Tag: McKinsey

Discover how businesses are rapidly adopting artificial intelligence (AI) to transform their operations and position themselves in the market. Explore how AI complements human intelligence and the potential benefits and caution that come with it. Get ahead of the competition and figure out new and productive ways to integrate AI with your business now.

The rise of generative A.I. has affected even the consulting industry, with giants like McKinsey using A.I. tools to improve work efficiency. However, McKinsey's Senior Partner is sceptical about A.I.'s ability to synthesise complex data effectively, believing that strategic advising, problem-solving, creativity, and change management skills are still pivotal to consultancy work. As the industry is changing with the infusion of A.I., McKinsey is considering new A.I.-specific requirements for entry-level consultants to keep up with the trend.

McKinsey predicts that AI tech could contribute $150bn to GCC economies – 9% of their GDP. Retail leads AI implementation, but challenges remain, say experts.

Generative AI technology is revolutionizing modern retail, from brick and mortar shops to online stores. Businesses like McKinsey, BCG, Databricks, and Forbes are already exploiting its potential to increase sales, optimize product offerings, and recommend products more effectively. AI technology can also reduce costs and automate labor intensive tasks like coding, data entry, and summarizing reports. THE ICONIC is a notable example of Australia's leading retailers who are benefiting from this AI revolution. Customers enjoy smarter shopping experience with potential for price comparison, cheaper versions of products and curated product recommendations.

ChatGPT, the pioneering chatbot developed by OpenAI, has achieved remarkable successes such as passing the Wharton MBA exam and US medical licensing test. It also scored well in CLAT UG, NEET and CUET UG tests. Despite the failure in India's Joint Entrance Examination, ChatGPT is set to become the world's premier AI with the help of AI experts and billionaires like Elon Musk and Peter Thiel.