By Sidharth Balakrishna, Diversification and New Initiatives Expert and Senior Partner, BOD Consulting
The consulting world, like many others, especially the Finance sector and Supply chains; is undergoing transformation. Of particular note is how Artificial intelligence (AI) is emerging as a potent tool reshaping the landscape, presenting both challenges and immense opportunities for consultants.
Let’s delve into how AI can empower consultants to unlock new value and improve processes for a stronger, more efficient workflow.
Specific is terrific!
“Specific is terrific!” is an adage I have often shared with my colleagues and students where I teach. One of the most immediate benefits of AI and analytics is its ability to offer far more personalized recommendations and options based on deep analytics.
In addition, AI also automates and saves time on many tasks. Imagine an AI assistant sifting through mountains of data to identify market trends, predict customer behaviour, or generate insightful reports. Such a workflow cuts clutter from the consultant’s workspace, reduces turnaround time, and satisfies client needs.
Consultants often grapple with data analysis, research, and report generation, which can be time-consuming and prone to errors. Digital tools (one example being Monday.com), some powered by AI, can handle these tasks with remarkable speed and precision, freeing up valuable time for consultants to focus on strategic thinking, client interaction, and value-added activities.
Insights and predictions
AI based analytics is the new “jyotishi”. Just like an astrologer looks at patterns of planetary positions and makes predictions, AI can find patterns in data; thus empowering consultants to uncover hidden patterns and correlations that may elude human observation.
This is particularly true for commodities that are raw materials or intermediates. Consider steel for example- its demand is influenced by many variables, given its usage in multiple sectors such as construction, furniture, automobiles, satellites, even utensils! Only AI can find quickly how a change in one variable out of the dozens will affect total demand.
Other AI tools such as sentiment analysis can gauge customer satisfaction, social media analytics can reveal brand perception, and predictive models can anticipate market shifts and customer needs.
With this deeper understanding of clients and their environments, consultants can provide tailored solutions, mitigate risks, and anticipate future challenges. Imagine a consultant using AI to analyze sales data, identify underperforming product lines, and predict revenue trends, empowering them to recommend actionable strategies to boost the client’s business.
Aiding creativity; fueling innovation
Contrary to popular fears, AI need not be seen as an enemy to human ingenuity and creativity. AI can generate new ideas, brainstorm possibilities, and even create content, providing consultants with a springboard for their creative thinking.
A consultant can leverage Generative AI to generate diverse marketing campaign concepts, allowing them to refine and personalize them based on the client’s specific needs and target audience.
Midjourney and other design tools for example can help come up with design options considerably helping designers and architects; combined with 3D printing, this can help generate rapid prototyping.
But..
While AI’s potential is undeniable, it is not without its challenges. Ethical considerations regarding data privacy and bias need careful attention; this has also been the focus of recent legislations. Relying solely on AI can undermine the human element of consulting.
AI should be seen as a powerful assistant, not a replacement for human judgment and intuition.
Conclusion
As a famous HBR article pointed out, “Artificial Intelligence will not replace managers, but managers who use Artificial Intelligence will replace managers who don’t”.
By embracing AI and learning to leverage its capabilities, consultants can enhance their efficiency, deepen client insights, fuel creativity, and personalize their services. This allows them to provide greater value to their clients and navigate the evolving business landscape with agility.
