The US labor marketis going through a rapid evolution in the way people work and the work people do. Months after MGI released its last report on the future of work in America, the world found itself battling a global pandemic.1, McKinsey Global Institute, July 2019.Since then, the US ...
Since the releaseof ChatGPT in November 2022, it’s been all over the headlines, and businesses are racing to capture its value. Within the technology’s first few months, McKinsey research found that generative AI (gen AI) features stand to addup to $4.4 trillionto the global econom...
McKinsey reportsthat between 50% and 60% of organizations use AI, double the 2017 usage rate. Seventy percent of companies using AI report that adoption has increased their marketing and sales revenue, while 28% say it’s decreased costs. Free Report: Smarter Selling with AI New data and ins...
generative AI could assist with the initial discovery of drug candidates in a high-throughput, low-cost setting. The McKinsey report found that generative AI
4 Main Use Cases of Generative AI You’ve resolved the question: “What is Generative AI?” and discovered how it differs from traditional AI. But in what use cases is this advanced AI applied? McKinseyreported that the influence of Generative AI on productivity could add up to USD 4.4 tri...
Generative AI Explained For businesses large and small, the seemingly magical promise of generative AI is that it can bring the benefits of technology automation to knowledge work. Or, as a McKinsey report put it, “activities involving decision making and collaboration, which previously had the lo...
For example, McKinsey’s report “The economic potential of generative AI” shows that applying generative AI to customer care functions could increase productivity at 30-45% of current function costs. Drawbacks Transparency Issues. If you haven’t implemented and trained a generative AI system ...
Generative AI Explained For businesses large and small, the seemingly magical promise of generative AI is that it can bring the benefits of technology automation to knowledge work. Or, as a McKinsey report put it, “activities involving decision making and collaboration, which previously had the lo...
staggering. A 2024 McKinsey report estimated that generative AI could add between $2.6 trillion to $4.4 trillion annually to the global economy.10This potential is driving unprecedented investment in the technology, with companies like JP Morgan Chase committing over $1 billion annually to AI ...
McKinsey & Company A report by McKinsey & Company found that AI could automate up to 45% of the tasks performed by retail, hospitality, and healthcare workers. This could lead to job displacement but the report also noted that it doesn’t necessarily mean that AI will automate a job just...