Generative AI will usher in an age of accelerated productivity and prosperity for some and profound disruption for others. Read more.
A few years ago, McKinsey had estimated that about half of worker hours worldwide were spent on tasks that could be automated. Now it’s raising the figure to as high as 60-70 per cent. Employees could find that their time is reallocated — or that their jobs disappear. “Workers will need support in learning new skills,” the report said. “Some will change occupations.
In product R&D, the technology could deliver a boost to productivity of 10 per cent to 15 per cent, McKinsey said. It cited the example of life sciences and chemical industries, where AI can generate potential molecules more quickly, accelerating the process of developing new drugs and materials. That could add as much as 25 per cent to profits for pharmaceutical companies and medical product firms.
In that respect, it may be the opposite of major technology upgrades of the past, which often came at the expense of occupations where workers had fewer educational qualifications and got paid less. Many were performing physical tasks — like the British textile workers who smashed up new cost-saving weaving machines, a movement that became known as the Luddites.
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