At the Dubai Artificial Intelligence Forum, Quantum Black confirmed that the development of artificial intelligence does not imply job loss.
Dubai, October 12 Chiara Marchati, Partner in Data, Advanced Analytics, and Generative Artificial Intelligence at Quantum Black, a McKinsey company, affirmed that successful and productive generative artificial intelligence will primarily focus on asking the right questions to yield effective and fruitful answers, solutions, and applications. This statement was made during an opening speech given by Marchati titled "The State of Artificial Intelligence in 2023: Beyond the Growth Boom," at the Dubai Artificial Intelligence Forum, held under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council, Chairman of the Board of Directors of the Dubai Future Foundation, on October 11 and 12, at the "Museum of the Future" and "Zone 2071" in Emirates Towers, Dubai.
"We have 60 years of computer models, 40 years of the Internet, and the vast wealth of data, along with 20 years of mobile phone usage, which gives us the opportunity to have powerful computers and systems harnessing generative artificial intelligence," Marchati stated.
She explained that the developments in the field of artificial intelligence do not equate to individuals losing their jobs: "McKinsey conducted interviews with over 3,000 business leaders and found that they want to use this technology to increase productivity by 20 to 30%, depending on the type of work."
During a second-day panel discussion at the forum that explored the applications of artificial intelligence in vital sectors and examined opportunities to accelerate the growth of financial services, travel and hospitality solutions, and biological sciences, Owen Lydon, Partner and Head of Life Sciences at Quantum Black, mentioned that generative artificial intelligence is already making an impact. In 2022, it began with "Chat GPT," and experimental models have already been developed, especially in areas such as report generation, medical writing, documentation, and research. He highlighted the existence of applications called co-pilots, where artificial intelligence assists users in their daily tasks.
Lydon estimated that generative artificial intelligence results are already emerging in the understanding and assessment of patients' medical histories and records, forming an integrated picture of their health records in a way that enhances future patient care opportunities and healthcare facility management efficiency.
Lydon emphasized that those making decisions are humans and bear the responsibility for managing generative artificial intelligence applications, particularly in the medical and healthcare sectors and biological sciences research. He stressed that transparency is essential for the success of these uses.
In turn, Larry Lerner, Partner and Director of Financial Services and Generative Artificial Intelligence at Quantum Black, confirmed that the banking sector will greatly benefit from generative artificial intelligence techniques, with the coming years representing an opportunity for the sector to realize a value between $300 and $400 billion. Whether in marketing, operations, legal compliance, or human resources, he noted that banks are at the forefront of beneficiaries in three areas: customer service, data and software updates, and virtual applications.
Lerner added:
On his part, Alex Kosmas, Partner and Director of Advanced Analytics for Travel, Transportation, and Logistics at Quantum Black, believes that vital sectors like aviation, tourism, travel, and hospitality are rapidly benefiting from generative artificial intelligence by focusing on big data analysis to understand evolving trends and customer needs.
He said, "In the next 12 months, airlines and travel and hospitality booking customers will use generative artificial intelligence applications in direct communication with their customers, and it may take a few more years for this to become the approved norm in their services."
Kosmas concluded by stating, "The human element is essential and indispensable in the aviation sector and related industries, but generative artificial intelligence promises to build standard models that will facilitate the tasks of this human element."
The session concluded that generative artificial intelligence can be applied in banking through numerous applications, such as customizing customer experiences and automating back-end processes, in biology by using artificial intelligence models to predict protein structures and properties, and in the travel and hospitality sector by enhancing demand forecasting and pricing strategies.
During the activities of the first day of the Dubai Artificial Intelligence Forum, Quantum Black McKinsey organized a special session in cooperation with the Dubai Center for Artificial Intelligence Applications titled "Insights into Global Trends and Government Initiatives in Artificial Intelligence," focusing on the role of government agencies in governing emerging models of artificial intelligence applications and directing them to serve individuals, institutions, and sectors of society and business.
A special session also took place on the second day in partnership with the Dubai Center for Artificial Intelligence Applications, titled "Opportunities for Generative Artificial Intelligence and Their Economic Impact."
As part of the forum's activities, Quantum Black organized an exhibition titled "A World Record in Formula E Racing," supported by McKinsey's artificial intelligence, which highlighted the role of artificial intelligence in extrapolating and analyzing data and creating unprecedented differences in electric vehicle racing.