If 2023 was the year the world discovered generative AI (gen AI), 2024 is the year organizations truly began using'and deriving business value from'this new technology. In the latest McKinsey Global Survey on AI, 65 percent of respondents report that their organizations are regularly using gen AI, nearly double the percentage from our previous survey just ten months ago. Respondents' expectations for gen AI's impact remain as high as they were last year, with three-quarters predicting that gen AI will lead to significant or disruptive change in their industries in the years ahead. This article is a collaborative effort by Alex Singla, Alexander Sukharevsky, Lareina Yee, and Michael Chui, with Bryce Hall, representing views from QuantumBlack, AI by McKinsey, and McKinsey Digital. Organizations are already seeing material benefits from gen AI use, reporting both cost decreases and revenue jumps in the business units deploying the technology. The survey also provides insights into the...
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