This Week in Consulting
Wednesday, November 27th 2019
Can Consulting survive the take over of AI and analytics?
THIS WEEK’S MUST READ
“As artificial intelligence takes over the capital markets, will consulting be far behind? The similarity between the two lies in their core: data. Just like traders, consultants offer a data-driven service. And, historically, data challenges have ensured the necessity of a human interface to the data. Data is messy. It is hard to process.”
Management consulting which tends to view itself as an elite in the business world is vulnerable to AI, a disruptive force of the market.
This Week’s Must Read is an insight piece from MITSloan where the authors explore the impact of AI and analytics on the “giving advice” industry. They encourage consultants to shift their mental model and identify the “true value” they are bringing to the clients.
Read on to Find out More: “Management Consulting’s AI-powered Existential Crisis “ |Megan Beck and Barry Libert, AIMatters.
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THIS WEEK’S VIDEO:
Meet Sheldon, the Future of Consulting by Emmanuel Jusserand, Partner at Accenture Digital Strategy.
- How data analytics are changing the consulting industry?: “As the digital revolution takes root in the consulting industry itself, tremendous opportunities to enhance the client experience are opening up and advising clients on leveraging analytics is now an entrenched part of modern consulting. However, consultants must learn new skill sets to stay ahead of the disruption, according to experts at management consultancy OC&C Strategy.” Data analytics, smartly deployed, can provide premium insights into an organization’s performance metrics, and the complex changes happening around them. How are consulting practitioners embracing analytics to serve their clients better? | Virtuosi
- AI May Soon Replace Even the Most Elite Consultants : “The shift to AI solutions will be a tough pill to swallow for the corporate consulting industry. According to recent research, the U.S. market for corporate advice alone is nearly $60 billion. Almost all that advice is high cost and human-based.” “In 2017, the same authors, as the cover article, were anticipating how the Consulting Industry would face the disruptive impact of emerging technologies. How have things evolved in two years?. | Megan Beck and Barry Libert
- How technology is disrupting the consulting industry: “While technology will see some aspects of work become less important, it will ultimately support and augment consulting work, freeing up labour to add value elsewhere in the firm. According to industry advocates, while tedious tasks could disappear or be outsourced to robots, the need for humans will always be there.” Technology is disrupting the consulting industry alright, changing when and why clients work with consultants, but also how consultants themselves work. But ultimately, isn’t technology just getting rid of the low-value activities and freeing consultants for the high-level consulting work?. | Consultancy.eu
- Artificial Intelligence in the Consulting Industry: “The business world is becoming gradually more complex, technical and faster paced hence having a good understanding as to what type of information to collect and how to collect it, in order to create long term growth by launching new and innovative products, enter new markets or seek new sources of growth is vital and a must for businesses to succeed.” As Ai is developing, managers are less relying on consultants, but rather analytical tools, to make decisions. But likewise, the consultants can leverage AI to better their services for their clients. | Dauda Barry, Daudex
- Top 12 Overlooked Challenges in Digital Transformation That Can Prove Costly to Clients and Consultants: “In the new digital economy era, the demand for change to the traditional consulting business model is more pressing than ever. Digital transformation is providing consultants with nearly 40% of their revenue, but still, there are plenty of challenges for Clients and Consultants as well.” This article provides several levers that can be implemented to guide Consultants and Clients willing to embrace digital. | Hélène Laffitte, Consulting Quest
On the same theme,here is a selection of conferences that you might find useful
AI Summit 2020 : here are a number of reasons to account for Ireland’s growing reputation as an Artificial Intelligence Island.
WORLD SUMMIT AI : The world’s leading and largest AI summit gathers the global AI ecosystem of Enterprise, BigTech, Startups, Investors and Science, the brightest brains in AI as speakers.
CONSULTING INDUSTRY NEWS
- BNY Mellon saving hundreds of hours a year processing emails with AI: “Hans Brown, BNY Mellon’s global head of innovation, tells Finextra that the bank’s operations team has applied AI to the relatively mundane task of reading e-mails and auto-forwarding them to the relative department.” | Finextra
- Deloitte Digital Wins Three Partner Innovation Awards at Dreamforce 2019: “Deloitte announced that it has received three Salesforce Partner Innovation awards in the B2C Commerce, Higher Education and Health Care and Life Sciences categories. Deloitte Digital was recognized for its work with True Alliance, Southern New Hampshire University and Amgen respectively. The awards were presented at Dreamforce 2019.” | PRNewswire
- Twitter acquires London AI startup as it looks to target small businesses: “Twitter has snapped up artificial intelligence (AI) marketing platform Aiden as it looks to expand its advertising offering for small businesses.” |James Warrington, CityA.M
- Bain & Company expands unpaid parental leave scheme in UK: “Global strategy consultancy Bain & Company has sought to improve the gender equality in its upper echelons by providing a parental leave package that does not “imply or even financially force the birth mother to become the primary care giver.” The new scheme will give new parents – regardless of gender – up to 52 weeks of leave with the first 26 weeks fully paid.” | Consultancy.uk
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