We know Generative AI is a hot topic and hundreds of new applications, technologies and models have emerged on the scene in the last 6 months with many more to follow. Yet many people are still unclear on how to break down the value, the application of AI and where to focus… especially when it comes to their industry and job. Some good news, today McKinsey & Company published a great write up on the economic possibilities of GenerativeAI Their research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually… Great!? This is a big opportunity, but how does it apply to you? Five need-to-know areas: 1. About 75 percent of the value that generative AI use cases could deliver falls across four areas: Customer operations, marketing and sales, software engineering, and R&D. 2. Banking, high-tech, and life sciences are among the industries that could see the biggest impact as a percentage of their revenues from generative AI. 3. Current generative AI and other technologies have the potential to automate work activities that absorb 60 to 70 percent of employees’ time today. 4. The pace of workforce transformation is likely to accelerate, given increases in the potential for technical automation.? 5. The era of generative AI is just beginning. Read the full article below to see all of McKinsey & Company’s findings. ??#GenerativeAI #McKinsey #DigitalTransformation #ai #learn
Personally, I find the topic of Generative AI very intriguing. It's fascinating to see how this technology is transforming different industries and creating new possibilities for businesses. The McKinsey & Company article provides some great insights into the potential economic impact of Generative AI and its various applications. It's interesting to note that industries like banking, high-tech, and life sciences are likely to be most affected by this technology. As someone who works in the digital space, I believe it's important for us to stay informed about emerging technologies like Generative AI so that we can better understand how they might impact our work and stay ahead of the curve.
Let’s use Gen AI to summarize the 68 page content to 5 pages??!
I find key insight 4 particularly interesting - occupations expected to experience the highest levels of automation from generative AI are those requiring the highest levels of education, different from previous technological advances, as AI is likely to most transform the work of higher-wage knowledge workers, due to advances in the technical automation potential of their activities.
Humanity easily creates, builds, and integrates incredible ideas, inventions, and futuristic visions into reality. AI is the next step, the next "hot" thing. But what we seem to fail is understand the moral implications of bringing new technology into being. History is clear that humanity has created things that can actually destroy ourselves. So, we should always discuss what consequences our technology can bring us. Especially, technology that can have such deep integration into society as AI will. :)
Honestly, folks, it's time we looked beyond the surface. The AI revolution isn't coming, it's already here. Platforms like ChatGPT have their merits, but they're just the tip of the iceberg. For example Wou.AI, a game-changer that's not just rewriting the rules but creating a new playbook altogether. ? Interactive AI in any text field across all websites ? Multitask with simultaneous answers ? AI training on-the-go, wherever you are Now, imagine having this power at your fingertips. It's not just about staying a step ahead; it's about redefining the way we work, communicate and interact online. So why stay confined to the mainstream when the future is knocking at our doors? Let's embrace startups that are pushing boundaries and ushering in new possibilities.
This is incredibly exciting news! The potential of Generative AI is truly immense, and it's great to see McKinsey & Company shedding light on its economic possibilities. With the estimated annual value of $2.6 trillion to $4.4 trillion, it's evident that generative AI holds significant opportunities for various industries. The key takeaway here is that generative AI can have a profound impact across multiple areas, including customer operations, marketing and sales, software engineering, and R&D. Industries like banking, high-tech, and life sciences are particularly poised to benefit from this transformative technology. Moreover, the potential for automation is remarkable, with the ability to streamline work activities that currently consume a substantial portion of employees' time. As we embrace this era of generative AI, it's crucial to stay informed and explore how it applies to your industry and job. I highly recommend reading the full article to dive deeper into McKinsey & Company's findings. Exciting times lie ahead with the continued advancements in Generative AI !
?? we will have to ask chat gpt to summarise the article ??
Has anyone written a Generative AI policy for the workplace that they would be willing to share?
Thank you for sharing the McKinsey & Company write-up on #generativeai . It's great to see that it has so much potential, and I appreciate the five key areas you highlighted. As a Strategy & Innovation Consultant, I believe this technology can have a significant impact on our clients' businesses. It's interesting to note that customer operations, marketing and sales, software engineering, and R&D are the four areas where generative AI use cases could deliver around 75% of their value. With current generative AI technologies having the potential to automate work activities that absorb 60-70% of employees' time today, it's clear that we're just beginning an era of transformational change.
https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier#introduction