GEnerative AI

 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.