00:02:09.100 --> 00:02:11.910 And you will have to rely more and more 55 00:02:11.910 --> 00:02:14.910 either on collaboration with other people 56 00:02:14.910 --> 00:02:19.830 or on collaboration with algorithms, with AI. 57 00:02:19.830 --> 00:02:22.930 That we are reaching the first time in history, 58 00:02:22.930 --> 00:02:25.660 that the human brain is creating systems 59 00:02:25.660 --> 00:02:27.360 that it cannot understand, 60 00:02:27.360 --> 00:02:29.690 but it also creates tools 61 00:02:29.690 --> 00:02:34.690 that take away some of our decision-making power. 62 00:02:35.340 --> 00:02:37.800 We could reach a point in 20 years 63 00:02:37.800 --> 00:02:39.250 when many of the decisions, 64 00:02:39.250 --> 00:02:42.160 whether in a corporation, whether in a government, 65 00:02:42.160 --> 00:02:44.750 are taken not by a human being, 66 00:02:44.750 --> 00:02:47.183 but rather by an algorithm. 67 00:02:48.220 --> 00:02:50.640 And, you know, we can still have a human at the top, 68 00:02:50.640 --> 00:02:52.057 because this will comfort us, 69 00:02:52.057 --> 00:02:54.140 "Oh, we are still in charge." 70 00:02:54.140 --> 00:02:56.760 But, you know, the algorithm approaches you, 71 00:02:56.760 --> 00:02:59.030 and tells you, "We are facing a crisis, 72 00:02:59.030 --> 00:03:00.730 but I can't explain why. 73 00:03:00.730 --> 00:03:01.960 You're a human, 74 00:03:01.960 --> 00:03:04.260 your brain can't process the data. 75 00:03:04.260 --> 00:03:06.700 I went over trillions of data points, 76 00:03:06.700 --> 00:03:08.100 I noticed something, 77 00:03:08.100 --> 00:03:09.953 I can't explain to you why, 78 00:03:09.953 --> 00:03:13.993 because your brain functions differently, 79 00:03:14.990 --> 00:03:18.050 and you should do either this or that." 80 00:03:18.050 --> 00:03:20.730 And, you know, it's frightening 81 00:03:20.730 --> 00:03:22.140 to think about this scenario, 82 00:03:22.140 --> 00:03:24.004 but we are very close to it. 83 00:03:24.004 --> 00:03:26.980 The other side of the coin is 84 00:03:26.980 --> 00:03:29.560 that as things accelerate, 85 00:03:29.560 --> 00:03:31.530 as it becomes more complicated, 86 00:03:31.530 --> 00:03:34.070 I hope, I know, I know it's a long shot, 87 00:03:34.070 --> 00:03:39.070 but I hope that actually you take better care of your mind, 88 00:03:40.190 --> 00:03:44.140 and especially find time to disconnect. 89 00:03:44.140 --> 00:03:46.010 I know, again, with the increase 90 00:03:46.010 --> 00:03:47.950 in the flow of information, 91 00:03:47.950 --> 00:03:49.710 it's becoming almost impossible. 92 00:03:49.710 --> 00:03:52.313 You must always be there available, 93 00:03:52.313 --> 00:03:54.650 there is a crisis every moment, 94 00:03:54.650 --> 00:03:56.470 a decision every moment, 95 00:03:56.470 --> 00:03:58.460 but the mind is just incapable 96 00:03:58.460 --> 00:04:01.980 of functioning like that over the long-term. 97 00:04:01.980 --> 00:04:05.580 If you don't find the time and the space 98 00:04:05.580 --> 00:04:08.840 to completely disconnect for a few hours, 99 00:04:08.840 --> 00:04:10.283 maybe for a few days, 100 00:04:11.600 --> 00:04:14.190 you won't be able to survive this. 101 00:04:14.190 --> 00:04:17.600 And, you know, we are in a time of a pandemic. 102 00:04:17.600 --> 00:04:19.010 Everybody's talking about 103 00:04:19.010 --> 00:04:22.040 the need to break the chains of infection. 104 00:04:22.040 --> 00:04:24.670 It's also true about the mind. 105 00:04:24.670 --> 00:04:28.670 We need to break the chain of infectious thoughts. 106 00:04:28.670 --> 00:04:30.087 That if you're all the time 107 00:04:30.087 --> 00:04:33.111 on this kind of information treadmill, 108 00:04:33.111 --> 00:04:37.320 your mind becomes infected with these things 109 00:04:37.320 --> 00:04:39.280 and you can't think differently. 110 00:04:39.280 --> 00:04:42.668 So I hope that you somehow find the time 111 00:04:42.668 --> 00:04:47.330 to disconnect for a few hours or a few days. 112 00:04:47.330 --> 00:04:50.965 It will do wonders afterwards to your peace of mind 113 00:04:50.965 --> 00:04:52.703 and to your ability to function.