Overview
McKinsey & Company has made a prediction about the next decade being nothing less than transformative owing to rapid-fire adoption and infusion of artificial intelligence (AI) technology across sectors as it comes up with great report titled “AI in the Workplace: A Report for 2025.” This report almost conveys that AI may revolutionize the business, positively transform productivity, and leave previously unseen modes of value unlocking. Long-term AI opportunities, according to McKinsey, are pegged at $4.4 trillion in productivity growth potential as derived from corporate use cases. This is to be understood in context since it indicates the sort of effects such an industry will bring to bear on the economy globally, similar to what has historically been achieved with the steam engine during the Industrial Revolution.
Almost every organization has built up some capability with AI, and there is no evidence that the few use it extensively or derive any really significant business outcomes. This combination brings with it a problem as well as an opportunity for business leaders to deploy capital wisely and assist in moving their companies toward AI maturity. In addition to that of McKinsey research, data has its vital role even in bringing all the benefits that AI can provide. “Many companies will reach ‘data ubiquity’ by 2030, whereby data is contained inside systems and processes.
Decision points for the end user then would trigger an action without their direct intervention but under human oversight.” Nonetheless, the journey to AI maturity, as the report cautions, is fraught with risk. Organizations must meet challenges with regard to data ownership, security, and explainability if they wish to take maximum advantage of what AI will produce. Besides, it calls for government and leadership to manage ethical and regulatory issues involved. As the AI revolution takes place, the McKinsey report will serve as a trumpet for businesses to bravely and strategically engage with this revolution. The revolution will come within a decade because those who harness the power of AI will prove to be the real winners and to reap a lot from these changes.
