In the ongoing competition to apply AI technologies across business models, artificial intelligence (AI) might be worth as much as $4.4 trillion to multinational firms and their CEOs.
The McKinsey consulting firm estimates that generative AI like ChatGPT, which can generate data like videos, pictures, and music, could “add” between $2.6 trillion and $4.4 trillion to the global economy and increase the impact of AI by as much as 40 percent.
Many sectors, from finance to the pharmaceutical industry, anticipate significant contributions from AI. According to their report, this technology may be used for everything from customer conversations to customizing targeted consumer messages. It can generate code and accelerate the development of new drugs and materials.
AI can help with-
- Better decisions.
- Efficiency and productivity gains.
- Improved speed of business.
- New capabilities and business model expansion.
- Personalized customer services and experiences.
- Improved services.
- Improved monitoring.
- Better quality and reduction of human error.
- Better talent management.
- More innovation.
- Increased profitability.
- Industry-specific improvements.
Management will be able to transform worker productivity with the help of AI advancements, allowing them to reduce expenses and increase profits. Despite being a prominent topic in the mainstream discussion of future technologies, the research paper seldom touches on jobs or employment due to the deployment of AI technology. McKinsey says the market will expand from $40 billion in 2022 to $1.3 trillion.
Although businesses are still figuring out how to utilize AI to get an edge in the market, they face obstacles. AI bias, government control of AI, data management for machine learning initiatives, and a lack of qualified workers are all causes for concern.
Furthermore, tangible financial benefits may be challenging if the necessary human resources and physical facilities are not in place. For now, AI cannot replace all human input. We still have to be in control.
