AI News, Success Factors Impacting Artificial Intelligence Adoption ... artificial intelligence
AI Consulting: In-depth Guide with Top AI Consultants [2019 update]
Different consulting companies have different estimates but companies like McKinsey, PwC all rightly claim that AI is a multi trillion dollar economic opportunity for the world which will be unlocked in the next decade.
For example, a translation services company needs to make dramatic changes to its business to ensure that it survives in 5-10 years when Google translate reaches human level translation capabilities.
It is helpful to have strategy sessions envisioning 5-10 years into the future, helping executives understand the future of AI so they can identify how their business needs to start changing today.
Implementation should also be considered as multiple activities such as planning, vendor selection if needed, project management, development, improvement of business processes impacted by the project, change management and so on.
However, for example, if the client lacks the tech know-how to implement urgent initiatives, starting with consultants can help the client progress faster.
However, please bear in mind that, in the long run relying on consultants completely for implementation will likely be more expensive than completing those activities in-house.
Traditional consulting firms such as MBB (McKinsey, BCG, Bain) have been active in strategy side of things for a long time, but as the greater dependence on data continues, companies’
So this raises the question of whether consulting will be able to survive without artificial intelligence implementation or not. Those two industries will likely to become more interlinked because of the advantages of a possible partnership.
They are focusing on AI applications, educating executives on AI and identifying limits of AI: Though launched as accounting companies in early 1900s, Big 4 (Deloitte, PwC, EY and KPMG) have been running consulting businesses for >50 years.
Big 4 accounting firms are some of the largest employers in the world and they have deep enough pockets to make large investments in this space and they have the business development know-how and resources to make partnerships across the AI ecosystem to deliver end-to-end services.
Their teams have gained substantial expertise in handling massive amounts of data through their specific cloud architecture, and for a data-intensive activity like artificial intelligence, they can provide the right advisory for their clients.
This is not a comprehensive list yet, please feel free to add other firms to comments Element AI is one of the best funded AI startups with $102M funding and also boasts an impressive list of AI scientists as its founders.
GoodAI Consulting is an AI-focused consulting firm using artificial intelligence solutions to maximize business success for companies and organizations across a range of industries.
The company analyzes how AI can help a client’s business, do the necessary research legwork on their behalf, and implement practical solutions.
Even though artificial intelligence provides huge scalability advantages, integration into a differently sized organization requires a different type of focus points.
Therefore, some artificial intelligence consulting firms choose to focus on small and medium enterprises and provide custom tailored solutions WildFire is an example of these consulting firms.
The company helps fortune 3000 and smaller companies with an end to end AI, big data strategy, and implementation.
But it is relatively early to make accurate predictions, tech giants could easily dominate AI solutions by buying off AI startups and hiring researchers as they have been doing for the past year.
A recent Harvard Business Review article claims that in near future even the elite consultants face the risk of getting replaced by artificial intelligence.
Five factors for a successful AI strategy in consulting
AI will change the consulting industry, helping deliver quicker, more accurate insights to clients, while reducing costs.
In order to help firms facilitate AI transformation programmes, Consultancy.uk has outlined five topics consulting partners should consider when drafting their own internal AI strategy.
This is not to say consultants should invest in the technology for fear of missing out, but should work to identify where AI solutions will have the quickest and most decisive impact in the firm’s internal operations.
Ultimately, this will have a major impact on the capabilities of the workforce to concentrate on the human aspects of persuasion, motivation, and coaching which are the major areas of value added by consulting.
Leadership from the top is essential to a successful AI implementation, and if a consultancy’s board does not have independent directors who understand AI and platform business models, changes may be doomed to failure.
This would enable them to bring on board data scientists and AI experts to both develop AI offerings which will yield new clients, and make sure AI is properly embedded throughout the rest of the consultancy.
Just as consulting firms have increasingly promoted partnerships where they share the risks and rewards of a project with a client, this can yield a rapid and relatively low-cost fix to a consulting firm’s initial lack of AI capabilities.
The key is to look outwards to augment the consultancy’s skills set, so firms should explore the AI tech landscape to see what is available, before striking partnerships with firms that can add to their offering.
Using the new talent brought on board by hiring campaigns, M&A activity, and partnerships to buy firms some breathing space in the short-term, consultancies should look to use that leeway to quickly train their native workforce.
Ultimately, new training of staff to teach them how to take advantage of AI can help them spend less time having to clean data and build analytics models, while focusing wholly on influencing business leaders and helping them change their firms.