IBL News | New York
Generative AI is poised to unleash the next wave of productivity, stated McKinsey in a research titled “The economic potential of generative AI: The next productivity frontier,” released last month.
The ability of generative AI applications, built using foundation models, to write text, compose music, and create digital art has persuaded consumers and households to experiment on their own.
AI trained on these models can perform several functions; it can classify, edit, summarize, answer questions, and draft new content, among other tasks.
McKinsey’s research considers that we are at the beginning of a journey to understand generative AI’s power, reach, and capabilities.
“Deep learning has powered many of the recent advances in AI, but the foundation models powering generative AI applications are a step-change evolution within deep learning. Unlike previous deep learning models, they can process extremely large and varied sets of unstructured data and perform more than one task.”
Its research suggests that generative AI is poised to transform roles and boost performance across functions such as sales and marketing, customer operations, and software development.
In the process, it could unlock trillions of dollars in value across sectors from banking to life sciences.
Foundation models have enabled new capabilities and vastly improved existing ones across a broad range of modalities, including images, video, audio, and computer code. AI trained on these models can perform several functions; it can classify, edit, summarize, answer questions, and draft new content, among other tasks.
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