Industry consultants may soon face a new kind of competition: artificial intelligence. AI is already replacing menial tasks in retail and manufacturing. Other fields such as finance, marketing, and human resource management are increasingly finding use of AI-based solutions for achieving faster results and more accurate analysis. High-profile consultancies too may start to feel the heat soon. Technology vendors are developing AI frameworks from Microsoft and Google to automate tasks usually executed by consulting firms. The market for corporate advice in the US alone is estimated at nearly $60 billion. The cost to hire consultancy firms is much higher vis-à-vis AI performing the same job.
What Does AI Offer As a Consultant
When it comes to businesses and their respective consumers, consultants are responsible for identifying patterns and providing relevant industry analysis. AI is able to quickly analyze these patterns and create algorithms for faster encoding. Technologies such as machine learning, deep learning, and crowd computing can perform expert analysis on data it receives.
Amazon’s Alexa is a great example of what AI can do in financial consulting. Thanks to the partnership between Amazon and UBS Wealth Management, Alexa is able to answer financial and economic questions based on the information from UBS’ chief investment office. But, Alexa is set to offer even more sophisticated and complex services in the future. She could soon make valuable market analysis, set important appointments, or even buy and sell stocks. Fund company Blackrock is also embracing AI abilities, employing algorithms and models in choosing stocks for their actively managed mutual funds. Stock brokers and financial consultants’ expertise are pitted against what AI and Big Data can offer in growing investments.
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About Amyx+ IoT Business Transformation | Strategy | Innovation | Product | Data Analytics
- Voted Top IoT Influencer by Skyhook
- Voted Top IoT Rockstar by HP Enterprise
- Voted Top IoT Influencer by Inc. Magazine
- Voted Top in the Business of IoT by Relayr
- Voted Top Global IoT Expert by Postscapes
- Voted Top IoT Authority by the Internet of Things Institute
- Featured as a Top Internet of Things Company by Postscapes
- Voted Most Influential in Smart Cities and IIoT by Right Relevance
- Winner of the Cloud & DevOps World Award for Most Innovative Vendor
Amyx+ is an award-winning IoT business transformation firm specializing in IoT strategy, innovation & product development. As a thought leader in the Internet of Things, Amyx+ has the creative horsepower and the development prowess to execute even the most complex client engagements. Amyx+ is working with international and multinational enterprises to help 1) understand the impact of IoT disruptions, 2) formulate and sharpen their IoT strategy, 3) quantify the business case, 4) experiment, learn, validate, 5) develop game changing technologies, and 6) launch innovative IoT products and services worldwide. We employ a flexible methodology and approach to fit the client and needs & objectives while adapting to changing IoT environments. We have presence in San Francisco, NYC, and throughout Europe.