According to a recent study, the business consulting industry in the US alone is worth sixty billion US dollars. The consulting firms’ advice is especially sought on activities such as budgeting, allocation of capital, human resources and corporate strategy. While these consultants have gained a certain expertise in this, a lot of tasks can eventually get automated using Artificial Intelligence (AI). It is estimated that the work which four consultants can together perform on excel spreadsheets can be done quicker by a single robot using AI. This trend will be a difficult pill to swallow for the big consulting firms such as McKinsey, BCG and Bain. The top tech platforms such as Apple, Amazon, Google, Facebook and Microsoft have created AI based products for aiding clients in customer engagement and marketing. Even imbalances and human error trends such as politicizing the workplace are getting freed up using AI in the human resources arena. It has also been observed that capital allocation is often unequitable with the same departments racking up the funds year-on-year. This trend is also getting rectified. In the near future Quant Consultants or Robo advisers are set to disrupt the world of consulting.

Source:https://hbr.org/2017/07/ai-may-soon-replace-even-the-most-elite-consultants

Uploaded Date:31 July 2017