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The McKinsey Podcast
Don't wait–create with generative AI
Aug 24, 2023
McKinsey AI experts discuss the value of generative AI in freeing up time for problem solving and people management. They explore changing consumer spending behavior, generational differences in spending patterns, and the need for companies to adapt to omni-channel shopping. The potential benefits of generative AI in banking, healthcare, and product development are discussed, along with the economic value of these technologies. The adoption of AI technologies by business users, its impact on the future of work, and the importance of preparation for knowledge workers and leaders are highlighted.
33:05
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Quick takeaways
- Generative AI has the potential to bring significant benefits to industries like banking, healthcare, marketing, and customer service, creating personalized marketing materials, improving software development, and aiding in generative design for research and development.
- Knowledge workers are encouraged to familiarize themselves with Generative AI tools to leverage their potential and increase their effectiveness, while business leaders should explore opportunities to retrain and redistribute resources to drive innovation and tackle new challenges.
Deep dives
Changing Consumer Behavior Amidst an Uncertain Economy
Consumer behavior is showing mixed signals due to an uncertain economy. While there is an increase in confidence and optimism about the country's economy, consumers are also worried about rising prices and job security. To save money, consumers are trading down by choosing cheaper brands or stores and changing the quantity they buy. Different generational groups also exhibit distinct behaviors, with younger generations more likely to splurge and trade down.
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