McKinsey's workforce heavily relies on AI, AI revolutionizes marketing strategies significantly. and more

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1. Half of McKinsey's Workforce Uses Generative AI Tools

Global consulting firm, McKinsey and Company, has integrated generative AI tools like ChatGPT into its operations, with around 50% of its workforce leveraging this technology.

The firm's QuantumBlack division oversees this integration, and guidelines have been established to ensure employees do not upload confidential information. Senior partners have hinted that the company is experimenting with all leading generative AI services. McKinsey uses AI in diverse areas including coding, customer engagement, content creation, and content synthesis. For example, the firm reported productivity increases of up to 55% in client software developers using these tools.

As for companies looking to adopt generative AI, McKinsey advises a five-step approach: focusing on IT infrastructure, data selection and organization, choosing the right AI model, considering user interface and user experience, and change management.

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2. Generative AI: A Game-Changer for Marketers

A survey conducted by Salesforce and YouGov revealed that marketers consider generative AI as transformative, with potential to save approximately five hours of work per week.

Surveying over 1,000 marketers across the United States, UK, and Australia, the study revealed a positive outlook on AI, despite concerns about the quality and accuracy of generative AI outputs and requisite skills. Of the respondents, 51% already use or are experimenting with generative AI, while 22% plan to incorporate it into their work soon. Among those currently using AI, the primary uses include content creation, inspiring creative thinking, analyzing market data, and generating image assets. However, concerns remain regarding the output accuracy, potential bias, and the lack of skills required to optimize these tools.

Respondents called for improvements including human oversight, trusted data utilization, and proper training.

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3. Typeface Partners with Google to Advance Customized AI

San Francisco-based firm Typeface has announced a partnership with Google Cloud, aiming to advance its tailored generative AI solutions.

The collaboration will enable the integration of Google's most recent large language models (LLMs), such as PaLM 2 LLM, into Typeface's platform. Furthermore, the agreement facilitates the direct incorporation of Typeface's specialized AI technology into Google Workspace. Typeface aims to extend the functionality of generic AI models by tailoring them to individual companies' specific needs and target audiences.

This strategy transcends the conventional 'zero shot' fine-tuning method, allowing enterprises to employ AI models specifically trained for their unique requirements, and proactively addressing potential privacy concerns.

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4. Instabase Doubles Valuation, Incorporates OpenAI Tools

Business services startup Instabase has raised $45 million in a funding round led by Tribe Capital, increasing its valuation to $2 billion.

The funds will support the integration of OpenAI's large language models into its products, following in the footsteps of companies such as Stripe and Duolingo. Instabase's existing business allows clients to create custom apps and workflows for tasks such as invoice processing and identity verification. Incorporating OpenAI's models will enable clients to create AI-powered apps without requiring separate model training for each document type. Instabase's current aim is profitability over growth, targeting cash-flow profits by end of next year and more than $50 million in revenue this year.

Despite a slower growth rate, the firm still reported business doubled on a revenue basis last year. CEO Anant Bhardwaj believes that integrating OpenAI's tools will allow users to interact conversationally with documents.

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5. AI Drives Productivity Boom and Shapes Business Decisions

Artificial Intelligence (AI) is drastically influencing business landscapes and decision-making processes.

Despite Goldman Sachs' prediction that AI could replace 300 million jobs by 2030, the technology is expected to bring about a new technological innovation wave, increasing global productivity by 7%. AI is transforming the way businesses operate in four significant areas. In real estate, AI tools like DealMachine provide investors with in-depth property valuations. Project management solutions, such as Airtable and Monday.com, utilize AI to enhance workflow efficiency. Search engines, like Google’s new Search Generative Experience (SGE), are utilizing AI to synthesize digital information for evidence-based decisions. Lastly, AI is employed in marketing for behavioral analysis and prediction, revealing hidden patterns in consumer behavior.

Consequently, AI technology is becoming essential across various sectors, supporting human decision-making, and enhancing productivity.

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