McKinsey Growth, Marketing & Sales’ Post

'In 2024, generative AI is no longer a novelty', says Alex Singla, and I couldn't agree more! AI is here to stay, and the business landscape is rapidly evolving. A recent McKinsey & Company survey shows a dramatic rise in gen AI adoption, with nearly two-thirds of respondents reporting regular use across their organisations. The message is clear: gen AI's potential is undeniable. Businesses are actively integrating it, but #strategicimplementation is key. Here are some of my key takeaways from the survey: 1. Focus on Business Goals: Don't get caught up in the automation hype. Ask yourself: how will gen AI genuinely improve the #stakeholder experience?    2. Think Disruptive, Not Disruptive-ly: Let's reimagine entire workflows, not just patch old processes with AI. Time to get creative! As part of the Gen Z workforce, I'm all for using AI to increase efficiency as long as it is not #Commoditised. What are your #thoughts? How can we leverage gen AI to make marketing more human-centred, not less? 

65% of organizations now integrate gen AI into their operations – that’s nearly double from ten months ago.    To fully harness the potential of AI, though, top performers are innovating beyond the possibilities of off-the-shelf solutions. As Bryce Hall explains: “… competitive advantage comes from building organizational and technological capabilities to broadly innovate, deploy, and improve solutions at scale—in effect, rewiring the business for distributed digital and AI innovation”.    A year on from the advent of gen AI, this piece offers a great round-up of its adoption and value – as well as its risks and shortcomings. Thanks to Bryce, Alex Singla, Alexander Sukharevsky, Lareina Yee, and Michael Chui.     #GenerativeAI #GenAI #ArtificialIntelligence #Growth 

A year on from the advent of gen AI, and the main business function leveraging the tech is sales and marketing.  This excellent new report from QuantumBlack, AI by McKinsey found that 34% of respondents are using gen AI in this area, with sales lead identification and prioritization, and marketing personalization both in the top three use cases.  I caught up with the wonderful Lareina Yee, one of the authors of this piece, at Cannes, where the creative potential of gen AI for sales and marketing was centre stage. And the reason for it taking the spotlight is simple: these are the functions where gen AI stands to create the highest value. There are great insights here on how early movers are leading the pack on revenue creation directly attributable to AI. Kudos to Lareina, Alex Singla, Alexander Sukharevsky, Michael Chui, and Bryce Hall.  #B2BSales #GenerativeAI #GenAI #ArtificialIntelligence #Growth  

👀 Did you see this -- McKinsey released "The State of AI in Early 2024" report. Sixty-five percent of respondents report that their organizations are regularly using gen AI, nearly double the percentage from our previous survey just ten months ago. 💪 What are the statistics for solo and micro business builders⁉ Anyone know? Are you being left behind? If it's good enough for the build guys, is it good enough for your small business? 🤔 No, it does not have to cost a fortune in time and money. Yes, you should mitigate potential negative consequences like inaccuracy. But how? AI can save so much time, effort and money. In addition, the strategy, analysis and creativity of these tools are incredible. New businesses and streams of income are being created weekly. What are you waiting on? Use AI to build your business. Don't let the big guys have all of the advantages. 🏢 💰 If you are interested in learning more about how to leverage AI to grow your business with a group of micro and solo business owners, let me know. #ai #aienthusiast #solopreneur #businessbuilding #businessstrategy https://lnkd.in/ew2HHCKD

🚀 Happy Monday everyone. Sharing my key insights from McKinsey’s ‘State of AI in Early 2024’ report 🚀 The report summarises responses to an online survey, conducted earlier this year, which gathered responses from 1,363 participants. It reveals some fascinating trends in AI adoption. 💼 AI Adoption: A whopping 72% of organisations have integrated AI into at least one business function. 🔧 Generative AI Usage: Marketing and sales, product and service development, and IT are the top 3 functional areas gen AI is being applied to. 📉 Impact on Costs and Revenue: Companies often experience significant cost reductions in HR and revenue increases in supply chain management due to generative AI. ⚠️ Risks: The top two perceived risks of AI adoption are inaccuracy and IP infringement. Nearly a quarter of respondents reported negative consequences from generative AI’s inaccuracies. 🔧 AI Customisation: About 50% of generative AI applications are based on off-the-shelf, publicly available models or tools with minimal customisation. This report is a treasure trove of valuable insights and highlights both the opportunities and challenges in the AI landscape. Highly recommend giving it a read! 📈🤖 Kudos to Mathew Pretel for bringing this one to my attention. #AI #GenerativeAI #Business #Innovation #McKinsey #Insights

Exciting times in the world of #AI! 🚀 McKinsey & Company’s latest survey reveals a surge in generative AI adoption, with 65% of organizations now leveraging this transformative tech. The impact? A blend of cost savings and revenue growth across industries. 📈 Here’s what’s buzzing: AI Adoption Jumps: From hovering around 50% for years, we’re now seeing a 72% adoption rate in organizations globally. 🌍 Gen AI’s Value Creation: It’s not just about the tech; it’s about the value it brings to marketing, sales, product development, and more. 💡 Personal and Professional Integration: Gen AI is making its mark not only in our work but also in our daily lives. 🤖💼 As we navigate this AI-driven era, it’s crucial to stay informed and agile. Dive into the full article for deeper insights and join the conversation on how AI is reshaping our world. #AI #GenerativeAI #Innovation #BusinessTransformation https://lnkd.in/gNKecpjb

In 2024, organizations are increasingly using generative AI (gen AI) and deriving business value from it. According to a McKinsey Global Survey, 65% of respondents report regular use of gen AI, which is nearly double the percentage from the previous survey. Expectations for gen AI's impact remain high, with three-quarters of respondents predicting significant or disruptive change in their industries. Organizations are already experiencing benefits from gen AI, including cost decreases and revenue jumps in the business units that deploy the technology. AI adoption has surged, with 72% of organizations adopting AI compared to 50% in previous years. Companies are now using AI in more parts of their business, with half of respondents stating that their organizations have adopted AI in two or more business functions. Gen AI adoption is most common in functions where it can create the most value. Respondents report regular use of gen AI in marketing and sales, product and service development, and IT. The biggest increase in adoption is seen in marketing and sales. Investments in gen AI and analytical AI are starting to generate value. Organizations in various industries are budgeting for gen AI and analytical AI solutions. In terms of value creation, respondents report cost decreases in human resources through gen AI use and meaningful revenue increases in supply chain and inventory management. Analytical AI is associated with cost benefits in service operations and revenue increases in marketing and sales. #generativeai #aitechnologies #mckinsey #adoption #aistrategy #survey

Look around, and you'll see the change. Among my friends and connections, people are investing in productivity tools that cost more than Netflix or YouTube Premium. Personally, I find these tools invaluable for enhancing my efficiency and workflow. My use of AI has gone deep to the core of my internet usage — I'm even using an AI-powered browser more and more (if you're curious, it's Arc). Just count how many AI tool apps you've downloaded on your phone during the last 6 months! In just one year, we've seen a dynamic shift in how organizations implement AI solutions, with remarkable use cases emerging across industries. The latest McKinsey report shows a surge in generative AI adoption, with 65% of companies regularly using these tools, up from just a third last year. Moreover, 40% of companies have seen significant cost savings by leveraging AI technologies. Generative AI isn't just a trend; it's creating real value. Companies report a 20-30% increase in productivity, and over half have integrated AI into at least one business function. This rapid evolution is reshaping industries and redefining our workflows. The benefits are clear. Those who effectively integrate and use AI will achieve more on a larger scale. It may be challenging to get your company to cover subscriptions for several $20 tools or a week-long AI literacy course, but you can manage it even better on your own. The best thing about AI is its ability to educate you about itself. So, experiment and explore. #AI #productivity #innovation #McKinsey

"The average organization using gen AI is doing so in two functions, most often in marketing and sales and in product and service development—two functions in which previous research determined that gen AI adoption could generate the most value—as well as in IT. The biggest increase from 2023 is found in marketing and sales, where reported adoption has more than doubled. Yet across functions, only two use cases, both within marketing and sales, are reported by 15 percent or more of respondents," says this McKinsey & Company report. https://lnkd.in/gX76i7rk #ai #stateofai

According to the latest McKinsey Global Survey on AI, 65% of organizations will be leveraging generative AI (gen AI) in 2024, a significant uptick from just ten months ago. This adoption is proving fruitful, with cost reductions and revenue growth reported in key deployment areas. 🔍 Human resources are reaping cost savings benefits, while supply chain management is seeing tangible revenue increases. Despite the advantages, organizations remain vigilant about risks such as inaccuracy and intellectual property issues. Fortunately, proactive steps are being taken to mitigate these concerns. 📈 The success stories of early adopters are inspiring, with over 10% of their EBIT attributed to gen AI utilization. The focus is on customization and the development of proprietary models across a wide range of business functions, demonstrating the versatility and potential of gen AI. Exciting times ahead as organizations continue to harness the power of gen AI for improved efficiency and profitability! 🌟 #AI #Adoption #GenAI #Investments