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What’s going on:    Â
McKinsey and Company, one of the world’s largest consulting firms, has unveiled its own generative AI tool called: Lilli. The chat application is designed for use by the firm’s employees and offers information, insights, data, and plans for consulting projects, according to Venture Beat. Â
Mckinsey and Company states that the AI tool can also recommend suitable internal experts-based data based on more than 100,000 of the firm’s documents and interview transcripts. Lili has been in beta since June 2023 and has already been used by approximately 7,000 of the firm’s employees, according to Venture Beat. During the beta phase, Lilli has reduced the time spent on research and planning from weeks to hours or even minutes in some cases. Â
Why it matters:Â Â
McKinsey’s AI tool streamlines the process of gathering relevant information and insights, enabling employees at the firm to focus on problem-solving and value creation. This is a clear example of how company-specific AI programs can be utilized as a complementary tool to enhance employee capabilities in the workplace.Â
The unveiling of Mckinsey’s AI tool represents a major change in how McKinsey consultants are designing their workflows. By using Lili, they can rapidly access insights, data, and recommendations that previously would have required extensive manual research and planning. The tool’s ability to reference Mckinsey’s own sources, something other large language models often aren’t trained to do, adds credibility to its responses and is likely hold more weight to employees at Mckinsey. As a testament to its effectiveness, Lilli has answered 50,000 questions in just two weeks, and 66% of users return to it multiple times per week, according to Venture Beat.Â
How it’ll impact the future:Â Â Â Â
If McKinsey achieves success with Lilli, it could inspire others to develop or adopt their own company-specific AI tools. Generative AI has the potential to revolutionize the way organizations access, process, and use their internal data. As organizations see the benefits that McKinsey has gained from Lilli — such as enhanced productivity, improved decision-making, and more efficient use of resources — they may be motivated to implement their own generative AI solutions.Â
The implementation of company-specific AI tools will depend on the organization’s unique needs, resources, and capabilities. Factors like the size of the company, the industry in which it operates, and the complexity of its data management will all play a role in determining the extent to which this kind of generative AI is adopted.Â
As AI technology like ChatGPT matures and becomes more accessible, it is likely that an increasing number of organizations will adopt it as part of their overall digital transformation efforts. The trend may be further accelerated by AI vendors and consulting firms offering tailored solutions to help organizations integrate generative AI into their operations.Â
