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AI has permeated our lives through everything from the tech powering our smartphones to autonomous-driving features on cars to the tools retailers use to surprise and delight consumers. As a result, its progress has been almost imperceptible. 

Generative AI applications such as ChatGPT and others have captured the imagination of people around the world thanks to their ease of use—almost anyone can use them to communicate and create content. 

The latest generative AI applications can perform a range of routine tasks, such as the reorganisation and classification of data. But it is their ability to write text, compose music, and create digital art that has garnered headlines and persuaded business owners to experiment on their own. 

The speed at which generative AI technology is developing isn’t making this task any easier. ChatGPT was released in November 2022. Four months later, OpenAI released a new large language model, or LLM, called GPT-4 with markedly improved capabilities.

By May 2023, Anthropic’s generative AI, Claude, was able to process 75,000 words in a minute—the length of the average novel. And in May 2023, Google announced several new features powered by generative AI, including Search Generative Experience and a new LLM called PaLM 2 that will power its Bard chatbot. 

To grasp what lies ahead requires an understanding of the breakthroughs that have enabled the rise of generative AI, which were decades in the making. McKinsey has just issued a report entitled ‘The economic potential of generative AI’. Whatever you think of AI it’s going to change the way we all do business. Grab your copy of McKinsey’s report (it’s free) here.

Noel Guilford