Boosting Productivity

Today’s Edition

Hey there! Welcome to today's edition, packed with all the hottest news from the world of AI.

• 📖 First up, we've got some fresh research showing how language learning models (LLMs) are totally revamping the workplace. I mean, who wouldn't be thrilled with the kind of productivity spikes we're seeing, not to mention happier employees?

• 🖥️ Now, onto the latest tools. Have you heard of Scanlist? It's this amazing tool that helps you whip up high-quality leads and craft custom message sequences. Oh, and for all you interior design enthusiasts, you've got to check out COLLOVGPT – an AI tool that's like your own personal interior designer.

• 👩🏼‍💻 As for today's prompt, it may not make you an overnight DIY whiz, but it could definitely help you sharpen your skills (Not mine, as my wife will attest, but definitely yours.). Need a hand building outdoor seating or navigating a tricky DIY project? Just give this ChatGPT prompt a go!

• 🎤 Most valuable media features some awesome Porsche images that are so good, they could be right out of Porsche's own ad campaign. Plus, check out this clip from the All In Podcast on how to rake in the dough by investing in AI.

So grab a cup of coffee, sit back, and let's dive into the fascinating world of AI together. Enjoy!

Jenko

New Studies Show LLMs’ Impact on Productivity

So, you remember we were talking about Large Language Model (LLMs) powered workflows the other day, right? They're like this incredible tool that can make life a heck of a lot easier for folks in all sorts of jobs—marketers, support people, administrators, managers, sales reps, even software developers. It's like having a super efficient assistant that takes care of all those boring, repetitive tasks, so you can focus on the stuff that really matters and brings the big bucks to the business.

And you know what the best part is? When you don't have to waste your time on those mundane tasks, it just makes work a lot more enjoyable. So, we're talking happier employees and smarter resource allocation. Win-win, right?

Now, you're probably wondering how big this thing really is. Well, a bunch of the world’s top universities and businesses have done some research on it. The results? Mind-blowing! They're talking up to a 50% boost in productivity on some tasks. And get this: they think it's only gonna get better as these models keep improving and start getting access to all the business data and apps. On top of this, we've also been chatting with a number of our clients.

Oh, and there's some really interesting stuff that's come out of recent studies conducted by MIT, Goldman Sachs, OpenAI, University of Pennsylvania and Accenture which I’ve summarised and linked below.

Many developed world occupations will be substantially impacted through work augmentation or replacement.
While the impacts vary greatly by occupation, overall, LLMs have the potential to impact 80% of the U.S. workforce and, according to a report by Goldman Sachs, raise global GDP by 7%. A study from Accenture shows that, out of 22 occupation groups, 40% of all tasks today have high potential for automation or augmentation, with the most potential across Financial Services, Software & Platforms, Energy, and Communications & Media.

Potential productivity gains are significant.
Even with relatively early implementations of LLMs not grounded on enterprise context, a recent MIT study showed that worker productivity on typical white-collar tasks could be improved by over 50%, with coding tasks being completed twice as quickly using AI. Results vary considerably across functions: in customer support, studies have seen 14% more issues per hour assisted by AI and economists observed a 10-20% increase in productivity. Yet in sales, sales development representatives (SDRs) can send 15 customised, researched, outreach emails per hour with AI assistance versus three per hour manually — a 5x difference. As models improve and are able to access and synthesise enterprise data more holistically, these numbers will increase further.

Less productive, or newer workers tend to benefit disproportionately.
Per the MIT study into white-collar tasks, not only were all workers more productive with AI, but the gains were far higher for workers who were initially less productive, and their rate of improvement was higher. The same outcome was noticed with the NBER research into call center productivity, which, put simply, allowed call center operators to choose AI generated responses to support inquiries.

Employee satisfaction and output quality also improve.
As with productivity gains, quality gains and satisfaction skew towards newer or lower skilled workers, with highly skilled workers showing little improvement, especially in output quality. Some of the drivers of employee satisfaction come from the reduction in mundane tasks. Improving employee satisfaction also improved retention; for high turnover roles like call center operators, replacement and training costs can add up to $10-$20,000, suggesting substantial savings here too.

Large improvements were seen even with relatively simple baseline models.
This was the case with models that lacked domain or task customisation and had limited context. In other words, the models weren’t using any domain or user context to generate responses, so they couldn’t be specific or use user data to generate responses. If this capability were added, productivity gains would be higher still.

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A day in the life of AI

Every day, we will showcase a workflow or task designed to help you save time in your job or personal life. Becoming skilled at promoting can be a superpower, so the goal of this section is to help you improve in this area for both personal and professional growth.

Personal or Professional: Personal
Workflow/Task: Become a DIY expert
Task time before AI: A few hours - a couple of days
Task Time with AI: <5 minutes

Looking to improve your DIY skills or need guidance on creating outdoor seating? Try this ChatGPT prompt:

Please let us know if there are any workflows, tasks, or roles that you would like us to feature.

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These images were created with Midjourney via the following prompt: porsche phenomenon futurist concept photo, in the style of light white and orange, reefwave, 32k uhd, intense close-ups, poolcore, precise nautical detail --ar 4:5 --style raw

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