McKinsey: ChatGPT & Co. can alleviate the shortage of skilled workers
Text robots such as ChatGPT or Bard, image generators such as Stable Diffusion and other generative artificial intelligence (GenAI) programs could significantly alleviate the shortage of skilled workers in Germany. This is the result of a study by management consultants McKinsey & Company, which was published in Düsseldorf on Saturday.
The researchers referred to the high number of vacancies on the German labor market, which has quadrupled since 2004 to over 800,000 in 2022. The early introduction of GenAI could counteract this trend: "The technology has the potential to partially automate work steps, relieve people of routine tasks and thus create new scope for creative work and innovation. This could also compensate for the overall slowdown in productivity growth in recent decades," said Holger Hürtgen, Partner at McKinsey's Düsseldorf office.
However, not all sectors would benefit equally from alleviating the shortage of skilled workers. The use of generative AI is particularly promising for activities that require a high level of education. "These activities are complex and therefore benefit greatly from optimization and automation." For example, activities in the fields of law, further education or natural sciences/mathematics/computer science (such as software architects) could benefit. By contrast, physical work such as in the construction or agricultural sectors would hardly be affected by this type of AI.
Germany is suitable for a leading AI role
The study also calculates the economic impact of an early introduction of GenAI: by 2040, the gross domestic product (GDP) in Germany could be increased by up to 585 billion euros, which would correspond to an increase of 13 percent.
According to the McKinsey experts, Germany has a solid foundation to take on a leading role in AI in Europe or even worldwide. "Europe needs local driving forces in a pan-European network in order to jointly shape the transformative power of GenAI and not lose touch with the USA and China," says Gérard Richter, Head of McKinsey Digital in Germany and Europe.
However, there is a lack of investment in AI in Germany, say the authors of the study. "Germany is an entrepreneurial but underfunded country with great potential to take on a leading role in Europe." Countries such as the UK, Switzerland and France are in a better position here. In terms of the ability to create AI applications, however, Germany is at the top of the European league table and in third place worldwide behind the USA and China.
- The implementation of AI in fields requiring a high level of education, such as software architecture in computer science, could greatly benefit from the integration of generative AI, alleviating the workload and enabling more creative problem-solving.
- In order to capitalize on the potential of AI, Germany should invest more in this technology to compete with countries like the UK, Switzerland, and France, which are currently leading the way in AI application creation.
- The early adoption of AI and GenAI in Germany has the potential to significantly boost the country's economy, potentially increasing the GDP by 585 billion euros by 2040, positioning Germany as a global leader in AI innovation.
Source: www.dpa.com
