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Great to see #nyt covering such a timely discussion - economic impact as a result of wide scale adoption of #genai. It elevates an ongoing question that many across industry and economists are grappling with - will this wave of #ai innovations have the same productivity impact as computers and internet had in 1990s? The question is really about degree of impact. What are your thoughts?

Productivity. And the (unknown) price to pay for it | Artificial Intelligence At the last meeting of the Davos Forum (Switzerland), where the main businessmen and politicians who govern the world gathered, it seemed as if the planet had paused its orbit to listen to them talk about generative AI with a mix of realities and assumptions that were not remembered in previous technological disruptions. “This changes everything,” was heard. Or not? It took a century after the patent of the steam engine to feel the industrial power on the other side of the Atlantic. ChatGPT only needed a few weeks to win over 100 million users, an unprecedented speed. Major investment banks and consulting firms were quick to announce the discovery of a new spice route. Goldman Sachs estimated that 7% of American workers are likely to be replaced by AI. Translated to all advanced economies, these estimates put the number of jobs in this risky line at around 300 million. The contrast between manual labour in the manufacture of a traditional Swiss instrument and a single worker surrounded by robotic arms in a Chinese factory (city of Rizhao). The craftsman is, for the moment, safe from competition from AI.Oliver Rossi (Getty Images) In exchange, however, it promises to reactivate a social stratum weakened by low productivity whose future will depend on its conversion to the new demands of the market, through training. “AI will have a catalytic effect on worker productivity and will take advantage of a technology that is not a substitute for human skills,” argues Gregorio Izquierdo, general director of the Institute of Economic Studies, IEE. According to the McKinsey consultancy, generative diversity (GenIA) could add between 2.4 and 4.2 billion euros a year in terms of productivity worldwide. And this trend places Spain in a position where productivity is shackled. “We have a problem: it is very low and proposals such as raising the minimum wage have not helped,” explains Gloria Macías-Lizaso, a partner at McKinsey, who resorts to demographics and their fate: “We must think about ageing. In 2030, 23 million Europeans will retire. We need workers who learn these new skills.” Even if they don’t know, they can do it To what extent does AI worsen some problems and mitigate others? GenAI will avoid routine work and leave employees with more time to devote to more valuable, more qualitative activities. Those who don’t know how, will be able to do it: “Someone can be a graphic designer even if they lack drawing skills, AI will increase creativity and human potential,” says Daniel Castro, vice president of the Information Technology and Innovation Foundation (ITIF). Those who lack the knowledge or skill to write can disguise their lack of talent with it. Others will develop software even if they don’t know the basics of programming. The code may not be perfect, like an aspirational text, but they can revise it to make the lines fit. “They are gulping dow...

Got an annoying task? There’s an A.I. for that. That’s the hope many businesses have for the technology, as they race to deploy it across their operations. Economists are also optimistic about the impact AI and Gen AI will have on productivity — a driver of sustainable income and economic growth — even if it’s too early to see in the economic data, according to The New York Times.    https://lnkd.in/gmQajSnQ #ProductiveGrowth #AI #GenAI #GenerativeAI 

✅ To gain the full productivity benefits of generative AI and other technologies, Consulting Engineers will need to focus both on improving human capital and accelerating technology adoption. These are the two key actions ❗

According to the recent McKinsey Global Institute report, "A new future of work: The race to deploy AI and raise skills in Europe and beyond", while AI presents major opportunities to boost productivity growth, proactive efforts to retrain and redeploy human capital will be essential to achieving positive economic and social outcomes from this technological shift. The report, authored by Eric Hazan, Anu Madgavkar, Michael Chui, Sven Smit, Dana Maor, Gurneet Singh Dandona, and Roland Huyghues Despointes, can be accessed below at: https://lnkd.in/esPVARCz

Have you ever wondered how the findings from cutting-edge research into AI can impact the challenges businesses are facing today? 🤔      Some fascinating research from the APA features empirical evidence from various aspects of organisational psychology, including leadership dynamics and employee engagement strategies. In essence, this study serves as a clarion call for businesses to embrace the intersection of psychology and business as a strategic imperative to overcome biases that can affect growth.  An exponential growth bias towards bandwidth can lead to insufficient infrastructure, capacity issues, and missed opportunities, so forecasting future bandwidth requirements should be a priority for businesses. Here's how the bandwidth conundrum could be affecting your business:   🧠 Cognitive Overload: Just as individuals experience cognitive overload when bombarded with information, businesses face a similar dilemma with the influx of data traversing their networks. This overload can impede efficient data processing and decision-making at all levels. 📈 Productivity Strains: Excessive information can hinder productivity. Similarly, businesses struggling with bandwidth constraints may find their operations hampered, leading to delays, inefficiencies, and missed opportunities. 💭 Strategic Decision-Making: In an era where data is hailed as the new oil, making informed decisions is crucial. However, when overwhelmed with data, businesses risk making the wrong choices. Addressing bandwidth challenges isn't just about infrastructure but enabling more effective decision-making processes. 😇 Employee Well-being: Just as individuals experience cognitive fatigue from information overload, employees may feel drained by bandwidth-related issues, impacting their well-being and job satisfaction. Prioritising bandwidth optimisation can contribute to a healthier work environment.     In conclusion, bridging the gap between research insights and real-world challenges is key to fostering innovation and addressing pressing issues.      I'd love to hear your thoughts on this intersection of research and practical application! How do you think businesses can best tackle the bandwidth dilemma in the coming years?    #BandwidthChallenges #ResearchInsights #BusinessStrategy #ProductivityBoost #Connectivity #Vorboss

🤖 Exploring the Impact of Artificial Intelligence on Productivity 🚀 From automating routine tasks to enhancing decision-making processes, AI technologies are proving to be game-changers in boosting efficiency and driving innovation. Discover more about the transformative effects of AI and what this means for the future of work by reading the full article. #ArtificialIntelligence #Productivity #BusinessInnovation #FutureOfWork #IMSConsulting #AI

What skills will be in demand in the coming years? McKinsey Global Institute presented the report 'The New Future of Work: The Race for AI Implementation and Skills Enhancement in Europe and Beyond'. The main focus of the report is on changes that will occur in the labor markets of the nine largest economies in the European Union and the United Kingdom compared to the USA.

New research from McKinsey demonstrates key labor and skills disruption for #sales and other industries with the rapid adoption of AI and automation:

This is a great read on where we are now in the AI era - how companies can and should use it as a tool to increase productivity, what the impacts will be, the expectations to reign in and manage. This is a perfect read for after the live I hosted with Lori Mazor the perfect person to discuss all this with. We discussed that it needs to be a creative tool that can give everyone in an organization many added abilities - like a jet pack strapped to their backs. Lori used the analogy of a sourdough starter and I think it's a good way to start thinking about how to utilize as a tool and not the end product in and of itself. It will solve problems but it can cause problems...the key is the humans working with it.