The Productivity Benefits of AI
A recent study by the National Bureau of Economic Research found that generative AI like ChatGPT can increase workforce productivity by an average of 14%. Some companies are already reporting productivity increases of up to 400% as a result of generative AI. And Mckinsey says that Generative AI could add up to $4.4 trillion worth of output annually.
As a C-level manager or board director, you want your company to take advantage of this potential. But how? Where are the biggest opportunities to do more with less, reduce costs, and boost profit? In other words—What should you do with all that productivity?
Here’s how you can take advantage of the productivity benefits of AI now, without a multi-year project and tens of millions of dollars of investment:
1. Customer Care
McKinsey predicts that generative AI has the potential to increase productivity in customer care by as much as 45%. AI can understand customer intent and sentiment, providing personnel with the information they need to resolve problems quickly. It can also offload low-level customer service demands to chatbots, resulting in better service provision.
2. Sales and Marketing
Generative AI can analyze prospect behavior to optimize sales and marketing strategies. It can also help create customized content such as emails, social media posts, and advertising artwork. This allows even small marketing and sales operations to easily customize and personalize their efforts.
3. Software Development
Generative AI can increase productivity in software development by executing repetitive tasks and reviewing code for bugs and security flaws. It can also create software documentation, freeing up human coders to focus on higher-level tasks.
4. Research and Development
Generative AI is a game changer in various fields, from drug discovery to information analysis to industrial design. It enables faster and more efficient processes, revolutionizing the R&D landscape.
These are just a few areas where the productivity benefits of AI can be harnessed. It is important to align your organization with this technology, as your competitors may already be using generative AI. However, it is crucial to retain human supervision to ensure quality, accuracy, and ethical considerations.
Adapting to the changes brought by AI may involve restructuring and retraining your team. Communication and support are key in facilitating this transition. As a leader, it is essential to champion the use of AI and effectively implement it throughout your organization.
Embracing generative AI as a copilot will be crucial for success in the AI-driven future of business. Stay tuned for more insights on leveraging AI effectively in senior executive roles and board positions.
