Artificial intelligence (AI), particularly Generative AI, has taken the world by storm. It seems inevitable then that AI in Management in Consulting will become a trend to reckon with.
According to a survey by McKinsey, AI adoption has more than doubled since 2017, with 50% of respondents reporting using AI in at least one business area in 2022.
However, the survey also found that there is a gap between AI leaders and laggards, with the former making larger investments, engaging in more advanced practices, and showing better financial returns from AI.
Until recently, business consultants were harbouring imaginations of a world where one can get expert advice on any business problem, anytime, anywhere.
A world where one can access the best practices, insights, and solutions from industry leaders and specialists with just a few clicks.
A world where one can leverage the power of artificial intelligence (AI) and Google to optimize performance, efficiency, and innovation.
Sounds too good to be true? Well, it’s not.
Welcome to the world of management consulting in the era of AI and Google, an era which has already arrived.
Management consulting is a profession that helps organizations improve their performance, solve problems, and achieve their goals. Management consultants provide external advice, expertise, and guidance to clients across various industries and sectors.
The moot question is how can business consultants leverage the power of AI and Google to deliver better value to their clients?
And what are the challenges and opportunities that lie ahead for the management consulting industry?
In this blog post, we will explore these questions and more. We will also share some tips and best practices on how to use AI and Google effectively in your management consulting projects.
The Impact of AI and Google on Management Consulting
AI and Google are two of the most influential forces shaping the business world. They have transformed many aspects of our lives, from how we communicate, learn, work, shop, entertain, and more.
Both search and generative AI have also had a significant impact on management consulting. They have created new possibilities, challenges, and expectations for both consultants and clients.
Business consultants have also lapped up AI for the revenue potential it holds. For instance, according to an index by IBM, 63% of organizations that have adopted AI reported increased revenue, while 44% reported reduced costs.
As businesses adopt innovative modalities in their workflow, some of the ways that AI and organic search have affected management consulting, in particular are:
1) Enhancing data analysis and decision making:
AI and Google can help management consultants access, process, and analyze large amounts of data from various sources. They can also provide insights, recommendations, and predictions based on data-driven models and algorithms. This in turn can aid management consultants deliver more accurate, reliable, and timely solutions to their clients.
2) Improving efficiency and productivity:
AI and search can help management consultants automate and optimize many tasks and processes that are repetitive, tedious, or time-consuming. They can also help management consultants collaborate and communicate more effectively with their clients and colleagues. This helps management consultants save time, money, and resources, and focus on more strategic and creative aspects of their work.
3) Expanding scope and reach:
AI can assist management consultants access new markets, segments, niches, and opportunities that were previously inaccessible or overlooked. They can also help management consultants customize and personalize their services to meet the specific needs and preferences of their clients. This can help management consultants increase their value proposition, differentiation, and competitive advantage.
4) Innovating new solutions and approaches:
Management consultants can leverage AI in generating new ideas, concepts, models, frameworks, methods, tools, and techniques that can solve complex problems or create new value for their clients. Technological innovations like AI can also help management consultants test, validate, refine, and improve their solutions using feedback loops and experiments. This can help management consultants foster a culture of innovation, learning, and adaptation.
Besides, all the aforementioned points, talking specifically about Google suite’s utility, according to a study by StatCounter, the firm dominates the search engine market share with an average of 86-96% across all platforms worldwide.
Google also offers various tools and services for management consulting, such as Google Analytics, Google Workspace, Google Cloud Platform, Google Ads, and Google Trends.
The Challenges for Management Consulting in the Era of AI
While AI and organic search offer many benefits for management consulting, they also pose some challenges and risks that need to be addressed.
Some of the challenges and risks that management consulting faces in the era of AI and Google are:
1) Keeping up with the pace of change:
AI and search are constantly evolving and improving their capabilities, features, functions, applications, and impacts.
This means that management consultants need to stay updated and informed about the latest developments and trends in AI and Google, and how they affect their industry, clients, and projects.
They also need to adapt and adjust their skills, knowledge, and practices accordingly
2) Maintaining trust and credibility:
AI can sometimes produce results or recommendations that are inaccurate, biased, unethical, or harmful.
This can undermine the trust and credibility of management consultants and their solutions.
Therefore, management consultants need to ensure that they use AI and Google responsibly and transparently, and that they verify, validate, and explain their sources, methods, assumptions, and outcomes.
They also need to address any ethical, legal, or social implications or concerns that may arise from using AI and Google.
3) Balancing human and machine intelligence:
AI and Google can augment and complement human intelligence, but they cannot replace it entirely.
There are still many aspects of management consulting that require human judgment, creativity, empathy, intuition, and experience.
Therefore, management consultants need to balance and integrate human and machine intelligence in a way that leverages the strengths of both, and minimizes the weaknesses of either.
They also need to foster a collaborative and respectful relationship between humans and machines.
Towards Tectonic Transformation: Leveraging Opportunities for AI in Management Consulting
Despite the above mentioned challenges and risks, AI and Google also present many opportunities for growth and improvement for management consulting. These include:
1) Developing new skills and capabilities:
AI and search engines can help management consultants develop new skills and capabilities that are relevant and valuable in the digital age.
These include skills such as data literacy, analytical thinking, critical thinking, problem-solving, innovation, adaptability, communication, and collaboration.
These skills can help management consultants enhance their performance, quality, and impact of their work.
2) Creating new services and offerings:
AI and search data can help management consultants create new services and offerings that cater to the emerging needs and demands of their clients.
These include services such as data analytics, AI strategy, AI implementation, AI governance, AI ethics, AI education, and AI innovation.
These services can help management consultants expand their portfolio, diversify their revenue streams, and increase their market share
3) Building new partnerships and networks:
AI and Google can help management consultants build new partnerships and networks that can enrich and support their work.
These include partnerships with AI and search experts, developers, providers, researchers, educators, and influencers.
These networks can help management consultants access more resources, information, insights, opportunities, and feedback.
How to Use AI and Google Effectively in Management Consulting Projects
To use AI and Google effectively in your management consulting projects, you need to follow some best practices and tips. Here are some of them:
1) Define your objectives and expectations:
Before you use AI and Google in your projects, you need to define your objectives and expectations clearly.
- What are you trying to achieve?
- What are the desired outcomes?
- What are the success criteria?
- How will you measure and evaluate the results?
Having a clear vision and direction will help you choose and use the right AI and Google tools and techniques for your projects.
2) Do your research and analysis:
Research needs to precede usage of any new technology. One must make a conscious effort to study:
- What are the current trends and developments in AI and Google?
- What are the best practices and standards in your industry and domain?
- What are the needs and challenges of your clients?
- What are the opportunities and threats in the market?
Having a solid understanding of the context and environment will help you use AI and Google strategically and effectively for your projects.
3) Choose your tools and techniques wisely:
Pertinent to ask yourself:
- What are the most suitable and reliable AI and Google tools and techniques for your projects?
- What are the advantages and disadvantages of each tool and technique?
- How do they fit with your objectives, expectations, budget, timeline, resources, and skills?
To make the best use of AI and Google for your projects, you need to carefully select and evaluate the options available to you
4) Test, monitor, and improve:
After you use AI and Google in your projects, you need to test, monitor, and improve them continuously.
- How well are they performing?
- Are they meeting your objectives and expectations?
- Are they delivering the desired outcomes?
- Are there any errors, issues, or gaps that need to be fixed or improved?
To ensure the long-term and effective use of AI and Google for your projects, you need to seek and apply feedback and improvement constantly.
AI in Management Consulting: Success Stories from the Business World
Some instances of how management consulting firms or clients have used AI and Google to achieve their goals or solve their problems include:
- Accenture partnered with Google Cloud to launch the Accenture Google Cloud Business Group (AGBG), which helps clients across industries and geographies modernize their cloud infrastructure, enhance their data capabilities, and improve their customer experience using AI and machine learning.
- PwC used Google Trends data to analyze the impact of COVID-19 on consumer behavior and sentiment across different countries and sectors. The analysis helped PwC provide timely and relevant insights and recommendations to its clients on how to adapt to the changing market conditions.
- Deloitte collaborated with Google Cloud to develop Deloitte Reimagine Platform (DRP), which helps clients transform their business processes using AI and automation. DRP has been applied to various domains such as finance, supply chain, customer service, and risk management.
Seizing the Opportunity: Technopak & AI in Management Consulting Workflow
Technopak is a leading management consulting firm that helps businesses across various industries and sectors such as retail and e-commerce, textiles & apparel, skilling, sustainability, beauty and fashion to achieve their goals and objectives.
One of the ways that Technopak does this is by integrating AI in its workflow, especially in its marketing endeavours.
AI is a powerful technology that Technopak marketers have leveraged to create, deliver, and optimize their client campaigns, content, and strategies.
Technopak also collaborates and partners with various AI-based business solution and service providers that help them enhance their workflow and offer better solutions to their clients.
Some of these partners are:
- WGSN: A global trend forecasting company that provides insights and analysis on consumer behavior, fashion trends, lifestyle trends, etc. Technopak uses WGSN’s AI data and reports to help its clients understand their customers better and create products and services that meet their needs and expectations.
- Yellow.ai: A conversational AI platform that enables businesses to create chatbots and voicebots that can interact with customers 24/7 across various channels and languages. Technopak leverages Yellow.ai’s platform to create chatbots for its own website and for its clients’ websites that can answer queries, provide information, book appointments, collect feedback, etc.
- Try & Buy: A virtual fitting room solution that allows customers to try on clothes online using augmented reality (AR) technology. Technopak uses Try & Buy’s solution to help its clients in the fashion industry to provide a better online shopping experience for their customers and increase their sales and conversions
- Carrier EcoEnergy Insights: A joint venture between Carrier Global Corporation and EcoEnergy Insights that provides AI & IoT-based solutions for energy management.
Technopak uses Carrier EcoEnergy Insights’ solutions to help its clients in the retail sector to optimize their energy consumption, reduce their carbon footprint, improve their operational efficiency, and increase their profitability.
By integrating AI in its workflow and partnering with AI-based solution providers, Technopak is able to leverage the power of technology to improve its own performance and deliver better results for its clients.
Technopak is a pioneer in the management consulting industry and is always looking for new ways to innovate and grow, AI not being any different.
We invite you to experience the power of AI in management consulting towards the acceleration of your business performance and enterprise success with Technopak.