In 2019, technology seems to be having a massive say in the state of affairs. From AI to the internet of things, there has been disruption in the regular operations, and business intel is one of the sectors on the receiving side of technology. The Economists and the Harvard Business Review have both published recent articles on why AI will replace management consultants in the not-too-distant future.
AI is Intruding into Consultants’ Space
In 2015, McKinsey acquired the London-based Artificial Intelligence firm, QuantunBlack in a measured move to integrate more tech into their operations, knowing the potential of these systems to boost their productivity. QuantumBlack is also known to have carried out other significant projects on improving the engineering teams’ operations in oil and gas divisions of global engineering companies.
The company has also carried out a project on using AI to determine the causes of sales drops. These investments are all on finding more efficient ways to handle typical the typical works of large consultancies. This pattern of investment has been noticed in other business management consultancies, showing that venture capital consulting companies know that the stakes are higher now more than ever. So, this brings us to a crucial advantage of AI adoption in business management consulting.
New Opportunities for Business Consultants
According to Odgers Connect, two out of ten organizations outsource work to independent business intelligence consultancy and venture capital consulting to help exploit their technologies. Another statistic is that almost 30% of venture capital consulting firms look to hire even more independent consultants for digital technology and data analytics. Director at Redkite Intelligence, Jon Tippell puts it best, ‘Many organizations know they aren’t good at analytics and AI, but they need to be in order to survive. So there is a continued demand for external support and an enormous appetite for capacity in this space.’
This new opportunity will boost the market value of business intelligence consultancy or professionals who can work efficiently with big data analytics and AI. However, there is a sense that businesses are not getting optimum returns from their investment in technology yet.
AI is set to Replace Routine Consulting Tasks
Repetitive tasks, in every field, are gradually being handled by some form of artificial intelligence, and this is the same in functions involving large volumes of data. However, as nowadays, businesses do not readily welcome new technologies because of past disappointments after excessive hype.
It is a fact that Artificial Intelligence will disrupt business intelligence consultancy, its repercussions are not entirely bad. On the one hand, AI threatens to replace some venture capital consulting as it will be continually used to handle specific tasks. On the other hand, organizations’ increasing adoption of Artificial Intelligence systems will open new avenues and career opportunities to tech-savvy business management consultants with the expertise to work with these new technologies and maximize their potential benefits to operations.