How will Generative AI impact jobs and productivity?
It's hard to argue that generative AI won't improve productivity in the long run. You only need to ask Chat GPT a few questions to understand how fast it can pull together disparate facts, help you structure a workday, or simply find you a recipe. Early studies are backing that up too. A recent review by Harvard University and Boston Consulting Group showed that consultants using large language models were around 25% quicker at completing tasks. But what might that mean for the global workforce? Some have already welcomed AI into the office, giving machines administrative tasks and finding more time for creative and rewarding work. But many others worry that advanced AI will replace them.In this week's episode, Mike and Amit discuss how much of an impact generative AI will have on the global economy and how long it will take for change to come.********Michael Wade is a Professor of Innovation and Strategy and Director of the IMD Global Center for Digital Business Transformation. He also holds the Cisco Chair in Digital Business Transformation. An expert in digital transformation, he has published 10 books and more than 100 case studies, as well as articles on topics such as digital business transformation, innovation, strategy, and digital leadership. Amit Joshi is a Professor of AI, Analytics, and Marketing Strategy. He specializes in helping organizations use artificial intelligence and develop their big data, analytics, and AI capabilities. An award-winning professor and researcher, he has extensive experience in AI and analytics-driven transformations in industries such as banking, fintech, retail, automotive, telecoms, and pharma. Find out more about IMD at imd.org