AI as a booster: ChatGPT brings huge profits to the global economy

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So-called generative artificial intelligence (AI) text bots like ChatGPT and image generators like Midjourney can not only help in everyday life, but provide significant additional productivity gains worldwide. In a recent study by the McKinsey Global Institute (MGI), researchers hypothesize that artificial intelligence will drive productivity gains of $2.6 to $4.4 trillion annually worldwide. This is roughly four times the Swiss GDP. But profits can be even greater if generative AI is also used in in-house programs.

About 75 percent of productivity gains calculated by McKinsey should come from knowledge- and staff-intensive areas such as marketing, sales, software development and research. As productive AI is driven through natural language and dialog boxes, the US consulting firm is seeing productivity gains in tasks like client communication, content creation and programming.

AI becomes manager

In addition to the efficiency ratio, the McKinsey study also examined the automation potential of 850 occupations and 2100 specific activities. In the era of industrialization, especially as manual tasks are being taken over by machines, the AI ​​revolution paints a different picture. “Fields of study that require a bachelor’s or master’s degree and doctorate have the greatest potential for automation,” the report says.

More precisely, these work areas have a 57 percent automation potential. This represents almost a doubling: in 2017 the figure was 28 percent. AI is increasingly used in management activities, especially those that require coordination, creativity, planning and specialized knowledge. For physical jobs and activities that do not require an academic degree, the automation potential is only slightly increased by 1 percent compared to 2017.

But researchers also see great potential in the financial services and consumer business. For example, using productive AI in banking could increase productivity by $200 billion a year to $340 billion. In retail, too, the potential is estimated to be relatively high, between $400 and $660 billion.

Customer service is changing

McKinsey isn’t the only one examining the impact of AI in the corporate world. Stock analysts at investment bank Jefferies predict advanced marketing strategies, highly personalized customer service, and simplified, highly personalized financial advice thanks to generative AI and machine learning in a suite of industry research.

When it comes to customer service, the team of Jefferies experts define different activities. Artificial intelligence can be used to automatically adjust usage instructions, call center services, and troubleshooting processes. According to the report, artificial intelligence can also be used “to develop new and tailored materials and products more quickly and efficiently, based on experience, data and customer needs.”

Source :Blick