Introduction
Even by the relatively lofty standards of the tech sector, the hype around generative AI may have broken new ground. McKinsey estimate that the technology could add between $2.6tn to $4.4tn of economic value annually across industries ranging from banking to life sciences. Chat GPT, probably the most well known example of generative AI, reached 100 million users 2 months after launch and by most estimates has over 1 billion users currently.
The following analysis based on multiple recent studies and a framework for analyzing the impact of automation on work as described in Reinventing Jobs (HBR Press, 2018), illustrates the potentially significant gains possible through the use of RPA and the four generations of AI currently available to us (rule-based systems, machine learning, deep learning, and generative AI).
