Between 3.5 and 5.8 trillion dollars on a global scale: this is the tremendous value that Artificial Intelligence applications can generate in the coming years according to the latest report by the McKinsey Institute Notes from the AI frontier.
From examining 400 cases across 19 industries, the advisory company argues that the greatest potential value impact from using AI can be obtained by functions such as marketing, sales and supply chain management and manufacturing.
Industries such as retail and industries that involve a frequent interaction between business and customers, through for example e-commerce platforms, are those that stand to benefit the most from the application of artificial intelligence to marketing and sales: indeed, they generate large data sets for artificial intelligence to tap into and thus personalise customers’ shopping experience in real time.
While last year’s report by McKinsey underlined that 49% of jobs were potentially at risk due to the introduction of artificial intelligence into production, this year the report highlights the intrinsic value of automation in the collaboration with man.
In fact, while on the one hand the main forms of artificial intelligence loosely model the human brain through neural networks, where neurons are connected to determine actions and choices in real time, on the other hand machines are not yet able to explain their predictive capacities and to analyse, rationalise and improve massive data sets, which is why the synergy with human beings remains of the essence.