Consulting giant McKinsey bets big on Generative AI (Gen AI). Discover how Gen AI is transforming their business and the future they predict for this technology.
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| McKinsey predicts it will be everywhere! They aim a vision for the future of Gen AI and it has impact on businesses. |
The world of consulting is undergoing a significant transformation, with one of its leading players, McKinsey & Company, placing a massive bet on the future of Generative AI (Gen AI). This technology, capable of creating entirely new text, code, or images, is quickly becoming a central theme in the conversations McKinsey has with its clients.
At the heart of this shift lies McKinsey's AI arm, QuantumBlack. Launched in 2015, QuantumBlack has grown exponentially, now employing a staggering 2,000 data scientists – over 4% of McKinsey's total workforce. This significant investment reflects the firm's belief that Gen AI is poised to become the cornerstone of future business practices.
ChatGPT: A Catalyst for Change
The emergence of OpenAI's ChatGPT in late 2022 served as a turning point for McKinsey's Gen AI focus. Ben Ellencweig, a senior partner at McKinsey and leader of QuantumBlack's global alliances, acquisitions, and partnerships, states that "roughly 40% of the work we do today" is already AI-related, with a significant portion heading towards Gen AI. This translates to over 400 Gen AI projects completed by McKinsey within the past six months alone.
While the potential of Gen AI is undeniable, McKinsey recognizes that its success hinges on more than just the technology itself. While other consulting firms may be caught up in the hype, McKinsey is taking a more holistic approach. Ellencweig emphasizes the importance of building a robust "ecosystem" around Gen AI. This includes:
Change Management: Helping organizations adapt their workflows and employee mindsets to integrate Gen AI effectively.
Responsible AI Practices: Ensuring Gen AI development and implementation adheres to ethical guidelines and avoids potential biases.
Workflow Integration: Seamlessly integrating Gen AI models into existing business processes for maximum benefit.
Strategic Partnerships: A Win-Win Scenario
McKinsey's collaboration with Cohere, a promising AI startup focused on enterprise-grade models, exemplifies the value of strategic partnerships in the Gen AI landscape. By partnering with McKinsey, Cohere gains valuable credibility and access to a wider range of potential clients. For McKinsey, the partnership allows them to leverage Cohere's cutting-edge research and commitment to responsible AI practices.
Looking ahead, McKinsey's vision paints a picture of a world where Gen AI becomes an indispensable part of nearly every product and facet of daily life. Ellencweig predicts that "Gen AI is going to be injected in everything we do in life," extending far beyond the realm of basic chatbots. Imagine personalized marketing campaigns created on the fly, customized product designs generated in real-time, or even AI-powered assistants that anticipate your needs before you even express them. The possibilities seem endless.
A New Era for Consulting
McKinsey & Company's bold move towards Gen AI signifies a paradigm shift in the world of consulting. By focusing not just on the technology itself, but also on building a sustainable ecosystem and forging strategic partnerships, McKinsey positions itself as a leader in this new frontier. As Gen AI continues to evolve, it will be fascinating to see how it shapes the future of businesses and how consulting firms like McKinsey help organizations navigate this transformative age.