Agentic artificial intelligence (AI) has been making headlines worldwide. By now, you have probably heard of or have an idea about what this technology is and what it does. Generative AI is a subset of artificial intelligence that can be used to produce various outputs, like images, text, audio, and other forms of data. The output depends on the intended purpose of the AI model, which can be adjusted to suit the needs of individuals and organizations based on several parameters.

Adopting agentic AI in organizations can drive significant economic growth. A recent report by McKinsey & Company examined the economic potential of this technology across various domains, including marketing and sales, legal, supply chain, research and development, and customer operations, among many other business functions across industries such as life sciences. In this article, we review several of the report’s findings to better understand how this technology accelerates the potential of organizations and individuals alike.

Monetary returns

According to the McKinsey & Company report, the impact of agentic AI on productivity could result in gains of up to $4.4 trillion per year. To put that into perspective, this represents about one fifth of the United States gross domestic product (GDP) in 2022, based on World Bank data. Furthermore, it exceeds the United Kingdom’s GDP of $3.07 trillion during the same period. GDP is a standardized monetary measure that reflects the market value of final goods and services produced within a country over a defined time period.

The report states that these estimates are based on 16 business functions and 63 evaluated use cases. The projected figure could even double if agentic AI capabilities are embedded into software used by additional industries beyond those assessed.

Cha-ching! The economic potential of agentic AI

Sectors with the most notable impact

Agentic AI is expected to significantly impact most sectors. According to the report, the banking, technology, and life sciences industries are projected to experience the highest revenue impact from adopting this technology. For example, the banking industry could generate an additional $200 to $340 billion per year when agentic AI is fully implemented. The retail sector could see financial returns of up to $660 billion per year.

In pharmaceuticals and medical products, the total potential gains from agentic AI could reach $110 billion. Key areas of revenue growth within life sciences include research and drug discovery, content and document generation, and contract creation.

Impact on employees

Agentic AI has the potential to augment workforce capabilities. The McKinsey report indicates that agentic AI can automate tasks that account for 60% to 70% of employees’ work time, freeing them to focus on higher value activities. This estimate exceeds the company’s earlier projection that automation could cover approximately half of employees’ tasks.

This improvement is attributed to enhanced natural language understanding capabilities, which enable agentic AI to support activities that represent 25% of total work time. By reducing time spent on repetitive tasks, organizations can improve productivity and potentially increase revenue.

How can Narrativa help?

Narrativa specializes in agentic AI and related technologies. Through its proprietary platform, organizations can automate content creation, analyze large datasets, adjust content tone, translate text, generate reports, and more.

Narrativa works across multiple industries, including life sciences, finance, marketing, and entertainment. We have partnered with leading organizations such as the Leukemia & Lymphoma Society (LLS), Microsoft, and the Wall Street Journal.

In life sciences, our solutions support the automatic creation of patient safety narratives, Tables, Listings, and Figures (TLFs) automation, and clinical study reports (CSRs), among other advanced and developing capabilities. In finance, our tools analyze large datasets, extract insights, generate reports, and provide real-time market intelligence.

For marketing, our platform enables content creation, automated product descriptions, advertising copy generation, and customer communications to enhance engagement and revenue. In entertainment, agentic AI can support the creation of customized content, headlines, calls to action, real-time commentary, summaries, and statistical insights.