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Technology’s generational moment with generative AI

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Technology’s generational moment with generative AI

A CIO and CTO guide

McKinsey,

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Follow these top tips to reap the full benefits of integrating generative AI into your business.

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Generative AI – artificial intelligence that can create new content – has become a trendy buzzword in the business world, promising enormous value gains and competitive opportunities. Yet, like many technology trends before it, generative AI’s effectiveness depends on many factors – technical capability, talent management, risk mitigation and ethical considerations. This timely article by a group of McKinsey specialists provides CTOs and CIOs with nine actions that will help their businesses realize the full potential of generative AI.

Summary

Developing “financial AI” capability is essential to get the most out of your AI efforts.

Generative AI offers a myriad of use options. To avoid implementing uses that don’t add value, CIOs and CTOs need to understand which areas of their businesses can benefit most from generative AI.

They must develop ways to estimate AI projects’ costs and profits and understand what to prioritize based on available resources. It also means reviewing and potentially upgrading the business’s technology architecture to allow for generative AI integration and deciding whether to “rent, buy, or build” AI capabilities.

Businesses need to get their ...

About the Authors

Written for McKinsey Digital, this article is a collaboration by Aamer Baig, Sven Blumberg and Alexander Sukharevsky, who are all senior partners at McKinsey; Eva Li, who is a consultant for McKinsey; Megha Sinha and Douglas Merrill, who are partners at McKinsey; and Aditya Pradhan and Stephen Xu, who are associate partners.

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