AI in Consulting: Seven Months On – Friend, Foe, or Partner in Progress?

The consulting landscape is experiencing a seismic shift, driven by the unstoppable rise of artificial intelligence (AI). Since our last blog on this subject just seven short months ago, the tech landscape has not only evolved but accelerated. 

AI has now moved beyond the realm of tech giants and begun to reshape the industry from within. This presents significant challenges as well as huge opportunities, while firms rethink their approaches to projects, the roles they’re recruiting for, their talent pipeline and even the services they offer.

In this blog, we dive deeper into how the AI revolution is impacting people and roles within the consulting industry. 

So, what's new in the world of AI, and what do the newest trends mean for consultants, candidates and hiring firms?

Mass adoption

The consulting world is now waking up to the AI boom, and we’re witnessing an unprecedented surge in adoption. AI solutions are now infiltrating and influencing many aspects of client projects. 

Gartner's Hype Cycle for Artificial Intelligence, 2023 report identified five stages of adoption: Innovation Trigger, Peak of Inflated Expectations, Trough of Disillusionment, Slope of Enlightenment, and Plateau of Productivity. 

We're now firmly on the Slope of Enlightenment, where practical applications and real-world value are taking centre stage. This is translating to a growing demand for consultants who can expertly implement and manage AI strategies, leaving firms scrambling to upskill their workforce or seek out talent with these coveted skills. The race is on, and those who embrace AI-savvy consultants first will gain a significant competitive edge. 

Focus on responsible AI

As AI becomes more prevalent, concerns about bias, ethics, and transparency are rising. Companies are increasingly focusing on developing and deploying AI responsibly, ensuring fairness, accountability, and alignment with human values.

This opens up exciting new career paths for consultants specialising in AI governance and risk management. They'll be the gatekeepers, ensuring fairness, accountability, and aligning AI with human values. Responsible AI consultants will be the ones leading the charge, protecting both clients and businesses from ethical pitfalls.

ChatGPT and the democratisation of AI 

Generative AI tools like ChatGPT are making AI more accessible than ever, lowering the barrier to entry for businesses and individuals. This democratisation is a game-changer for the consulting industry. It's not just about big-budget AI projects anymore; smaller firms and even individual consultants can now leverage AI tools to create innovative solutions and gain a competitive edge. But here's the catch: navigating the ever-evolving AI landscape requires expert guidance, and clients will be looking for support from a new breed of AI-augmented consultants. They'll be the translators, bridging the gap between technical jargon and practical business application. Think of them as your firm’s AI Sherpas, guiding clients through the treacherous terrain of AI implementation and ensuring they (and you) reap the maximum rewards.

Permanent AI revolution

It’s only been one year since the launch of Chat GPT, and the breakneck rate of change in generative AI tools alone, shows that catching up is unlikely in the age of AI. 

Advancements in AI are self-reinforcing, creating a cycle of innovation that will continue to reshape our world at an ever-increasing pace. This presents a unique challenge for businesses, most of whom cannot hope to keep up with the current rate of change.

The key to succeeding in this permanent AI revolution lies in accelerated learning. By fostering a culture of continuous learning, data analysis, and knowledge sharing, companies can bridge the gap and become early adopters of the latest technologies. 

Adaptability will be the name of the game, and consultants who embrace new skills will be the ones to secure rewarding roles and thrive in the face of constant change, while firms that nurture a culture of lifelong learning will attract and retain the top AI talent.

Moving from insight to impact

So, what does all this mean for the consulting industry?

As AI adoption grows, the demand for skilled consultants who can understand, implement and manage AI strategies and solutions will rise. Firms need to invest now in reskilling and upskilling their workforce to meet this demand.  

Although AI will undoubtedly replace some aspects of the consultant’s work, it’s a development that should be welcomed. Gone are the days of sifting through data manually. AI is capable of devouring mountains of data, identifying trends and unearthing hidden patterns at a rate human minds can only dream of. 

However, raw data is of little use until human context and understanding is applied. Although AI may have the ability to crunch data at lightning speed, human ingenuity and interpersonal skills remain the very essence of what clients value. Only consultants possess the critical thinking skills and experience necessary to interpret AI-driven insights and translate them into actionable recommendations tailored to each client's unique needs and goals. These uniquely human attributes should be honed and nurtured as part of your personal or organisational development strategy. 

Partner in progress

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