First, let's talk about how generative AI came to be such a hot topic. The release of
ChatGPT in November 2022 marked a seismic shift in the tech landscape. Less than four months later, OpenAI was showing off the
GPT-4, a model even more capable than its predecessor. Similarly, companies like Google and Anthropic have rolled out their own powerful models, demonstrating how rapidly the field of generative AI is evolving. The tech is designed to perform a wide range of tasks, from creating art to drafting code, & it all boils down to one thing: making life easier for humans.
According to a comprehensive report from
McKinsey, generative AI has the potential to add a whopping $2.6 trillion to $4.4 trillion annually across 63 use cases.
To put that in perspective, this economic impact rivals the entire GDP of countries like the United Kingdom!
Generative AI's potential extends across various business functions. Here are some key areas: