Although it is still early days for the technology, the McKinsey report showed its adoption is picking up across industry sectors. Credit: gorodenkoff The usage of generative AI across enterprises is already widespread, although it is still early days for the new technology, according to a report from McKinsey’s AI consulting service, Quantum Black. The report is based on an online survey conducted in April, which received responses from 1,684 participants globally across multiple industry sectors, company sizes, and functional specialties. Nearly 22% of the respondents said they are using generative AI for their work. This usage was highest in the technology sector, and among respondents from North America, the report showed. Industry verticals, including financial services, retail, professional services, and healthcare were also using generative AI but trailed behind the technology sector, according to the report. “While our estimates suggest that tech companies, unsurprisingly, are poised to see the highest impact from gen AI — adding value equivalent to as much as 9% of global industry revenue — knowledge-based industries such as banking (up to 5%), pharmaceuticals, and medical products (also up to 5%), and education (up to 4%) could experience significant effects as well,” the report said. In contrast, manufacturing-based industries, such as aerospace, automotive, and advanced electronics could experience less disruptive effects due to limitations of the new technology’s usage in these industries as most work requires physical labor, the report said. The findings also showed that the most commonly reported uses of generative AI are in marketing, sales, product development, and service operations. Almost 14% of the respondents said their organization was using generative AI in the marketing and sales division, followed by 13% and 10% of the respondents saying their organizations were making use of the new AI technology across product development and service operations, respectively. Marketing use cases of generative AI, as per the report, included crafting text documents, summarizing documents, and personalized marketing. Other functions were found to be using generative AI to identify customer needs, draft technical documents, create new product designs, and forecast trends. Related content news analysis China-US AI talks Tuesday have absurdly low expectations Best case scenario from the talks is that China will agree to maybe talk some more, but given how high the stakes are, that may be enough. By Evan Schuman May 14, 2024 7 mins Regulation Generative AI IT Governance news Adobe introduces AI assistant to help enterprises exploit data held in PDFs Rather than read through long documents, workers will be able to ask questions of them using Adobe’s new Acrobat AI Assistant for enterprise. By Sascha Brodsky May 14, 2024 1 min Generative AI Enterprise Applications news 2024 CIO50 Saudi Arabia Awards: Nominations are now open By Andrea Benito May 14, 2024 4 mins feature Private cloud makes its comeback, thanks to AI Cost uncertainty and AI data leak fears have CIOs rethinking cloud strategies in the coming AI era, with a hybrid mix the likely long-term solution for balancing experimentation, cost control, and data security. By Paula Rooney May 14, 2024 9 mins Hybrid Cloud Private Cloud Artificial Intelligence PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe