DIRS.INFO The most relevant business & tech news

☆ McKinsey tried to boost the morale of senior staff by blasting Eminem and Bob Marley at an internal event, report says
▼ + stars: | 2024-04-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

McKinsey & Co. held an internal event to rally partners amid a challenging year, Bloomberg reports. Like many major consulting firms, McKinsey has announced layoffs as demand for its services has fallen. During the event, Bob Sternfels, global managing partner at McKinsey, reportedly admitted that the last 18 months had been challenging but said that 2024 was looking better for the firm. McKinsey global managing partner, Bob Sternfels, makes a statement to the US Senate on the firm's work with Saudi Arabia, February 2024. But McKinsey partners have reportedly been unhappy with how leadership has handled the role reductions, people familiar with the matter told Bloomberg.

Persons: Bob Marley, Eminem, —, Bob Sternfels, Sternfels, sprees, they're Organizations: McKinsey, Co, Bloomberg, Service, SPAN McKinsey, Employees, US Department of Justice, Purdue Pharma, Sternfels Locations: British, Copenhagen, Saudi Arabia

☆ Millennials are a lot better off financially than you may realize
▼ + stars: | 2024-04-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how millennials have seen their wealth explode over the past few years. Millennials, the oft-maligned generation , are a lot better off financially than you might realize. A new report found millennials saw their wealth double from the end of 2019 through 2023, writes BI's Juliana Kaplan. Whatever the case, millennials' wealth can keep growing. The Department of Justice is investigating the consultancy for its past work advising opioid companies about how to boost their sales , The Wall Street Journal reported on Wednesday.

Persons: —, Iurii Garmash, Tyler Le, millennials, BI's Juliana Kaplan, Harry Potter fanfiction didn't, Millennials, Gen Xers, eyeing, Juliana Kaplan, Gen, Chelsea Jia Feng, Jamie Dimon, Devin Nunes, Mark Zuckerberg, they've, There's, Nathan Congleton, Blackstone, Donald Trump's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Studio, Getty, millennials, Slaven, The New York Times, Nvidia, Trump Media, House Republicans, Meta, Green, Getty Images Google, Apollo, KKR, Justice, Street, Wednesday, McKinsey, NFL, US Locations: That's, Chelsea, premarket, NBCU, New York, London

☆ McKinsey advised drug companies on how to 'turbocharge' opioid sales. Now it's under criminal investigation.
▼ + stars: | 2024-04-25 | by ( Meghan Morris | ) www.businessinsider.com time to read: +3 min

The Department of Justice is investigating McKinsey for advising opioid producers on boosting sales. The firm previously paid nearly $1 billion to resolve lawsuits related to its opioid work. The investigation is also looking at potential obstruction of justice by McKinsey and its employees. News of the investigation underscores how McKinsey's opioid work — which the firm said it stopped in 2019 — continues to plague the consultancy. In a 2018 email, for example, a since-fired McKinsey executive wrote to another senior executive about the firm's legal risk.

Persons: —, Endo, Martin Elling Organizations: Justice, McKinsey, Service, McKinsey & Company, US Department of Justice, Street, Purdue Pharma, DOJ, of, Purdue Locations: Virginia, Western, of Virginia, of Massachusetts, Seattle

☆ McKinsey is offering some staff 9 months of pay and career coaching services to leave the firm: report
▼ + stars: | 2024-04-01 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

McKinsey is reportedly offering some managers money and career coaching services to leave the firm. Staff would also have access to McKinsey's resources and career coaching services. AdvertisementManagement consulting giant McKinsey is dangling career coaching services and nine months worth of pay to staff keen on leaving the firm, British newspaper The Times reported on Saturday. Besides continuing to receive their salary, managers would also have access to McKinsey's resources and career coaching services, per The Times. According to the outlet, employees who receive such ratings have around three months to improve their performance, or they'll be "counseled to leave" McKinsey.

Persons: —, Bloomberg — amping Organizations: McKinsey, Staff, Service, Management, British, The Times, McKinsey's, Times . Staff, Times, Bloomberg, Business Insider

☆ McKinsey amps up pressure on staff to perform as the consulting business slows
▼ + stars: | 2024-03-27 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

McKinsey sent memos to some staff that the clock is ticking for a promotion, Bloomberg reported. The consulting business is rough right now as business dries up. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Consulting firm Deloitte embarked on a massive overhaul of its global operations to cut costs. "We have always maintained a high bar for performance and for attracting and developing exceptional people," a spokesperson for McKinsey told Business Insider by email.

Persons: — Organizations: McKinsey, Bloomberg, Service, Management, McKinsey & Co, Accenture, Deloitte Locations: North America

☆ McKinsey's 'unsatisfactory' performance warning for 3,000 workers is the latest bad news for big consulting companies
▼ + stars: | 2024-02-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

McKinsey & Company has recently given some 3,000 staffers poor performance ratings, which are internally known as “concerns,” according to Bloomberg . This story is available exclusively to Business Insider subscribers. The fraction of employees who received these ratings remains consistent with numbers from previous years, a spokesperson for McKinsey told Bloomberg. New hires at major consulting firms, especially, are worried about how all the idle time will impact their performance reviews. McKinsey did not respond to a request for comment from Business Insider but a spokesperson told Bloomberg that the company has "always maintained a high bar for performance."

Persons: they’ve, that's, ” Organizations: McKinsey & Company, Bloomberg, Employees, Business, McKinsey, New

☆ McKinsey's findings on Black economic mobility in America
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcKinsey's findings on Black economic mobility in AmericaShelley Stewart, senior partner at McKinsey, discusses the key findings of a new report on the impact Generative AI is and will have on Black communities.

Persons: America Shelley Stewart Organizations: McKinsey Locations: America

☆ Salesforce markets itself as an AI company customers can trust. Customers aren't buying it yet.
▼ + stars: | 2023-12-18 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +5 min

Salesforce has moved slowly on AI, RBC Capital Markets managing director Rishi Jaluria told Insider — at least that's what the company's partners and customers told him. One said they were encouraging customers to start first with Einstein, the original AI product Salesforce launched in 2016, before adding new generative-AI services to their bills. The question was the first of many moments during the conference when a Salesforce executive brought up trust and safety when talking about generative AI. Despite that, Salesforce continues to invest in other companies via its venture arm, which includes a $500 million Generative AI fund. Jaluria said that with the exception of Microsoft, he doesn't expect software companies to see meaningful revenue gains from generative AI until at least 2025.

Persons: Salesforce, Rishi Jaluria, —, Jaluria, they've, Einstein, Matthew McConaughey, pensively, Patrick Stokes, Salesforce's, Stokes, it's, There's, John Somorjai, McKinsey's, Somorjai, Ellen Thomas Organizations: Company, Business, RBC Capital Markets, World, Salesforce Ventures, Microsoft Locations: New York, ethomas@insider.com

☆ China consumption shows 'no sign' of a strong V-shaped recovery, McKinsey says
▼ + stars: | 2023-12-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"But there are no signs it should be a strong, V-shaped recovery," said Zipser, who is also a senior partner at McKinsey and author of a new report called "China Consumption: Start of a New Era." China's retail sales have generally remained lackluster since the onset of the Covid-19 pandemic in early 2020. The overall economic recovery and the recovery of the property market has not been what people hoped for. "The overall economic recovery and the recovery of the property market has not been what people hoped for," he said. China's retail sales rose by 7.6% in October from a year ago, beating analysts' expectations.

Persons: Daniel Zipser, Zipser, Major Organizations: Future Publishing, Getty, BEIJING, McKinsey, Apple, Starbucks, World Bank . U.S Locations: Lianyungang City, East China's Jiangsu Province, Asia, China, South Korea, India, Indonesia

☆ Where China’s consumers are spending. Jefferies' top sector picks for 2024
▼ + stars: | 2023-11-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Analysts generally say that for consumers in China today, daily essentials, rather than discretionary goods, are in. Top picks Both are on Jefferies' top picks list for the China consumer in 2024. In addition to being a staple at business dinners in China, Moutai has tried to branch out with co-branding in chocolate, ice cream and coffee. But the company said it expected the Chinese market to "to return to mid single-digit growth" in coming periods. The firm analyzed 80 publicly-listed consumer companies with a majority of revenue from mainland China.

Persons: China haven't, Jefferies, they'd, Alibaba, Moutai, Gamble, It's, North America —, Andy, McKinsey's Daniel Zipser, — CNBC's Michael Bloom Organizations: OC, C, Nestle, PepsiCo, Procter, Foods, China, Pacific Sun Advisors, McKinsey Locations: China, Shanghai, Hong Kong, U.S, Wednesday's, Shenzhen, Friday's, China —, North America, Asia

☆ Gen Z workers don't think talking about wages and telling managers what they're doing wrong are taboo subjects
▼ + stars: | 2023-10-02 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Three-quarters of Gen Z workers surveyed by Adobe say they're comfortable telling managers what they're doing wrong. AdvertisementAdvertisementTalking about wages and telling managers what they're doing wrong aren't taboo topics for Gen Z workers. For the report, Adobe surveyed 1,011 US Gen Z workers, which they defined as those born between 1997 and 2012. Plus, Gen Z workers are the most likely to switch jobs and land the biggest pay increases when they do, Insider previously reported. AdvertisementAdvertisementTo be sure, managers also told Insider that their Gen Z workers often struggle to focus on work and lack motivation.

Persons: Gen, —, Z, Tracy Francis Organizations: Adobe, Service, Barclays Bank, ResumeBuilder.com

☆ Car buying was finally getting better. The auto workers' strike will make it bad for everyone again.
▼ + stars: | 2023-09-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

The United Auto Workers union is on strike, targeting a select few Detroit 3 car factories. After years of a pandemic-driven supply-and-demand car crunch that jacked up new and used vehicle prices and shrunk dealership supply, car buyers had just started to see a little respite. The used car market has been trickier to generalize, but even used vehicle listing prices finally dropped slightly in July. "Pricing may well go up just because of scarcity, and if that happens, then the consumer that potentially was buying a new car would move to the used car market," Russell Hensley, partner in McKinsey's global automotive and assembly practice, said. "Prices will likely go up in the used car market."

Persons: Pat Ryan, Kelley, Cadillac, Jeep Wrangler, Ryan, Russell Hensley Organizations: United Auto Workers, Detroit, UAW, Service, Ford, GM, GMC, Buick, Chrysler, Chevrolet, Cox Automotive, Honda, Toyota, Kia, Jeep Locations: Wall, Silicon, Detroit, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio

☆ How much is a good night's sleep worth? A lot to these stocks
▼ + stars: | 2023-09-04 | by ( Michelle Fox | ) www.cnbc.com time to read: +13 min

In fact, some 63% of U.S. adults sleep less than the recommended seven to nine hours a night, according to the National Sleep Foundation's Sleep Health Index. There are a myriad of products in the sleep arena — from mattresses and sleep supplements to sleep apnea devices and tech wearables that track sleep. Treating sleep conditions Health conditions can also impact the ability to get a good night's rest, like insomnia and sleep apnea. Obstructive sleep apnea causes breathing to be interrupted during sleep. About half of those surveyed in its obstructive sleep apnea patient survey in July said they had never heard of Inspire.

Persons: Anna Pione, they'll, Seth Basham, Basham, Tempur Sealy, " Basham, It's, Stefano Natella, Natella, it's, Ollie, Seamus Fernandez, Philip's, Philips, Eli Lilly, Eli Lilly's, Guggenheim's Fernandez, Michael Farrell, we've, Fernandez, Novo, wearables, Gene Munster, Jason Ware, Ware, Pione, Michael Bloom Organizations: McKinsey, International Sleep Products, Sealy International, Mattress, Sealy, Centers for Disease Control, Guggenheim, CDC, Unilever, American, of, Care, American Medical Association, Bank of America Securities, Medical Systems, Bank of America, Inspire, Novo Nordisk, Garmin, Apple, Deepwater Asset Management, Apple Watch, Albion Financial, Munster Locations: U.S, dreamland, Mizuho, Novo

☆ Alice Zheng moved from med school to McKinsey to venture capital. Here's how she's using those experiences to advance innovation in women's health.
▼ + stars: | 2023-09-02 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +6 min

Alice Zheng is a VC at RH Capital focusing on early-stage women's health startups. Seven years after graduating from medical school, Zheng is now a principal at RH Capital, the fund of female-led firm Rhia Ventures. The firm, which focuses on early-stage women's health investing, collected $38.5 million for its second fund last year. Zheng later took a two-year hiatus from medical school to pursue an MBA from Harvard Business School. Zheng invests in women's health startups across consumer, life sciences, diagnostics, digital health, and health services.

Persons: Alice Zheng, Zheng, –, she'd, Juniper, Liang Organizations: RH Capital, University of Michigan, Harvard, McKinsey, University of Michigan Medical School, Ross School of Business, Rhia Ventures, GV, Khosla Ventures, Harvard Business School, McKinsey Global, Fortune, Capital Locations: China, U.S, Ann Arbor, McKinsey's, San Francisco

☆ At least 2 days in office is the 'sweet spot' for hybrid workers, according to new research
▼ + stars: | 2023-08-25 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

Employees overwhelmingly prefer hybrid work, but the optimal number of days in the office is still up for debate. For other workers on a 5-day workweek schedule, that may mean 2 or 3 days in office each week. "Our research shows it's the 'hybrid sweet spot,'" George says. "You need to be intentional and anchor those office days around activities that are most effective in-person, whether it's career workshops, feedback sessions or team brainstorms." The most successful return-to-office strategies have clear operating norms that go beyond how many days employees should be working together in person.

Persons: Katy George, McKinsey's, George, I've, we're Organizations: McKinsey, CNBC Locations: I'm

☆ AI is going to eliminate way more jobs than anyone realizes
▼ + stars: | 2023-08-14 | by ( Emil Skandul | ) www.businessinsider.com time to read: +16 min

We didn't see the internet coming, but AI is within viewThe adoption of groundbreaking technology is often hard to predict. The World Economic Forum estimated 83 million jobs worldwide would be lost over the next five years because of AI, with 69 million jobs created — that leaves 14 million jobs that will cease to exist during that timeframe. In the US, the knowledge-worker class is estimated to be nearly 100 million workers, one out of three Americans. The small and large compounding effects of productivity growth across many industries are central to the growth trajectory and the long-run effects of AI. This is an alarmingly trivial amount for an economy of $25 trillion GDP and over 150 million workers.

Persons: Goldman Sachs, Joseph Schumpeter, Bill Gates, David Letterman, Paul Krugman, Erik Brynjolfsson, —, Brynjolfsson, Robert Solow, Robert Gordon, provocatively, It's, Gordon, David Autor, Maria Flynn, Flynn, –, Georgia –, Emil Skandul, Tony Blair Organizations: McKinsey, Newsweek, Stanford University, Microsoft, Amazon, Cisco, Economic, International Labor Organization, Organization for Economic Co, Development, MIT, Congressional, Office, Department of Labor, Tony Blair Institute Locations: Washington, Singapore, New York, Georgia

☆ 5 major companies explain how they've designed their hybrid-work policies
▼ + stars: | 2023-08-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +9 min

Based on five companies' responses, hybrid work is thriving right now. The spokesperson noted that the company believes both hybrid work and flexibility aren't going anywhere. EYOutside of the tech sector, companies are also prioritizing hybrid work. Still, Giampietro noted the challenge of hybrid work for meeting with clients, as some of "those clients may not be in as frequently or may not want us in as frequently." Reach out to this reporter at mhoff@insider.com to share your story and how you feel about your company's current remote, hybrid, or in-person work policy.

Persons: Yahoo Finance's Daniel Howley, We've, Ryan Lamont, Lamont, we're, Fiona Cicconi, Chris Schmidt, Schmidt, Frank Giampietro, EY, Giampietro, McKinsey & Company Katy George, George Organizations: Microsoft, Service, Gallup, IBM, Google, Microsoft Microsoft, Yahoo, Google Google, Street, Alphabet Workers, Alphabet Workers Union, CWA, McKinsey & Company, McKinsey Locations: Wall, Silicon, New York City, Americas

☆ Why Gen Z, Millennials, Boomers, and Gen X Fight: Generational Conflict
▼ + stars: | 2023-07-26 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +15 min

Gen Z is soft, millennials are embarrassing, boomers are evil, and no one has thought about Gen X in years. But late this spring, Pew announced it would no longer use generational labels such as millennial and Gen Z in its research. By and large, Cohen shares Duffy's view that generational labels make it tough for both experts and laypeople to distinguish between generational traits and universal, or multifactorial, occurrences. To its credit, Pew has been transparent in acknowledging how the use of generational labels may have tilted its analyses. Pew "does believe generational research can be a useful tool in the right context," Parker told me.

Persons: Gen X, Pew, Kim Parker, Parker, Obama, Millennials, boomers, Gen Zers, Xers, —, Karl Mannheim, Louis Menand, Menand, Andrew M, Lindner, Sophia Stelboum, Azizul Hakim, William Strauss, Neil Howe, Strauss, Howe's, Baby Boomer, Portia, Zers, Gen Xers, Philip N, Cohen, it's, Bobby Duffy, Duffy, Stelboum, Hakim, Michael Dimock, Kelli María Korducki Organizations: Pew Research Center, Pew, Skidmore College, University of Maryland, College, Washington, King's College London Locations: Mannheim, New York City

☆ Walmart teams up with Expedia on travel perks
▼ + stars: | 2023-07-25 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, July 25 (Reuters) - Retail giant Walmart (WMT.N) on Tuesday said it is teaming up with online travel agency Expedia Group (EXPE.O) to offer its subscription service members travel benefits for the first time as retailers increase service offerings to offset a slowing in spending on goods. "We're bringing together the ultimate savings membership and vacation booking site to deliver a first-ever travel-focused benefit for Walmart+ members," said Venessa Yates, senior vice president and general manager of Walmart+, the retailer's subscription service. Walmart+ members will be able to book travel on a Walmart travel website powered by Expedia and earn Walmart cash rewards. Walmart also partnered with veterinary telehealth provider Pawp in May to offer Walmart+ subscribers free access to virtual veterinarians for a year. Amazon.com (AMZN.O) partnered with travel booking site Priceline, owned by Booking Holdings, in July to offer discounts for Prime Day, the first time an online travel agency participated in the event.

Persons: Venessa Yates, Morgan Stanley, Doyinsola Oladipo, Siddharth Cavale, Sandra Maler Organizations: YORK, Retail, Walmart, Expedia, Amazon, Pawp, Booking Holdings, Thomson Locations: New York

☆ A 'major revolution' is underway in the food industry. How to invest in the rise of alternative meat
▼ + stars: | 2023-07-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +12 min

"The food industry is undergoing a major revolution," Telsey Advisory Group analyst Sarang Vora wrote in a June 26 note. The rise, fall and future of plant-based meat Plant-based meat has been around for decades. The firm is forecasting a $450 billion market opportunity for cultivated meat by 2040, perhaps reaching 20% of the global meat market. Investing in cultivated meat For investors interested in getting in on the cultivated meat "revolution," it is still early stages, said Telsey's Vora. Archer-Daniels-Midland also recently announced it is collaborating with Believer Meats on new ways to develop and commercialize cultivated meat products.

Persons: Sarang Vora, Tyson, that's, we've, Alec Lucas, Laine Clark, it's, Clark, We'll, Hiral Patel, Brazil —, Institute's Clark, We're, It's, Telsey's, Kellogg, Steve Cahillane, Steakholder, Ben Haynor, — CNBC's Michael Bloom Organizations: Advisory, Department of Agriculture, Foods, McKinsey & Company, Tyson Foods, Kellogg, Global, Food Innovation, Whole Foods, Food Institute, CNET, Barclays, McKinsey, Daniels, Midland, Reuters, Steakholder, Global Partners Locations: Jordan, United States, U.S, Norway, China, India, Brazil

☆ Employees earning over $150,000 are more likely to prefer WFH, McKinsey research finds
▼ + stars: | 2023-07-19 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Employees earning a salary over $150,000 actually prefer working from home, a McKinsey study found. Senior workers are more likely to have comfortable work setups at home as well as childcare duties. McKinsey's survey of 13,000 office workers in six countries published in July looks at how hybrid work has changed the way people work. 44% of senior workers said they would rather work from home; 50% of mid-level employees said the same, but only 6% of junior employees shared this sentiment. Senior employees tend to be more confident in their skills and might have a more comfortable remote working setup.

Persons: they'd, they're, Slack's, Cal Henderson Organizations: McKinsey, Service, Junior Locations: Wall, Silicon

☆ Hybrid work is the new normal, as companies rethink work habits and office and retail space
▼ + stars: | 2023-07-13 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

Virojt Changyencham | Moment | Getty ImagesOffice demand declinesThat flexibility is helping drive down demand for office space. By 2030, McKinsey predicts, demand for office space will be as much as 20% lower than it was in 2019, depending on the city. While remote and hybrid work is the big reason, the trend toward more desks in less space and shifts to automation were also factored into its analysis. Lower office space demand has companies rethinking how to make their real estate jibe with new work habits. Working in teams and increasing productivity are the top reasons office workers with flexibility give for being on-site.

Persons: Virojt, Jordan Goldstein, Goldstein Organizations: McKinsey, York's Financial, Financial Locations: San Francisco, Houston, Manhattan, New York, Lower

☆ Remote work could wipe out $800 billion from office buildings' value by 2030 — with San Francisco facing a 'dire outlook,' McKinsey predicts
▼ + stars: | 2023-07-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

And San Francisco faces a "dire outlook" — with a potential 38% fall in demand in a severe scenario. The cities include San Francisco, London, New York, Houston, Paris, Munich, Tokyo, Beijing, and Shanghai. The consulting giant found that, in most of these cities, demand in 2030 will still be lower than it was in 2019, before the pandemic. The $800 billion figure is based on an average 26% decline in the value of the cities' office space across that time period. McKinsey's model predicts a "dire outlook" for San Francisco.

Persons: It's, Elon Musk, Twitter Organizations: McKinsey, Service, Downtown Locations: Francisco, Wall, Silicon, Europe, Asia, San Francisco, London , New York, Houston, Paris, Munich, Tokyo, Beijing, Shanghai, Downtown San Francisco

☆ Your employer may be quiet quitting on you
▼ + stars: | 2023-06-27 | by ( Aki Ito | ) www.businessinsider.com time to read: +9 min

Some bemoaned it as quiet quitting; others celebrated it as a much-needed correction to the toxic demands of hustle culture. But employees, it turns out, aren't the only ones distancing themselves from the office: Employers are quiet quitting on the whole idea of traditional full-time employment. If workers are going to be remote, the thinking seems to go, why not get the cheapest remote workers available? That ruled out contractors, because contractors work remotely. And that could be a huge problem for everyone, given America's insistence on tying basic benefits to full-time employment.

Persons: Nicholas Bloom, Slack, they're, —, Gen Zers, It's, Bloom, they'll, Jessica Schultz, she's, Schultz, They're, it's, Liz Wilke, Aki Ito Organizations: Atlanta Fed, Stanford University, McKinsey Locations: American

☆ Generative AI could add up to $4.4 trillion to the global economy annually, McKinsey report says
▼ + stars: | 2023-06-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Generative AI could add up to $4.4 trillion to the global economy annually, a McKinsey report says. The hype around generative AI has reached a fever pitch in recent months and for good reason as the industry has the potential to add $4.4 trillion to the global economy annually, a new McKinsey report argues. The report, which looks at the economic potential of generative AI, says it could add between $2.6 to $4.4 trillion to the global economy through "63 generative AI use cases spanning 16 business functions," which is roughly the same amount as the UK's GDP in 2021. Generative AI refers to conversational AI tools like OpenAI's ChatGPT released in November, which impressed the world with its wide-ranging abilities including creating content, generating music, and writing code. This would largely impact high earners like knowledge workers and could add "trillions of dollars in value to the global economy," McKinsey said.

Persons: ChatGPT, Bing, McKinsey Organizations: McKinsey, Morning, Google, Bloomberg Intelligence

Search resuls for: "McKinsey's"

25 mentions found