Artificial Intelligence
79% of respondents say they’ve had exposure to gen AI
McKinsey Global Survey of 2023 provides compelling evidence of the rapid adoption of generative AI
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Published
8 months agoon
Artificial Intelligence (AI) has become a ubiquitous presence in the modern business landscape, and one of its most promising offshoots is generative AI (gen AI). Gen AI tools have witnessed explosive growth, as evidenced by the latest McKinsey Global Survey on the current state of AI. This comprehensive report explores the current state of gen AI adoption, highlighting key findings, industry insights, and expectations for the future.
The survey, conducted in mid-April 2023, provides compelling evidence of the rapid adoption of gen AI. Within a relatively short span, one-third of respondents reported regular use of gen AI tools within their organisations. This finding underscores the remarkable speed at which businesses are integrating this technology into their daily operations.
Gen AI has captured interest
Individuals across regions, industries, and seniority levels are using gen AI for work and outside of work. Seventy-nine per cent of all respondents say they’ve had at least some exposure to gen AI, either for work or outside of work, and 22 per cent say they are regularly using it in their own work. While reported use is quite similar across seniority levels, it is highest among respondents working in the technology sector and those in North America.
Organisations, too, are now commonly using gen AI. One-third of all respondents say their organisations are already regularly using generative AI in at least one function—meaning that it is early days.
Expectations are high
Three-quarters of all respondents expect gen AI to cause significant or disruptive change in the nature of their industry’s competition in the next three years. Survey respondents working in the technology and financial-services industries are the most likely to expect disruptive change from gen AI. McKinsey’s previous research shows that, while all industries are indeed likely to see some degree of disruption, the level of impact is likely to vary. Industries relying most heavily on knowledge work are likely to see more disruption — and potentially reap more value.
While the estimates suggest that tech companies, unsurprisingly, are poised to see the highest impact from gen AI — adding value equivalent to as much as nine per cent of global industry revenue — knowledge-based industries such as banking (up to five per cent), pharmaceuticals and medical products (also up to five per cent), and education (up to four per cent) could experience significant effects as well. By contrast, manufacturing-based industries, such as aerospace, automotive, and advanced electronics, could experience less disruptive effects. This stands in contrast to the impact of previous technology waves that affected manufacturing the most and is due to gen AI’s strengths in language-based activities, as opposed to those requiring physical labour.
The survey, conducted in mid-April 2023, provides compelling evidence of the rapid adoption of gen AI. Within a relatively short span, one-third of respondents reported regular use of gen AI tools within their organisations. This finding underscores the remarkable speed at which businesses are integrating this technology into their daily operations
–McKinsey Global Survey 2023
Gen AI across functions: Gen AI’s impact is not limited to specific sectors but permeates various business functions. The most commonly reported functions leveraging gen AI tools mirror those where AI adoption is highest overall. These include Marketing, Product and Service Development, and Service Operations, such as customer care and back-office support. Within these functions, specific use cases have emerged as the most prevalent:
Crafting First Drafts of Text Documents: Gen AI tools excel at generating initial drafts of text documents, enhancing efficiency in content creation.
Personalised Marketing: Tailoring marketing campaigns to individual preferences and behaviors is a top use case, enabling organisations to connect with their target audience more effectively.
Summarising Text Documents: Gen AI’s ability to extract key insights from extensive textual content aids in decision-making and knowledge extraction.
Identifying Trends in Customer Needs: Understanding customer preferences and trends is crucial for businesses, and gen AI facilitates this by analysing vast datasets.
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Shalini is an Executive Editor with Apeejay Newsroom. With a PG Diploma in Business Management and Industrial Administration and an MA in Mass Communication, she was a former Associate Editor with News9live. She has worked on varied topics - from news-based to feature articles.
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