The most popular topic of discussion at the best consulting companies in the world these days is generative AI.
According to Business Insider, Ben Ellencweig, a senior partner at McKinsey & Company, “it’s become a huge part of what the firm does, and I actually think it’s going to be most of what we do in the future.” How can we genuinely incorporate generative artificial intelligence and AI thinking into business processes?
2015 saw the debut of QuantumBlack, McKinsey’s AI division, under Ellencweig’s leadership. Currently, it employs about 2,000 data scientists, or more than 4% of its workforce of 45,000 employees. Additionally, it has research and development facilities spread across five countries: Israel, the United States, Brazil, the United Kingdom, and India.
An important turning point in McKinsey’s generative AI research was the introduction of ChatGPT. Currently, analytics and artificial intelligence account for around 40% of their work, and a large portion of that is shifting toward Gen AI, according to Ellencweig. In the past six months, McKinsey has worked on about 400 generative AI projects, he continued.
McKinsey generated a record $16 billion in revenue in 2023 despite a general downturn in the consulting sector because of the promise of generative AI. Last year, clients were preoccupied with testing out the new technology; this year, however, their attention is on creating a more expansive ecosystem to ensure its success. But according to Ellencweig, that is only a small portion of the technology. “Change management is something you should consider. It is imperative that you discuss responsible and safe AI. You should consider “How do you modify workflows within the company?”
In June of last year, the company also declared its collaboration with Cohere, an AI startup that specializes in creating AI models for businesses. Both have benefited from it, too. According to Cohere’s founder and CEO Aidan Gomez, McKinsey’s work helps the fledgling company “build trust” among additional corporations. McKinsey gains from Cohere’s dedication to innovation and sustainable development.
Given the speed at which AI is developing, it is unclear how the world will change. However, the company’s premise is that technology will become pervasive. Every product will include Gen AI, according to Ellencweig. It will permeate every aspect of our lives and go well beyond a clever bot that assists with using a product or website.
