6thWave: AI News Hub

McKinsey & Company, one of the world’s leading consulting firms, is placing a significant bet on generative AI, with senior partner Ben Ellencweig predicting it will become the majority of the firm’s work in the future. The firm’s AI arm, QuantumBlack, has grown rapidly since its launch in 2015 and now employs over 2,000 data scientists, accounting for 4% of McKinsey’s 45,000 employees. The launch of ChatGPT marked an inflection point for McKinsey’s work on generative AI, with Ellencweig stating that roughly 40% of the firm’s work is now analytics-related, AI-related, and moving towards generative AI. McKinsey has worked on over 400 generative AI projects in the last six months, and the firm’s revenue hit a record $16 billion in 2023 due to the promise of generative AI. However, Ellencweig emphasizes that the technology is only part of the equation, and that change management, safe AI, and responsible AI are also crucial considerations. In my opinion, McKinsey’s bold move into generative AI is a smart one, as it positions the firm at the forefront of a rapidly evolving industry. The partnership with AI startup Cohere is also a savvy move, as it allows McKinsey to tap into Cohere’s innovative approach to AI development while also helping Cohere build trust with more organizations.

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