McKinsey Digital’s Post

Generative AI may be advancing quickly, but today’s #ChartoftheDay shows that the business world is keeping pace. According to Senior Partner Alexander Sukharevsky and others, most companies can deploy off-the-shelf gen AI solutions within 1-4 months. It can, however, take them 5 months or more to implement solutions that are more tailored and customized. Learn more: https://lnkd.in/epnq765f #McKinseyDigital #GenerativeAI #DigitalTransformation

Today’s #ChartoftheDay shows that the private sector is seemingly hesitant to take a quantum leap. Quantum technology startups saw a massive influx of investment between 2021 and 2022, peaking at around $2.35 billion. However, generative AI and other technologies seemed to overshadow the quantum tech sector, with investments declining by $1.71 billion (or 27%) in 2023. Click here for more insights: https://mck.co/3ziLXjl #McKinseyDigital #QuantumTechnology

Companies across the business landscape have been trialing and testing generative AI pilots with hopes of bringing new value to their operations. Many have now experienced firsthand that deploying and scaling gen AI solutions can be incredibly complicated. The demand for a simpler approach to gen AI deployment led to last year’s acquisition of Iguazio, a leading AI and machine learning operations company. Since integrating Iguazio into QuantumBlack, AI by McKinsey, we’ve helped our clients develop and scale gen AI solutions with a higher degree of safety and efficiency. Learn how Iguazio has helped our clients circumvent gen AI’s most common deployment challenges in our latest blog: https://mck.co/4eCmHVv #McKinseyDigital #QuantumBlack #AIbyMcKinsey

Our research finds that consumer and packaged goods (CPG) companies rank among the lowest in digital and AI maturity, when compared to 12 other major business sectors. Industry challenges, like moving beyond legacy infrastructure and managing data from various sources, have prevented CPG companies from capturing the promised value of their investments and bringing their pilots to scale. However, CPG companies that overcome these challenges can unlock tremendous value from their digital and AI investments, with generative AI alone potentially adding $160 billion to $270 billion in annual profit. Check out our article covering six questions that can help CPG companies rewire to outcompete with digital and AI: https://mck.co/3xvrAPB #McKinseyDigital #Rewired #DigitalTransformation

Much like how the introduction of the steam engine revolutionized the business landscape in the 18th century, generative AI is following a similar trajectory. Gen AI’s unparalleled ability to enhance production, design, sales, marketing, communication, and many other facets of business has already altered the future of work, opening a window of opportunities for productivity and innovation. Tune in to the latest edition of our At the Edge podcast series to hear from venture capitalist Reid Hoffman, cofounder of LinkedIn and Inflection AI, and founding investor in OpenAI, where he and Lareina Yee discuss how businesses can harness the true power of this transformative new tool here: https://mck.co/3KVHlCz #McKinseyDigital #GenerativeAI #AtTheEdge

Sophisticated simulations, cryptography breakthroughs, instantaneous answers to complex mathematical equations, enhanced algorithms for artificial intelligence – these are just a few of the many promises of quantum technology. That is, once it becomes accessible to the business world at large. Tell us: is your organization considering an investment in quantum tech? #QuantumComputing #Innovation #Digital

We had a fantastic time attending the 19th edition of the Founders Forum last week! At this year’s event, our very own Tey Bannerman joined Rana Yared (Balderton), May Habib (Writer AI), George Lee (Goldman Sachs), and Karim Beguir (Instadeep) for a session on “Unleashing the Power of Generative AI”. Here’s something to think about: 67% of organizations expect to increase investment in AI over the next 3 years. Generative AI is being seen as a catalyst for business building and beyond - as we are moving at a speed faster than ever before, how do companies maintain a competitive edge? Thanks so much to all the amazing speakers, founders, and entrepreneurs at Founders Forum Group for the inspiring discussions around growth and innovation! #McKinseyDigital #FoundersForum #FFGlobal2024

AI and automation are two key drivers of the future of work. The launch of generative AI marked the dawn of a new era in the global economy, with companies rushing to harness its capabilities to bring profound value to their operations. Coupled with automation, businesses now have the power to transform their workforce with unmatched levels of productivity, cost efficiency, analytical understanding, and creativity. Below are four key priorities companies should focus on to thrive in the gen AI era. For more insights into the future of work, be sure to read our latest report: https://mck.co/4equPbz #McKinseyDigital #FutureofWork #GenAI #Automation

Small and large organizations alike can benefit from implementing Master Data Management (MDM) models, yet collecting and aggregating quality data can be difficult because of funding constraints, insufficient technological support, and low-caliber data. Learn how a finely-tuned MDM can positively impact the performance of your organization, and what it takes to drive meaningful value: https://mck.co/3XpxtIw #McKinseyDigital #Data