The Difference AI Can Make

McKinsey have issued a white paper on what is happening with AI and Generative Pre-trained Transformer (GPT) ¹. Key take-aways were:

Impact on productivity: McKinsey analysed 63 use cases drawn from 16 business functions and found that its impact on productivity would be measured in the trillions of dollars. About 75% of that value would come from customer operations, marketing and sales, software engineering and R&D.

Banking, high tech, and life sciences could see the biggest impact as a percentage of their revenues from generative AI. In retail and consumer packaged goods, the potential impact is also significant at $400 billion to $660 billion a year.

Generative AI could enable labour productivity growth of 0.1% to 0.6% annually through 2040, depending on the rate of technology adoption and redeployment of worker time into other activities.