Skip to content
Try Quaeris
All posts

Mckinsey predicts Generative AI to surpass UK's Economy in Value

Picture of Mudit Sharma By   ·  3 minute read

In the rapidly evolving world of technology, generative AI is emerging as a game-changer. This is not just another incremental advancement in the field of artificial intelligence. It is a paradigm shift with the potential to redefine industries, transform economies, and revolutionize the way businesses operate. 


The Value and Impact of Generative AI 

Generative AI is already making waves across a multitude of industries. Its applications are as diverse as they are transformative. From automating routine tasks to creating digital art and composing music, the potential of generative AI is vast. But the real game-changer lies in the value generative AI can bring to the table, especially for businesses 

The potential impact of generative AI can be evaluated through two lenses.

The Economic Potential of Generative AI 

According to recent research by McKinsey & Company, the value at stake is enormous. Generative AI could potentially add $2.6 to $4.4 trillion in productivity annually. To put this into perspective: 

Surpassing Major Economies 
The potential economic impact of generative AI could surpass the GDP of one of the world's largest economies, the United Kingdom, which had a GDP of $3.1 trillion in 2021. 

Boosting overall AI Impact 
This means that the economic impact of generative AI could increase the impact of all artificial intelligence by 15 to 40 percent. 


Industry Impacts 

Generative AI is expected to have a significant impact across all industry sectors. Here is a closer look at some of the industries that could see the biggest impact:   

Banking: The technology could deliver a value equal to an additional $200 billion to $340 billion annually if the use cases were fully implemented. This could revolutionize the way banking operations are conducted, from customer service to risk assessment and fraud detection. 

High Tech: The high-tech industry stands to benefit greatly from generative AI (Artificial Intelligence). It could lead to the creation of more sophisticated software, improved data analysis, and more efficient hardware design and manufacturing processes.  

Retail and Consumer Packaged Goods: The potential impact is also significant at $400 billion to $660 billion a year. This could transform everything from inventory management to customer service and marketing in the retail sector. 

Sales and Marketing: Generative AI can generate creative content for marketing and sales, enhancing customer engagement and driving revenue growth.   

Customer Operations: Generative AI can support interactions with customers, providing personalized service and improving customer satisfaction. 


Image description: A heatmap-style visualization shows a matrix of squares, with rows representing large sectors, such as high tech, banking, and pharmaceuticals, and columns representing business functions within those sectors. Darker squares indicate a function that will be highly impacted by generative A.I. while lighter squares indicate lower impact. Functions including marketing and sales, software engineering, customer operations, and product and R and D have the most dark squares across industries, while the functions of talent and organization, corporate I.T., and strategy and finance have the most light squares. End of image description.


Work and Productivity Implications

The implications of generative AI go beyond just numbers. This technology is set to directly impact work activities, shifting the demand for skills and talent, and transforming the nature of work itself. 

Automation of Work Activities: Current generative AI and other technologies have the potential to automate work activities that absorb 60 to 70 percent of employees’ time today. 

Focus on Value-Adding Tasks: This means that employees can focus more on strategic, creative, and value-adding tasks, while routine tasks are taken care of by AI. 

Acceleration of Workforce Transformation: The pace of workforce transformation is likely to accelerate, given increases in the potential for technical automation. Generative AI could enable labor productivity growth of 0.1 to 0.6 percent annually through 2040, depending on the rate of technology adoption and redeployment of worker time into other activities. 

Skill Shift and Talent Demand: Generative AI will lead to a shift in the demand for skills and talent. As routine tasks get automated, the demand for higher cognitive skills, including creativity, critical thinking, and decision-making, will increase. 

Revolutionizing Internal Knowledge Management Systems

Generative AI could drive value across an entire organization by revolutionizing internal knowledge management systems. Its impressive command of natural-language processing can help employees retrieve stored internal knowledge by formulating queries in the same way they might ask a human a question and engage in continuing dialogue. This could empower teams to quickly access relevant information, enabling them to rapidly make better-informed decisions and develop effective strategies.

 
Paving the way for Data Interaction through Generative AI: Quaeris 

At Quaeris, we are at the forefront of the generative AI revolution. Our innovative platform is not just another tool in the market; it is a game-changer set to redefine the way businesses interact with data.  

Our technology leverages the power of generative AI to make the most out of data from all sources, providing businesses with valuable insights at an unprecedented speed and scale. With Quaeris.AI, businesses can make data-driven decisions more efficiently, saving time and resources while maximizing the value derived from their data.  

Here's how Quaeris is transforming business operations:  

Automated Data Analysis
Quaeris can rapidly digest and analyze vast amounts of data, providing businesses with actionable insights in real-time. This eliminates the need for manual data analysis, freeing up valuable time for your team to focus on strategic decision-making. 

Natural Language Processing
Our advanced natural language processing capabilities allow users to interact with data as if they were having a conversation with a human. This makes data retrieval and interaction more intuitive and user-friendly, even for those without a technical background.

Secure Data Handling
At Quaeris, we prioritize data security. Our platform ensures your data is handled with the utmost care, maintaining its integrity and confidentiality. 

Integration Capabilities
Quaeris can seamlessly integrate with all your data sources along with your existing IT infrastructure, making the transition smooth and hassle-free. 

We believe that the future of business lies in leveraging the power of generative AI. With our technology, we are not just paving the way for data interaction through generative AI; we are shaping the future of business Intelligence.