McKinsey and Company, a global consulting firm with more than 30,000 employees across 67 countries, has embraced new generative AI tools in a major way. Almost 50% of the firm’s workforce is using ChatGPT and similar technology.
AI Guidelines
During a media event at McKinsey’s New York Experience Studio, Ben Ellencweig, senior partner, and global leader of QuantumBlack, the firm’s artificial intelligence consulting arm, said that the company had guard-rails for employees using generative AI. This includes guidelines and principles about what information the workers could input into these services. According to Ellencweig, confidential information is not uploaded. He emphasized that McKinsey had permission to use such services.
AI Services
McKinsey is testing most of the leading generative AI services, according to Alex Singla, a senior partner and global leader of QuantumBlack. He stated that “for all the major players, our tech folks have them all in a sandbox, [and are] playing with them every day.” It remains unclear which exact AI services McKinsey employees are using and for what purposes.
Applications of Generative AI
Ellencweig offered examples of how McKinsey clients and the businesses it researchers are currently using generative AI, which he called “The four Cs.” These include Coding, Customer engagement, Creative content generation, and Content synthesis. McKinsey’s client software developers have seen productivity gains of 35-55% by using ChatGPT and similar tools. Companies are using generative AI to offer more personalized customer interactions. Marketing firms are already using generative AI to streamline their content generation processes and to refine their audience segments. Firms are using generative AI to combine different data points and services in new ways.
Singla suggested that companies employ a five-step framework to approach generative AI in a safe, secure, and smart way. The five steps include IT stack and infrastructure, data, choosing the right AI model, user interface (UI), and user experience (UX). Singla cited that ChatGPT’s simple interface is key to its uptake. “Anybody can use it, whether you’re eight years old or 80.”
During the panel discussion on AI, the panelists related anecdotes about their own experiences with generative AI tools, as well as those of clients, including cautionary tales. Singla described how one client in the business of mergers and acquisitions (M&A) was using ChatGPT to try and game-out the impact of potential acquisitions on their combined business. He emphasized that publicly accessible models should not be used for such purposes.
McKinsey and Company is embracing generative AI tools with nearly half of its workforce using ChatGPT and similar technologies. McKinsey has guidelines and principles for employees using generative AI, and the company is testing most of the leading generative AI services. McKinsey clients and businesses are using generative AI for coding, customer engagement, creative content generation, and content synthesis. Companies should approach generative AI in a safe, secure, and smart way by employing a five-step framework.
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