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What can AI do for business?

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AI and the future of work

In the news

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The AI job myth. Despite alarm bells being sounded about AI’s ability to displace millions of workers, there is skepticism about the extent of such a disruption, regardless of how the technology advances, reports the Wall Street Journal. AI does have the potential to transform many aspects of work and make workers more productive. Yet today’s work is multifaceted and not easily replicable by AI. This suggests that, even for the responsibilities that AI takes over, human oversight will still be needed, academic experts say. [WSJ]

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AI’s productivity hope. The hope of boosting efficiency has led companies across industries to integrate AI into their operations, the New York Times notes. Increased productivity can stimulate growth in economies while limiting the risk of rising inflation. Yet many economists and officials note that the effects of AI likely won’t be evident in the short term. Other economists are optimistic about organizations realizing AI’s benefits this decade, pointing to the technology’s wide-ranging potential applications. [NYT]

Companies that can’t take full advantage of AI are already being sidelined by those that can in industries like auto manufacturing and financial services.

On McKinsey.com

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AI fear factor. Throughout most of human history, people have found almost infinite uses for machines, from the discovery of the wheel to the invention of modern-day robots. However, people have also always worried that machines might end up endangering humankind. With the rise in the commonplace use of AI, this fear is even more profound. But AI’s true value is in how companies use these systems to assist their workforces—and how they build trust in AI.

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Expanding AI use. All kinds of businesses will find merit in AI. Using AI has matured from manufacturing and risk to marketing and sales, product and service development, and strategy and corporate finance, according to research by McKinsey senior partner and QuantumBlack, AI by McKinsey, global leader Alex Singla and coauthors. Organizations that make bigger AI investments, scale more quickly, and recruit and train top AI talent are finding a competitive edge over those that don’t. But most organizations are currently only testing the AI waters. Explore three major shifts organizations can make to scale up AI.

Capture the AI opportunity

—Edited by Querida Anderson, senior editor, New York

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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:47 - 13 Jun 2024

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