Press release, January 2024
Generative AI has enormous economic potential and Finland has a particularly good opportunity to benefit from the technology, according to McKinsey’s new review “The economic potential of generative AI for Finland”.
Tools like ChatGPT have put the spotlight on generative AI, a form of AI that enables the automation of complex tasks. According to McKinsey’s recent review, the technology can enable global productivity growth of up to 4.4 trillion dollars (4.048 trillion euros) per year and add 13 billion euros to Finland’s GDP by 2045.
“We are already seeing how companies around the world are adopting generative AI to gain a competitive advantage, and Finland can be a pioneer in this development. Finland is a digitally strong country, and our population largely performs complex tasks that technology can automate,” says Tuomas Kahri, a partner in McKinsey’s Helsinki office and one of the authors of the review.
The reviewdescribes the potential of generative AI to automate many tasks that are common among knowledge workers in Finland. These tasks include, for example, decision-making, collaboration, creative work, planning and management. Significant productivity growth is considered possible in the five largest occupational groups in Finland, which are business and legal professionals, STEM professionals, customer service and sales, health aides, technicians and wellness, and builders.
Generative AI has the greatest impact on cross-industry business functions
Generative AI is estimated to bring benefits to three industries in particular: high-tech, and retail and consumer packaged goods, as well as advanced manufacturing. However, it is mainly considered to have the most significant impact on cross-industry business functions, not so much on individual sectors. From the financial potential point of view, the following business functions come out on top:
- Marketing and sales (2.2-3.5 billion euros until 2045)
- Software engineering (1.7-3.5 billion euros until 2045)
- Customer service (1-1.4 billion euros until 2045).
“Generative AI can contribute to the automation of our society, which we estimate will happen ten years earlier than expected. The technology offers huge opportunities for companies and can become a key tool in solving several social challenges, such as the aging of the population and the transition towards a more sustainable society,” concludes Kahri.
McKinsey’s review “The economic potential of generative AI for Finland” can be found as an attachment. The review is based on the report published by the McKinsey Global Institute (MGI) in June 2023: “The economic potential of generative AI: The next productivity frontier“.
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About McKinsey & Company
McKinsey is a global management consulting firm committed to helping organizations accelerate sustainable and inclusive growth. We work with clients across the private, public, and social sectors to solve complex problems and create positive change for all their stakeholders. We combine bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for this generation and the next. www.mckinsey.com
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