TLDR:
Key Points:
- Around 75% of U.S. businesses are using AI for at least one work function, with half using it for two or more.
- AI adoption is still in early stages, and companies are working on how to best benefit their business.
Key Elements of the Article:
AI adoption in businesses is on the rise, with nearly three quarters of U.S. businesses using AI for various work functions. The most popular areas for AI use are marketing and sales, as well as product or service development, IT, and customer service. McKinsey’s analysts emphasized the importance of tying AI investments to critical business goals to accelerate value.
Despite the potential for AI to change the way work is done, it does not necessarily mean job loss. AI can actually augment the workforce and increase job satisfaction. Heidi Messer, chairperson and cofounder of Collective[i], discusses how AI can help save jobs and support employees by removing tasks people dislike and enabling higher-value tasks.
In terms of economic indicators, inflation remains steady in April, impacting consumer spending and GDP growth. On the business front, ConocoPhillips announced the acquisition of Marathon Oil, part of a trend of consolidation in the oil industry as companies shift towards more sustainable energy sources.
Notable news includes activist investor Nelson Peltz selling his stake in Disney after a failed proxy battle and CEO Bob Iger facing challenges in navigating the company’s growth areas. Looking towards the future, AI is expected to play a collaborative role with the workforce, creating opportunities for upskilling and continuous learning.