Credits By: TechStory
McKinsey and Company, a global consulting giant, has long been familiar with generative artificial intelligence (gen AI), with around half of its employees reported using the technology. However, McKinsey’s AI arm QuantumBlack’s latest annual report reveals that gen AI adoption is not limited to just one organization—it is already widespread across various regions, industries, and company sizes.
The report’s conclusions were drawn from an online survey of 1,684 participants between April 11 and 21, 2023. Approximately 79% of respondents had some exposure to gen AI, either for work or personal use, and 22% used it regularly.
The study highlighted some interesting insights about gen AI adoption. North America led the globe in terms of adoption for work, with 28% of respondents using the technology, compared to 24% in Europe and 22% in the Asia-Pacific region. The tech, media, and telecom industries were at the forefront, with 33% adoption, followed by financial services and business, legal, and professional services at 24% and 23%, respectively.
Regarding job titles, both C-suite executives and senior managers had a 24% regular usage rate, closely followed by midlevel managers at 23%. Marketing and sales emerged as the top business functions using gen AI, accounting for 14% of adoption, followed by product/service development at 13%.
The report suggested that supply chain management and manufacturing had lower adoption rates at 3% and 2%, respectively. Still, these areas have great potential for future gen AI products and services due to their planning and data-intensive nature.
Gen AI’s capabilities primarily revolved around creating, summarizing, and analyzing documents, with trend forecasting being a close second.
The report further revealed that gen AI is a passing trend and a strategic focus for many organizations. Around 40% of those reporting AI adoption indicated plans to increase their overall AI investments due to gen AI, and 28% already have it on their board’s agenda.
Overall, the report emphasizes that gen AI has become a significant force in various industries and is set to play a crucial role in shaping the future of artificial intelligence applications.