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Drawing on data from the recent PwC Pulse Survey, we uncover the immense pressure on U.S. corporations to adapt their business models amidst an increasingly volatile market environment.

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TODAY’S AI SECRET:

• Enterprises prioritize tech spending over cost-cutting, says PwC.

• Apple’s ‘Sherlocking’ strategy might harm third-party developers.

• Each day trending & featured AIs boost your profession and business.

• AI is coming in your online freelance jobs.

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TODAY’S AI WORLD

• AI in Finance – Firms in financial services and insurance rely heavily on data to predict future actions, increasingly using AI. London-based Finbourne taps $70M for tech that turns financial data dust into AI gold.

• Pope to Address G7 on AI Concerns – Pope Francis might be the primary pontiff to handle a G7 venue, specializing in the urgent issues surrounding artificial intelligence.

• McDonald’s Ends Drive-Thru AI Test – After going viral for mishaps, McDonald’s is removing its AI order-taking technology from over 100 restaurants.

• Meta AI’s Pretend Solution to Its Own Mortality – Meta AI has sparked mixed reactions on social media apps like Instagram and Facebook. Some users have been frustrated by by accident engaging with the bot. It isn’t possible to opt out, irrespective of what Meta AI tells you.

PWC SURVEY

Enterprises prioritize tech spending over cost-cutting, says PwC.

Greater than half of C-suite leaders said their organization is investing in latest technologies, like generative AI, in accordance with a PwC survey.

The Details:

• Imminent Business Failures: 34% of CEOs predict that a median competitor might be out of business inside three years in the event that they fail to overhaul their business models.

• Execution Challenges: 84% of executives report difficulties in implementing changes on the needed pace to remain competitive available in the market.

• Consensus on Change: Only 41% of executives feel there’s a robust consensus inside their organizations on easy methods to actually implement the specified business model changes.

Why It Matters:

• Risk of Extinction: The survey reveals a stark outlook for businesses, with a major number predicting closure in the event that they don’t adapt, highlighting the survival stakes in the present business climate.

• Alignment Gaps: The low percentage of consensus on execution strategies indicates significant alignment gaps inside corporations, which could hinder effective transformation.

• Pace of Change: The challenge of maintaining with the needed pace of change points to a broader issue inside industries struggling to adapt quickly enough to evolving technological and market conditions.

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APPLE

Apple’s ‘Sherlocking’ strategy might harm third-party developers.

Apple’s approach of embedding popular third-party app features directly into its operating systems is generally known as “Sherlocking.” This strategy greatly affects smaller app developers as Apple keeps expanding its ecosystem by adding features that were originally unique to independent apps.

The Details:

• Introduction of In-house Features: Apple has introduced a brand new call recording and transcription service, directly competing with existing apps like TapeACall, which charges a considerable fee, whereas Apple’s service is free.

• Impact on Third-party Apps: Quite a few apps, including Grammarly and 1Password, find their functionalities replicated inside Apple’s operating system updates, difficult their market positions.

• Developer Dilemma: The phenomenon generally known as “Sherlocking” has often left small developers in a precarious position, having to innovate beyond what Apple integrates or face diminishing user bases and potential extinction.

Why It Matters:

• Market Dynamics: Apple’s practice of incorporating popular third-party functionalities directly affects competition and innovation throughout the tech ecosystem.

• Developer Relations: The connection between Apple and third-party developers is strained by practices perceived as anti-competitive, influencing how developers engage with the App Store and Apple’s platform.

• Consumer Selection: While consumers may profit from integrated features that enhance the iOS user experience without additional cost, the long-term impact on app diversity and innovation may very well be detrimental.

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AI IN FREELANCERS

AI is coming in your online freelance jobs.

For the reason that launch of ChatGPT, the demand for human freelancers has decreased significantly across several fields.

The Details:

• Writing Jobs: There’s been a 30% reduction.

• Coding Tasks: Demand has dropped by 20%.

• Graphic Design: Sees a 17% fall.

• Social Media and Data Entry: These areas experienced a 13% decline.

Why It Matters:

• Minimal Pay Increases: Despite the drop in demand, there has only been a minimal increase in pay rates, suggesting that AI is taking up simpler, short-term jobs.

• Impact on Traditional Freelancing: The shift towards AI tools like ChatGPT is reshaping the freelance market, reducing the amount of accessible work for human freelancers and altering pay structures.

• Adaptation Strategies: Freelancers are finding progressive ways to integrate AI into their work processes, either to boost their competitiveness or to handle the lower quality outputs from AI in some cases.

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