AI and Digitization
With the rise of remote work and the increased emphasis on data processing/analysis, it is only logical that consulting companies are looking to AI integrated solutions in order to streamline their workflows and enhance their decision-making capabilities. Currently, there is a massive push by larger firms such as EY, Deloitte and the Boston Consulting Group to implement and improve AI technology within the context of business consulting, as the ability of AI to sift through and interpret enormous amounts of data makes it an invaluable resource in the modern-day workplace. Its adaptability and ability to teach itself can make its application potential nearly limitless, especially in data heavy industries like marketing, IT, and manufacturing.
Strengths:
The raw power of AI is matched only by its versatility, as every industry is heavily reliant on data and market analysis in order to conduct day to day operations and strategic planning, making it a necessity for larger consulting firms and a major benefactor for nearly every type of business. In addition to its processing capabilities, as AI becomes more sophisticated it will invariably take over the more tedious and repetitive tasks of day-to-day business operations, saving companies time and money, but most importantly freeing up resources to focus on other, more creative and involved tasks, thus furthering the pace of business development.
Shortcomings:
As mentioned before, AI can process and analyze data at a rate that no human could possibly achieve, even with digital assistance, however, AI is still largely incapable of thinking in creative, unexpected ways. Despite constant development and investment from tech giants to expand these capabilities, no one has successfully taught an artificial intelligence how to strategize, plan, and implement a game plan in the same way a human would. The simple fact of the matter is that computers cannot comprehend the human aspects of business, such as client needs, feelings toward industries/products, consumer perception and long-term business vision & strategy. This will still remain the domain of experienced executives and client facing in-person representatives for the foreseeable future, as they can relate and interact with clients on a level that computers and programs simply cannot.
Summary:
However, artificial intelligence is nowhere near a “cure all” for the consulting industry or businesses as a whole; The human aspect of strategic planning and client relations is not only important, but absolutely essential to the success of any entrepreneurial endeavor. Although artificial intelligence is an astounding technology bound to revolutionize just about every industry it touches, it should be viewed as yet another powerful tool in the arsenal of the consultant or business owner, instead of a panacea to any/all operational woes. Like any technology, it is only as effective as the person using it.