What is prompting corporate leaders and organizations to rush to introduce or adopt new AI tools these days is the art of productive AI; But what is the reality and what effect will this technology have on the global economy? This issue is being investigated by the global consulting leader, McKinsey and his team in order to understand the economic potential of generative artificial intelligence.
An overview of productive AI reports
According to reports in this regard, GenAI as an example of productive artificial intelligence is able to add 2.6 to 4.4 trillion dollars to the global economy annually. This figure is the economic equivalent of adding a new country the size and productivity of Great Britain to the planet! To prepare this report, McKinsey analysts analyzed 850 jobs and 2,100 work activities in 47 countries, which constitute more than 80% of the global workforce.
The truth is that the economic impact that the figure of 2.6 to 4.4 trillion dollars shows is much higher than the previous estimates by McKinsey in 2017 regarding the impact of artificial intelligence on the global economy, because this figure is 15 It has increased by 40% compared to before. In fact, the reason for such an increase is the great adoption of GenAI tools by companies large and small. In addition, McKinsey has found that generative AI currently has the potential to automate work activities and take up 60-70% of current employees’ time.
Will jobs be lost despite productive artificial intelligence?
Alex Sukharovsky, senior partner and global leader of QuantumBlack, says about this: “Employing generative artificial intelligence does not mean that jobs are going to be lost, but on the contrary, basically doing some things will be done much faster and more accurately.” He added: “This means an annual addition of 0.2 to 3.3 percent to the productivity growth of the entire world economy. However, workers will need support to learn new skills and some will change jobs. If labor migration and other risks can be managed, productive artificial intelligence can contribute to economic growth and support a more sustainable and inclusive world.”
Automation of jobs and tasks by generative artificial intelligence
While generative AI has received much attention, McKinsey believes that other AI applications and technologies will also play a significant role in reshaping the global economy, with the emergence of GenAI for workplace automation greatly increasing and This has slightly changed McKinsey’s previous estimates that half of all work activities will be automated between 2030 and 2060.
“When people talk about GenAI today, it’s as if they’re talking about artificial intelligence and robotics,” Sukharovsky says. The reason for this is that generative artificial intelligence and large language models (LLM) are useful and appropriate for certain types of tasks such as automation or physical tasks such as construction, engineering, transportation, mining, and search and rescue. Both are not ineffective in disrupting the work and only take more or less time to achieve results.
But the reality is that all kinds of artificial intelligence are being used to do something of greater quality: how do you create a better work of art? How to write a better book? How to make a better movie? How do you create a better solution to the world’s recovery from severe natural disasters?
The birth of new tasks and jobs due to productive artificial intelligence
In fact, many new tasks and jobs will be created after the advent of productive artificial intelligence, so that LLM engineers will soon be added, although it is not unlikely that industries will adjust slightly in the long run.
According to reports, the four jobs that have the most added value in this regard are: “Customer Operations”, “Marketing and Sales”, “Software Engineering” and “Research and Development”, which probably constitute 75% of GenAI’s added value.
Reports on customer operations
Regarding customer operations, McKinsey said: “Research shows that nearly half of customer calls made by banks, telecommunications and utilities in North America are handled by machines and artificial intelligence. However, we predict that generative AI can reduce the volume of human service calls by up to 50%, depending on the level of automation a company has in place.”
Marketing and sales reports
For marketing and sales, McKinsey found that creating more personalized and intelligent content with GenAI can increase the productivity of the marketing function with a value between 5-15% of total marketing spend and increase the productivity of sales spend by 3-5% globally.
Reports on software engineering
According to McKinsey’s predictions for software engineering, this technology will increase the speed of the process of producing initial code drafts, code correction and re-creation, root analysis and creating new system designs, which will lead to a 20-45% increase in productivity in software costs.
Research and development reports
When it comes to R&D, McKinsey believes that generative AI will help product designers cut costs by choosing and using materials more efficiently. It can also reduce costs in logistics and production by optimizing production plans.
Artificial intelligence, technology catalyst for economic growth
Overall, McKinsey’s prediction of GenAI is a “technology catalyst” as it is capable of driving industries towards automation journeys and of course making employees more creative in this field. Soukharovsky also said about this that “we are entering the age of creativity.” He concluded the discussion by saying an interesting point that captures a fundamental concept: “While the data in the current report is partially analyzed by AI, the entire McKinsey 2023 report on the economic impact of AI It has been done by human authors.
Latest Passing over countries : Spain | Dominica | United Arab Emirates
RCO NEWS
