Insights

So, what does it show?

1️⃣ McKinsey in its recent report on the future of work in America estimates up to 40% automation in customer services, sales and office support by 2030 citing GenAI as the main driving force.

2️⃣ HBS analysis of BCG consultants revealed a 43% improvement in performance for junior consultants who used Open AI modules on standard tasks with medium need for creativity. However, for composite tasks that required aggregation of quantitative and qualitative knowledge usage of GenAI decreased the performance of consultants by 19%.

3️⃣ Latest medical studies indicate that ChatGPT 4 is able to pass various medical tests and even clinical picture-type questions with an average accuracy of 85% which increased to 93% after retraining the model.

4️⃣ Recent online study revealed a 5% salary drop across freelance copywriters and 12% drop for freelance image editors regardless of the skill level after ChatGPT 4 was rolled out to the public.

Still, despite its prominent results not all tasks can be solved by Large Language Models: DeepMind researcher Nicholas Carlini provides a list of tests he performed on various models which failed to deliver accurate results on multiple occasions.

What does it mean for business specifically? Strategy leaders and decision makers should definitely be on a lookout for the following trends:

❗️Rising demand in building LLM learning ecosystems for high skilled junior professionals with little involvement from senior team members - especially in consulting, STEM and healthcare.

❗️Greater focus on change management, hiring and leadership as many individuals will transition to new roles from the industries that will be hit the most.

❗️Formation of in-house think tanks/strategy units with a focus on innovation, unlocking new growth opportunities, and streamlining new processes.