A New Class Of Consultants Are Trying To Clear Up Some Confusion About AI

No matter your age or background, you’re probably at least a little intrigued and/or worried about the rapid advancement of artificial intelligence. And regardless of whether you have an optimistic or pessimistic outlook on the topic, there’s likely a little confusion mixed into the equation.

For business leaders, this confusion can lead to costly mistakes or missed opportunities, so an increasing number of them are soliciting the advice of specialized consulting firms.

Cashing in

Businesses want to leverage AI to boost their bottom lines. But before they get richer with this new technology, those who help them understand it are already raking in the dough.

A full 90% of advisory firm PwC’s top clients are seeking guidance regarding the implementation of AI into their operations. And last year alone, McKinsey & Company reported $16 billion in revenue — a record sum boosted in large part by the demand for AI consultancy.

Now that powerful AI features have been around for a while, the nature of that advice is shifting from answering basic inquiries to providing customized plans.

“Eighteen months ago, the conversation was all about, ‘What is GenAI?’” explained Boston Consulting Group’s Allison Bailey. “Today, it is, ‘How do I actually drive value with AI and drive meaningful change in how we work?’”

Stay in your lane

Even though AI is likely to infiltrate every conceivable industry over the next few years, it’s important for businesses to understand the most effective ways to use it for their specific goals. And you don’t have to shell out a fortune to consultants if you’re just getting started.

Experts recommend beginning with a broad game plan including what you hope to achieve with AI, how to find the right team to pursue those goals, and what roadblocks you’re likely to encounter along the way.

Chris Agee June 29th, 2024

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