McKinsey- ‘How Gen AI will impact your business’

$4.4 Trillion is a number you can't ignore.

So, there may be a few industry ‘pundits’ that try to downplay the possible impact on marketing and business but the facts tell a different story. Five little letters that will change the way we work: G-E-N A-I. A recent McKinsey report suggests that Generative AI could add up to $4.4 trillion to the global economy. That’s trillion with a ‘T.’ So, what does this mean for the marketing and business world, especially here in Australia? And why should you care?

The Trillion-Dollar Opportunity

Let’s start with the big figures. That $4.4 trillion estimate from McKinsey isn’t just some arbitrary number. It’s a calculated projection of the economic potential of Gen AI. For marketing agencies, this is the digital age’s gold rush. Imagine automating not just the mundane tasks but also some of the creative and strategic ones, as discussed in this MIT Technology Review article. Here’s where business sees the most impact currently-

Quality Over Quantity

But let’s set the record straight: Gen AI isn’t about replacing humans; it’s about augmenting our capabilities. Working with, not against. The technology is advancing so rapidly that it’s expected to reach human-level performance in various tasks by the end of this decade, according to this Forbes article. What does this mean for your marketing campaigns? Better quality, more personalisation, and a deeper understanding of your target audience.

The Human Element

Now, let’s talk ethics. As the great Stan Lee once said, “With great power comes great responsibility.” Gen AI has the potential to be a double or triple-edged sword. It can either elevate your marketing strategies or, if misused, can lead to ethical dilemmas. That’s why you need an agency partner that understands not just the technology but also its implications. Human oversight is not just recommended; it’s essential, as highlighted in this ArXiv paper.

Why Great Agency Partners Make the Difference

Understanding Gen AI is one thing; knowing how to apply it effectively is another. Agencies like ours, grounded in data and AI, are uniquely positioned to help businesses navigate this complex landscape. We understand the security needs of businesses, the nuances of unique data inputs, the art of prompt crafting, and the strategic overlay required to make the most of Gen AI.

Wrap up

Gen AI and AI in general are not fads; they’re the future. And the future belongs to those who understand it and know how to leverage it. So, if you’re still sceptical about the role of AI and Gen AI in marketing, maybe it’s time to ask yourself: Is the technology lacking, or is it your understanding of it?

If you’d like to know more about what we do for our clients, particularly in the AI and Gen Ai space, hit me up at [email protected]