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My Takeaways from McKinsey & Company’s Workshop
About a month ago, I attended the AI Innovation Summit organized by 1871, an entrepreneurship hub in Chicago, where I was able to learn about generative artificial intelligence (AI) and its applications.
The tech conference featured several speakers: 1871’s CEO Betsy Ziegler spoke about AI as a catalyst for businesses; Ana Brnabić, the Prime Minister of Serbia, elaborated about AI-driven transformation on a country level; a panel of AI experts provided deep insights on the latest advancements; and multiple AI startups pitched their business ideas.
While at the conference, I made sure to attend a workshop hosted by McKinsey & Company that focused on Scaling Generative AI in the corporate sector. I was most excited for this workshop as I would understand how industry leaders planned on incorporating AI to improve their work.
Along with interacting with and learning from McKinsey partners about the direct impact that generative AI has, I received an exclusive preview of Jarvis (working name) — McKinsey’s internal tool that combines OpenAI models with the company’s knowledge repositories to provide clients with better insights and recommendations.
One of the most profound aspects of the workshop was learning about a study from McKinsey Global Institute that found that generative AI has the potential to produce value of up to $4.4 trillion in global corporate profits annually. The study focused on 63 use cases, each of which generative AI is estimated to increase productivity. These use cases include customer support interactions, generating creative content for marketing and sales, and programming code based on natural-language prompts.
Though I learned a lot through the summit, my two key takeaways are:
- The AI journey will be long, and generative AI is the next new frontier in this space
- With the advancement of AI (from analytical to generative), brand new opportunities will emerge
With the recent emergence of ChatGPT and other generative AI applications, there are clearly numerous use cases of generative AI that will provide value for years to come. In the current stage of AI, the focus is on improving generative AI models to increase global productivity.
The workshop also mentioned that white-collar jobs such as lawyers and engineers will be impacted by AI first. Reflecting on this, I realized that new opportunities in the fields of computer science and IT will emerge as AI will need developers and technicians to build models and ensure accurate results.
Generative AI is already impacting our lives and seems to be promising in increasing global productivity. If you enjoyed this article or have any questions, please let me know in the comments.
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