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 brandpost Sponsored by Cyber NewsWire Memcyco Report Reveals Only 6% Of Brands Can Protect Their Customers From Digital Impersonation Fraud By Cyber NewsWire - Paid Press Release May 21, 2024 4 mins Cyberattacks Security case study Porsche Carrera Cup Brasil gets real-time data boost Dener Motorsport, producer of the first South American one-make championships of Porsche, uses Microsoft Fabric Real-Time Intelligence so it can stream data from its race cars to its engineers to optimize predictive maintenance. By Thor Olavsrud May 21, 2024 5 mins ICT Partners Microsoft Microsoft Azure news Epicor announces Grow portfolio to weave AI into ERP AI-supported BI and forecasting capabilities are ready now; Epicor will roll out others towards the end of the year. By Lynn Greiner May 21, 2024 4 mins Artificial Intelligence Enterprise Applications news AI is driving productivity and wage increases: Report In major labor markets, including the US, the UK, Canada, Australia, and Singapore, jobs requiring AI expertise are associated with a considerable wage premium. By Prasanth Aby Thomas May 21, 2024 3 mins Salaries IT Jobs 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