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Consultants artificial intelligence

Consultants, How Will AI Change Your Industry?

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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