Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says
Who can benefit the most from GenAI?
About 75% of the potential value from applied generative AI will come in four business functions: customer operations, marketing and sales, software engineering, and research and development.
Quantify this benefit, could you?
Banks alone could generate an additional $200-$340 billion from increased productivity, the report found, as the new technology improves customer satisfaction, helps decision-making and mitigates fraud through better monitoring. That would equate to a jump in operating profits of somewhere between 9% and 15%.
Any other example?
In product R&D, the technology could deliver a boost to productivity of 10% to 15%, McKinsey said. It cited the example of life sciences and chemical industries, where AI can generate potential molecules more quickly, accelerating the process of developing new drugs and materials. That could add as much as 25% to profits for pharmaceutical companies and medical product firms.
But, by when?
And it’s all developing fast. The firm’s earlier research suggested that 2027 would be the first year when AI technology would be able to match the typical human’s performance in tasks that involve “natural-language understanding.” Now, McKinsey reckons it will happen this year.
Honest question – what’d be the impact of GenAI on consultancy firms like McK? Productivity – salaries – contract sizes – contracts volume – services portfolio … disruption?