by Matjaž Možina
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23 Aug, 2023
I recently listened to a talk by John Larson of McKinsey & Company on the potential of using artificial intelligence (AI) for boosting productivity, accelerating innovation in service industries, and driving the change in user habits that will follow. Despite the doubts about the use of artificial intelligence and the distrust surrounding data security and credibility of information, I believe that the technological potential of new technologies is immense and that it will be crucial for further economic and social progress. At the same time, I believe that effective use of artificial intelligence requires strategic reflection, the use of proven solutions and controlled integration. By implementing AI strategically, companies can unlock the vast potential for service innovation and create a customer-centric environment that fosters growth and satisfaction for everyone. The transformative potential of artificial intelligence for business is enormous McKinsey predicts that generative AI can add billions of dollars in new value to the global economy. In fact, McKinsey experts predict that the use of generative AI in conjunction with new products and business models will generate between $2.6 billion and $4.4 billion annually, with its significance growing exponentially over the coming years (estimated at approximately 15 and 40 percent annually). The development of AI-driven technologies will transform a variety of industries, including banking, technology, automotive and biomedicine, where its application value is expected to be the greatest. The widespread adoption of AI in more developed countries is already changing the nature of work by enabling the efficient automation of certain activities and increasing the capabilities of individual workers. McKinsey projects that generative AI and related technologies could automate up to 60 or 70% of the tasks currently performed by employees. It is therefore important for companies to think today about how they will redesign internal processes and the investments that are needed to support workers as they transition to new activities or develop new competences. Particularly, I see a promising opportunity in developing AI trainers' profiles.