Artificial Intelligence is rapidly evolving as it becomes more developed. AI is going to eventually change the way information is gathered and decisions will be made differently. AI already has the ability to automate tasks that are regularly completed thus increasing efficiency and leaders are starting to use it. However, the shift to the use of AI will greatly affect the consulting industry. AI will be able to use data analysis and presentation in order to advise these corporate clients and although consultants are very intelligent at they do, artificial intelligence is better.
AI and other machine learning applications can analyze large amounts of structured and unstructured data and produce advice in a short amount of time for a cheaper cost than consultants in the market. They are also capable of building computers models that contain complex information because it is able to detect patterns from data. This process is very difficult for even the most intelligent and largest consulting firms.
Many corporations are soon to also rely on AI to manage human capital. Many of decisions made within corporations for example, mentorship, promotion, and compensation, are political. These biases negatively affect how many groups of people are managed and it results in organizations lacking in the ability to appropriately recognize and reward performance.
What will happen to the consulting industry? Will consultants be completely eliminated due to artificial intelligence?
Boston Consulting Group and MIT Sloan Management Review researched, Reshaping Business With Artificial Intelligence. The research found significant gaps between companies who have already adopted and understand Artificial Intelligence (AI) and those lagging. AI early adopters invest heavily in analytics expertise and ensuring the quality of algorithms and data can scale across their enterprise-wide information and knowledge needs. The leading companies who excel at using AI to plan new businesses and streamline existing processes all have solid senior management support for each AI initiative.
- 84% of respondents say AI will enable them to obtain or sustain a competitive advantage.
- 83% believe AI is a strategic priority for their businesses today.
- 75% state that AI will allow them to move into new businesses and ventures.
The research shows that AI will be the catalyst of entirely new business models and change the competitive landscape of entire industries in the next five years.
Do you agree with this? Should AI be adopted into more companies? What are some ways AI can benefit a company?