g-f(2)2043 The 2024 Generative AI Revolution: From Potential to Profit

 

genioux Fact post by Fernando Machuca and Bing Chatbot (Copilot)

Introduction:

The McKinsey article "A generative AI reset: Rewiring to turn potential into value in 2024" provides a comprehensive overview of the challenges and opportunities of implementing generative AI in businesses. It highlights the need for a strategic vision and a road map for successful implementation.

genioux GK Nugget:

"Generative AI, despite its potential, requires strategic implementation and organizational rewiring to convert potential into value." — Fernando Machuca and Bing Chatbot (Copilot)

genioux Foundational Fact:

The article emphasizes that the competitive advantage in implementing generative AI comes from building organizational and technological capabilities to innovate, deploy, and improve solutions at scale. It also highlights the importance of cross-functional teams with shared objectives and incentives.

10 genioux Facts:

1. 2024 is shaping up to be the year for generative AI to prove its value.
2. Capturing generative AI’s enormous potential value is harder than expected.
3. A Pacific region telecommunications company successfully implemented generative AI.
4. The company hired a chief data and AI officer to enable the organization to create value with data and AI.
5. The officer worked with the business to develop the strategic vision and implement the road map for the use cases.
6. The company developed a generative AI tool to help dispatchers and service operators better predict the types of calls and parts needed when servicing homes.
7. Leadership put in place cross-functional product teams with shared objectives and incentives to build the generative AI tool.
8. Launching pilots is relatively easy, but getting pilots to scale and create meaningful value is hard.
9. Broad changes to the way work actually gets done are required for scaling pilots.
10. Generative AI has the potential to revolutionize businesses, but it requires strategic implementation and organizational rewiring.

Conclusion:

The McKinsey article underscores the potential of generative AI in reshaping businesses. However, it also emphasizes that realizing this potential requires strategic vision, a well-implemented road map, and an organizational structure that supports innovation and deployment at scale. The future of generative AI is promising, but it requires careful planning and execution.

REFERENCE

The g-f GK Article

Eric Lamarre, Alex Singla, Alexander Sukharevsky, and Rodney Zemmel, A generative AI reset: Rewiring to turn potential into value in 2024, McKinsey Quarterly, March 4, 2024.

Eric Lamarre

Eric Lamarre is a Senior Partner at McKinsey & Company and has made significant contributions to the field of digital and analytics transformations¹. He serves clients across a range of industries, focusing on large-scale digital and analytics transformations, core technology and operating model modernizations, productivity-improvement programs, and digitally enabled growth¹.

Previously, he was the managing partner of McKinsey Canada, where he oversaw the development and growth of McKinsey’s Montreal, Toronto, Calgary, and Vancouver offices¹. He is a member of McKinsey’s Shareholders Council, the firm’s board of directors¹, and also serves on the board of the Montreal Heart Institute Foundation and on the advancement board of McGill University’s Faculty of Engineering¹.

Lamarre is a co-author of "Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI" and has published numerous works on digital and AI transformations¹. He holds a PhD in civil and oceanographic engineering from the Massachusetts Institute of Technology¹.

Source: Conversation with Bing, 3/5/2024

(1) Eric Lamarre | McKinsey & Company. https://www.mckinsey.com/our-people/eric-lamarre.

(2) The CEO’s Playbook for a Successful Digital Transformation. https://hbr.org/2021/12/the-ceos-playbook-for-a-successful-digital-transformation.

(3) Eric Lamarre | McKinsey & Co Canada | United States of America. https://biography.omicsonline.org/united-states-of-america/mckinsey-cocanada/eric-lamarre-415244.

Alex Singla

Alex Singla is a Senior Partner at McKinsey & Company and the global leader of QuantumBlack, AI by McKinsey¹². With over 20 years of experience, he advises institutions on strategy, digital, data & analytics, operations, and enterprise transformation to achieve step-change and sustainable improvement in value creation¹².

He helps companies transform by ensuring digital and data & analytics solutions go from pilot to full-scale adoption and scaling¹². He embeds change management and capability building as core elements to every transformation to ensure sustainable and step-change improvements in growth, effectiveness, cost, profitability, and customer experience¹².

In his more than 20 years with McKinsey, Alex has advised clients on a range of topics: including strategy, digital and analytics, enterprise transformation, service operations, distribution, e2e customer journeys, technology, risk assessment, warranty and claims, marketing, and cost¹².

Outside of work, Alex is a member of the board of trustees of the Shedd Aquarium in Chicago, and a member of the Council of Governors of the American India Foundation¹². He is also a Mentor for innovative technology startups who are accepted into the Creative Destruction Lab program at the University of Wisconsin-Madison¹².

Source: Conversation with Bing, 3/5/2024

(1) Alex Singla | McKinsey & Company. https://www.mckinsey.com/our-people/alex-singla.

(2) Alex Singla - Chicago, Illinois, McKinsey & Company | about.me. https://about.me/AlexSingla.

(3) Alex Singla | McKinsey & Company. https://bing.com/search?q=Alex+Singla+McKinsey+bio.

(4) Alex Singla | Speakers. https://mitcio.com/posts/alex-singla.

Alexander Sukharevsky

Alexander Sukharevsky is a Senior Partner at McKinsey & Company and the global leader of QuantumBlack, AI by McKinsey¹⁴. Since 2020, he has overseen QuantumBlack’s expansion and emergence within the firm as a recognized leader in applied artificial intelligence¹⁴. He leads digital operations around the world and focuses on scaling the use of artificial intelligence through the development of proprietary assets and partnerships with an ecosystem of leading technology companies¹.

Before taking on his role with QuantumBlack, Alexander was the leader of McKinsey Digital in Europe, the Middle East, and Africa¹. His work spans industries and countries, redefining business models while improving performance through the responsible use of artificial intelligence and technology¹.

Alexander is a recognized thought leader on topics of artificial intelligence and digital transformation, publishing articles in leading business publications and speaking frequently at global conferences¹. He is a co-author of the book "Digital @ Scale: The Playbook You Need to Transform Your Company"¹. He serves on McKinsey's Technology Council, which gathers top global technology leaders and McKinsey experts to assess and to track trends in business

Source: Conversation with Bing, 3/5/2024

(1) Alexander Sukharevsky | McKinsey & Company. https://www.mckinsey.com/our-people/alexander-sukharevsky.

(2) Alexander Sukharevsky - Pi Capital. https://picapital.co.uk/event/alexander-sukharevsky/.

Rodney Zemmel

Rodney W. Zemmel is a Senior Partner at McKinsey & Company and the global leader of McKinsey Digital¹. He works across industries to shape strategy, improve performance, respond to market disruptions, and drive value creation through the power of data and analytics, digital culture, and modernized core technology¹.

Previously, he was the managing partner for McKinsey’s northeast offices in the United States, which included Boston, New York, and Stamford locations¹. Prior to that, he led McKinsey’s Healthcare Practice, working with clients in pharmaceuticals, biotechnology, and healthcare services¹.

He is a recognized thought leader, writing articles that appear in leading business and technical publications, including Harvard Business Review and Nature Reviews¹. He is a coauthor of the books "Go Long: Why Long-Term Thinking Is Your Best Short-Term Strategy" and "Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI"¹.

In addition, Rodney serves on the board of BritishAmerican Business and is an advisory board member of the University of Chicago Pritzker School of Molecular Engineering¹.

Source: Conversation with Bing, 3/5/2024

(1) Rodney W. Zemmel | McKinsey & Company. https://www.mckinsey.com/our-people/rodney-zemmel.

(2) Rodney Zemmel - The Conference Board. https://www.conference-board.org/bio/index.cfm?bioid=6321.

(3) Rodney Zemmel - The Conference Board. https://bing.com/search?q=Rodney+Zemmel+McKinsey+bio.

(4) Rodney Zemmel | CEPR. https://cepr.org/about/people/rodney-zemmel.

(5) Rodney-Zemmel | Strategy & Corporate Finance Blog - McKinsey & Company. https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-strategy-and-corporate-finance-blog/author/rodney-zemmel.

Copilot's Summary

The McKinsey article "A generative AI reset: Rewiring to turn potential into value in 2024" discusses the challenges and opportunities of implementing generative AI (gen AI) in businesses¹. The article suggests that 2024 is shaping up to be the year for gen AI to prove its value¹.

The initial enthusiasm and flurry of activity in 2023 is giving way to second thoughts and recalibrations as companies realize that capturing gen AI’s enormous potential value is harder than expected¹. The article emphasizes that competitive advantage comes from building organizational and technological capabilities to broadly innovate, deploy, and improve solutions at scale¹.

The article provides an example of a Pacific region telecommunications company that successfully implemented gen AI. The company hired a chief data and AI officer with a mandate to “enable the organization to create value with data and AI.” The officer worked with the business to develop the strategic vision and implement the road map for the use cases¹.

The company targeted the development of a gen AI tool to help dispatchers and service operators better predict the types of calls and parts needed when servicing homes¹. Leadership put in place cross-functional product teams with shared objectives and incentives to build the gen AI tool¹.

The article concludes by stating that launching pilots is relatively easy, but getting pilots to scale and create meaningful value is hard because they require a broad set of changes to the way work actually gets done¹.

Source: Conversation with Bing, 3/5/2024

(1) A generative AI reset: Rewiring to turn potential into value in 2024. https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/a-generative-ai-reset-rewiring-to-turn-potential-into-value-in-2024.

(2) Your Organization Isn’t Designed to Work with GenAI. https://hbr.org/2024/02/your-organization-isnt-designed-to-work-with-genai.

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References

“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2043, Fernando Machuca and Bing Chatbot (Copilot), March 5, 2024, Genioux.com Corporation.

 

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