Artificial intelligence
McKinsey study sees billions in potential for ChatGPT & Co.
Programs like ChatGPT or DALL-E could also be used by employees to write software code. photo
© Hannes P. Albert/dpa
In the debate about artificial intelligence, the economic effects of ChatGPT & Co. are increasingly being targeted.
Text robots such as ChatGPT or Bard, image generators such as Stable Diffusion and other generative artificial intelligence (GenAI) programs could ensure significant additional productivity growth worldwide. This is the result of a study by the McKinsey Global Institute (MGI), the economic think tank of the management consultancy McKinsey & Company, which was published.
The experts assume that GenAI technologies could enable an annual increase in productivity of the equivalent of 2.4 to 4.1 trillion euros worldwide. This corresponds to the magnitude of the gross domestic product of Great Britain.
Generative AI, in which content such as text, images or videos is created automatically, would further increase the productivity growth of other types of AI. Compared to previous forms of AI such as machine learning, the McKinsey experts calculated an additional increase of 10 to 40 percent. “The actual impact could be even higher if GenAI were integrated into software, freeing up work time for other tasks,” explained McKinsey.
Used in interactions with customers
The authors of the study account for three quarters of the estimated productivity growth through GenAI in the areas of customer service, marketing and sales, software development and research and development. In these areas, generative AI can be used, for example, in interactions with customers. However, programs such as ChatGPT or DALL-E could also be used by employees to create content or write software code.
Sectors such as financial services, media or life sciences are therefore most affected by the changes. According to McKinsey calculations, the use of GenAI in the banking sector, for example, could create an additional value of 185 to 315 billion euros annually. There is also significant potential in retail and in the consumer goods industry with an additional EUR 370 to 610 billion annually.
“Relieve people of manual routine work”
In the study, the McKinsey Global Institute also foresees major changes for the world of work. Complex, highly qualified and highly paid areas are particularly affected. “The technology has the potential to automate work steps, relieve people of manual routine work and thus create new freedom for creative work and innovation.”
McKinsey foresees the biggest changes in apprenticeships because there is significant potential for automation here. With the improved capabilities of GenAI in the field of natural language, for example, work tasks of machines could be developed. In a first step, the AI might only create a draft, which the teachers then edit. This could allow teachers to spend more time on other activities, such as leading class discussions or supervising students who need extra support. There is also particularly high potential for automation in IT professions, followed by creative professions. In contrast, jobs such as construction workers that require physical labor are hardly affected by the GenAI.