Per the McKinsey white paper, "Across 63 use cases, generative AI has the potential to generate $2.6 trillion to $4.4 trillion in value across industries."
McKinsey estimates that 75% of the value could be created from four areas:
Customer operations
Marketing and sales
Software engineering
Research and development
When it comes to implementing, the accompanying paper, What every CEO should know about generative AI, offered the following:
Reimagining end-to-end domains versus focusing on use cases
Generative AI is a powerful tool that can transform how organizations operate, with particular impact in certain business domains within the value chain (for example, marketing for a retailer or operations for a manufacturer). The ease of deploying generative AI can tempt organizations to apply it to sporadic use cases across the business. It is important to have a perspective on the family of use cases by domain that will have the most transformative potential across business functions. Organizations are reimagining the target state enabled by generative AI working in sync with other traditional AI applications, along with new ways of working that may not have been possible before.
Building a ‘lighthouse’
Although generative AI is still in the early days, it’s important to showcase internally how it can affect a company’s operating model, perhaps through a “lighthouse approach.” For example, one way forward is building a “virtual expert” that enables frontline workers to tap proprietary sources of knowledge and offer the most relevant content to customers. This has the potential to increase productivity, create enthusiasm, and enable an organization to test generative AI internally before scaling to customer-facing applications.
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