Many types of artificial intelligence (AI) capabilities have accelerated in recent years due to tumbling costs of data storage and processing, rapidly expanding data availability, and improved data storage and modelling techniques. In general, analytical AI can analyze historical data and make numeric predictions, while generative AI (gen AI) allows machines to produce new outputs similar to human-generated content. Gen AI, in particular, has been building momentum since 2017 and hit an inflection point at the end of 2022 when applications such as ChatGPT became publicly available.
It’s no surprise, then, that AI adoption has surged across industries. For instance, in 2023, a third of respondents taking part in McKinsey’s annual…
