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According to a McKinsey report, focusing on these 4 business functions could drive most of the technology’s impact across various domains…
I build, write and explore around AI, data, and technology. Sometimes it’s experiments, sometimes it’s just reflections. All of it helps me learn.
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When I first tried ChatGPT, I was amazed at what it could do, but I didn't think it was that exciting for real-world use. I saw it as just another tool to have fun with. However, as 2023 went on, I realized I was wrong. I started reading blogs about how companies were using ChatGPT to grow their businesses. I wanted to find something that would give me a simple overview of how it's being used in different businesses. That's when I found a McKinsey report with the exact information I wanted. It showed me how Generative AI, like ChatGPT, is being practically applied in different businesses, and I am sharing some of those insights with you here.
when it comes to Marketing and Sales in most industries, the work of marketing and sales has a big impact, making a significant difference in how businesses perform. However, this is different for the public and social sectors. haven’t you heard a call where a robotic voice is answering exact answers of yours; this is it!
when it comes to customer operations, or how businesses interact with their customers, the banking sector takes the lead. Many banks have their own AI assistants, named strategically, to enhance customer experiences. Following closely behind are the insurance, telecommunications, consumer packaged goods, energy, and healthcare sectors, where customer operations also play a crucial role.
Fun Fact:
Axis Bank's customer care AI assistant is called Aha
ICICI Bank's customer care AI assistant is called IVA
the impact of software engineering is most pronounced in the high-tech sector. However, it's also making a significant difference in insurance, media and entertainment, pharmaceuticals, and medical products. Moreover, its influence extends to other domains, showcasing notable effects across various industries.
When we examine the product research and development (R&D) functions in different industries, pharmaceuticals, and medical products are set to experience the most impact from generative AI. Following closely are advanced manufacturing, advanced electronics and semiconductors, basic materials, chemicals, construction, and the consumer packaged goods sector, which will also be significantly influenced by generative AI.
In an interesting twist, the impact of Generative AI is most prominent in the supply chain and operations function within the education and healthcare sectors. This means that the use of Generative AI is having a substantial influence on how these sectors manage and operate their supply chains and overall business processes.
Have you heard of the 80-20 rule? It suggests that 80% of the impact can come from 20% of the effort. Could it be that these 4 functions represent that crucial 20% of effort driving significant impact?
Until Next Time,
Cheers!
References
- The economic potential of generative AI: The next productivity frontier