Artificial intelligence (AI) in consulting
How artificial intelligence is revolutionizing management consulting: Insights into a future where consultants and AI, go hand in hand
AI until 2030
In the rapidly evolving business world, companies face the challenge of keeping up with the latest technologies in order to remain competitive. Artificial intelligence (AI) is playing an increasingly important role in this transformation. In this context, the question of whether AI can replace the traditional management consultant is becoming increasingly important. Research, such as McKinsey & Company’s study, “Generative AI and the Future of Work in America,” predicts that by 2030, generative AI will automate tasks that currently account for up to 30% of labor hours in the U.S. economy. However, this automation will expand the way we work in specialized areas, not replace it.
Deloitte’s report “State of Generative AI in the Enterprise”
The question is whether the growing interest in artificial intelligence will win the race or whether fears and regulatory hurdles, particularly in the area of compliance, will gain the upper hand. Do the potentials of the technology outweigh the reservations, or are the latter blocking broad acceptance? Deloitte’s report “State of Generative AI in the Enterprise” shows a clear trend. Executives are enthusiastic about the possibilities of generative AI, with 62% rating generative AI as exciting. Nevertheless, there is a certain degree of uncertainty (30%). A majority (79%) expect generative AI to bring about significant transformations in their organizations and industries in the next three years.
Data protection and compliance
While concerns regarding data protection and compliance, for example, are certainly justified in the discussion about artificial intelligence, this debate leads to a significant insight: the role of the management consultant is not diminished by the integration of AI, but rather significantly expanded. By incorporating AI into their services, consultants can provide more data-driven, accurate and efficient solutions. This symbiosis of human expertise and AI capabilities promotes deeper analysis and a refined understanding of complex challenges, which ultimately increases the quality of advice and offers added value for the customer.
Commerzbank provides an innovative example of the application of AI in customer advice with the introduction of an AI-based banking avatar that combines generative AI and avatar technology to improve the customer experience. This underlines the versatility of AI in supporting and improving customer interactions and experiences.
Integration of AI
The integration of AI into management consulting (management consulting at EI) therefore not only enables more efficient data analysis and processing, but also promotes innovation and strategic development. Management consultants who use AI can concentrate on complex analysis and strategy tasks and thus create greater added value for their clients. This development indicates that the AI-savvy consultant will replace the traditional consultant without the use of AI in the digitally transformed business world. Integrating AI into consulting services is not just a possibility, but a necessity to be successful in the modern business world.
Bibliography:
Deloitte. (2024). State of Generative AI in the Enterprise. [Bericht].
McKinsey Global Institute. (2023). Generative AI and the Future of Work in America. [Studie].
Commerzbank Aktiengesellschaft. (2023). Commerzbank plans banking avatar based on artificial intelligence. [Pressemitteilung]. Frankfurt am Main: Commerzbank Aktiengesellschaft.
Another article on the topic of AI / artificial intelligence: https://experts-institut.de/zukunft-gestalten-ki-als-schluessel-fuer-fortschrittliche-unternehmensfuehrung/
