Thriving in the Age of AI: 5 Tips for Consultants

In the arena of industry disruption, artificial intelligence (AI) is one of the most impactful technologies ever. The rapidly evolving subset of AI known as generative AI is particularly well-positioned to change almost every industry in some way.

A KPMG survey of U.S. executives conducted in March 2023 revealed that:

•  65% believe generative AI will have a high or extremely high impact on their organization in the next 3-5 years

• 60% are 1-2 years away from implementing their first generative AI solution

• 72% are most optimistic about AI’s ability to increase productivity, while 65% believe it will change the way people work and 66% believe it will encourage innovation

According to recent McKinsey research, approximately 75% of the value generative AI could deliver falls across the categories of customer operations, marketing and sales, software engineering, and research and development. Banking, high tech, and life sciences are the industries that will likely see the greatest impact from the use of generative AI.

(Source: McKinsey)

The researchers further estimate that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases they analyzed. That estimate would roughly double if the impact of embedding generative AI into software that is currently used for other tasks beyond those use cases were included.

Big Tech’s Hyperfocus on AI 

It’s no wonder that Big Tech is hyperfocused on AI currently. Here are some statistics that highlight just how that focus is playing out across the industry:

• Microsoft made a $10B investment in OpenAI (the company behind the always-in-the-news ChatGPT). The steady release of AI-enabled tools and features for Azure, Microsoft Teams, and Bing illustrate Microsoft’s intense focus on incorporating AI into its products.

• Since early 2022, AI technology has produced 24 unicorn companies (defined as companies with over $1B in valuation) globally.

•  In late May 2023, NVIDIA announced it would surpass its quarterly earnings forecast by almost 50%, fueled almost entirely by demand for its GPUs, which companies use to run AI models.

• The Brookings Institute projects 80% of the workforce will be impacted by AI, causing a productivity boom that could increase global GDP by an unprecedented 7%.

• Google has invested an estimated $30.7B in AI technologies to improve its search engine and products such as Google Assistant. Facebook has invested upwards of $22.1B for AI technology, and Amazon has invested $10B in AI to improve its delivery services and its voice assistant, Alexa.

•  IBM’s estimated $200B in AI investments is being used to improve its data analysis services and develop its AI assistant, Watson.

For consultants who work with big names in Big Tech, the implications are clear. Consultants must do more than simply embrace AI technology — they must master it.

How Consultants Can Succeed in the Age of AI 

While there is some debate about whether AI represents a challenge or an opportunity for consultants, the truth is that it’s a little of both. The challenges boil down essentially to two potential issues.

AI Can Automate Some Types of Work

Certain repetitive or mundane tasks that were once performed by consultants can now be automated with AI tools. For example, basic customer support, simple data analysis, and report generation can all be accomplished with existing AI tools.

 AI-Driven Tools May Do a Bit of Consulting of Their Own

AI will never be able to completely replace consultants, but it can perform actions akin to very basic consulting services. For example, AI tools can offer automated recommendations, insights, and even draft marketing strategies — given the right inputs.

How can consultants meet the challenges and leverage the opportunities AI provides? Here are some ways consultants can succeed in the Age of AI.

1. Build a Strong Foundation of AI Knowledge

As businesses continue to adopt AI technologies, there will be a growing demand for consultants with AI expertise. Consultants who understand machine learning, data analytics, and related AI skills will find new opportunities and projects with businesses using these technologies. Consultants will need to familiarize themselves with the internal AI tools and practices already in place with their client organizations.  

Good consultants are early adopters in their functional areas of expertise, and this general principle applies to any areas of expertise touched by AI. At a bare minimum, consultants should be monitoring their specialty areas to learn:

• Which AI tools are already in place in the consultant’s area of expertise

• Which AI tools are being evaluated by clients currently

• Which AI tools can be used to enhance and support the consultant’s efficiency and effectiveness

The more you know about AI, the more prepared you will be to leverage it to your advantage. 

2. Double Down on Human Skillsets

Microsoft’s 2023 Annual Work Trend Report revealed that the top skills required for workers are analytical judgment, flexibility, and emotional intelligence.

Focus your continued education and training on becoming proficient at higher-level tasks that require strategic thinking, creativity, emotional intelligence, ethical decision-making, and human interaction. AI tools will never replace these strategic skills.

(Source: Microsoft)

3. Upskill Like a Boss

Learn to leverage AI tools to enhance your own capabilities. For instance, consider learning how to use AI technology efficiently and effectively for data analysis, pattern recognition, market research, and more. Consultants who can master AI tools to enhance their own areas of expertise will find themselves in high demand.

AI is positioned to become one of the most significant productivity enhancers ever developed. One recent National Bureau of Economic Research study found that introducing generative AI into a customer support workflow at a Fortune 500 company increased productivity by 14%, improved customer sentiment and employee retention, and reduced requests for managerial intervention in customer support issues. 

Explore AI tools with an eye toward increased efficiency. What common tasks do you perform routinely for clients that you could automate with AI technology? Think of AI as a way to amplify your value to a client. Find the AI tools that can be integrated easily into your workflows. 

Talk with other consultants, listen to podcasts, read industry publications, and keep your finger on the pulse of AI’s advancing capabilities. Take the time to become proficient in the use of popular AI tools in use in the industries you serve. 

Mastery of AI tools is a moving target as the technology continues to evolve at a break-neck speed. Carve out time to keep up with the technology as it advances to ensure your skills remain relevant and you maintain your competitive edge.

4. Listen to Clients

Consultant success always rests largely on listening to and understanding client needs. This has not changed in the Age of AI — rather, it has intensified. Consultants must discern how their clients are currently using AI. 

One of the most impactful skills you can learn now is to develop strategies to help your clients make the most of AI technology in support of their business objectives. Learn to conceive, create, and implement effective AI initiatives that produce positive results for your clients.

Many organizations are currently struggling with how to use AI responsibly. Helping clients navigate the new world of opportunities AI presents and offering impactful insights on the use of AI for specific client use cases increases the value you bring to your clients.

5. Be Comfortable with Change

Embracing an agile mindset allows successful consultants to meet technology challenges confidently. AI is no exception. Maintaining an agile, growth mindset means taking the time and effort required to learn about new technologies and evaluate them in the light of client needs. The more a consultant invests in continual learning, the more useful that consultant becomes to their clients.

Move Forward with Prime 8

If you are a consultant looking to work with rapidly advancing AI tools, Prime 8 can help. Contact us today to discuss your career goals.