Robots have yet to take over the consulting industry. Technology is increasingly more significant in consulting, more extensive than we could ever have imagined. AI consulting is becoming increasingly the norm, and new AI consulting companies are being founded daily.
What is an AI Advisor?
AI consulting means using AI technology in your consulting practice as an analysis tool and implementing certain AI technologies within the company. The goal is to improve processes and move the company forward.
“Our industry is concerned with emerging technologies and how they impact society. However, we have never seen a technology have as big an impact as AI. This is by far the fastest advancing technology we have ever pursued, and we are only just getting started.” – Richard Socher.
AI consulting services
As one of the fastest-growing consulting trends, AI has infiltrated most aspects of the industry (and for the better). Some of the services offered by AI consultants are:
Development of computer vision
With the help of the development of image processing systems, business processes can be made more efficient. This process extracts actionable insights from live and offline video images.
Machine learning and data science
You can now create self-learning algorithms that extract insights from collected data while reducing errors and maximizing accuracy.
Custom AI apps can be used to predict customer behavior and business outcomes.
NLP and text analysis
Custom AI apps leveraging NLP extract meaning from natural text data and execute customer-focused initiatives.
Certain AI technologies can be developed and implemented to automate specific processes. This can increase productivity and reduce labor and costs.
Speech recognition technology
This technology allows people to use their voice to interact with a company’s products or services. This voice recognition technology is reminiscent of voice assistants.
The industries that currently benefit most from AI consulting are:
- Marketing and Sales
- retail trade
The benefits of using AI technologies
Although AI technology is still viewed with some skepticism (mainly due to Hollywood films), AI offers many advantages for both consultants and companies. These include the following:
- AI can complete tasks much faster than a human.
- AI is capable of multitasking.
- Artificial intelligence dramatically reduces the costs of specific complex processes and functions.
- AI can work around the clock.
- This technology can be used across industries.
- AI automation leads to higher production rates.
- It can improve the customer experience, e.g., B. through chatbots.
- AI is having a significant impact on healthcare. For example, the technology enables remote monitoring of patients.
- AI takes over monotonous and repetitive tasks.
- AI eliminates human error.
Will AI eventually make consultants obsolete?
As AI technology has become more prevalent over the years, it is often feared that it will eventually make consultants obsolete. Of course, AI technologies will take on specific tasks in the future. However, it is impossible for AI to completely take over the roles that humans play in most industries. There are a few reasons for this:
- AI has no EI. She lacks the judgment and empathy required in many situations and roles.
- Even if AI makes work more accessible, it cannot take over it completely. AI can extract and analyze specific vital figures. However, she will need help understanding and managing the human aspects of consulting or building a close business relationship with clients.
- The same applies to decision-making. Although AI can make decision-making more accessible, there are certain things that AI cannot do.
- AI has contributed to job creation. Some people with disabilities were unable to perform specific tasks. Thanks to AI technology, they can now.
- Even though AI has eliminated human error, technical glitches and bugs are still a real problem.
Also Read: SWOT Analysis: The Underrated Business Tool
How to Become an AI Consultant
If you want to know how to become an AI consultant, you should be honest with yourself. An AI consultant not only deals with business solutions but must also have a passion and a knack for exploring technical possibilities. This requires skills that go far beyond the scope of general management consulting and require specific training. There are numerous institutions and training centers where you can further your education or obtain official approval. We encourage you to talk to experts and other consultants if you need to know who’s currently leading the way in these training and consulting trends. Once you’ve determined that you’re genuinely interested and qualified for the role, it’s time to start the process:
Preparing for the interview
The interview typically consists of AI strategy, general knowledge, and machine learning. The typically asked questions and the concepts tested are fairly basic in the industry. Nevertheless, you should know your way around to make a lasting impression. These include things like:
- L1/L2 regularization
- Bias-variance adjustment
- Bayes theorem
- Gradient descent
Continuously analyze and solve every AI task/project from a business perspective. This includes your usual long-term goals, KPIs, scalability, etc. If you have been in the consulting industry for a while, don’t be surprised if you are tested on your ability to structure your thoughts and vision and adequately communicate complex concepts.
The path to AI consulting is relatively easy compared to the hurdles that every hardcore consultant has to overcome, but WHY should you become an AI consultant? The further development of AI technologies and solutions has many benefits for companies and consultants and will play a significant role in the future. However, you should find out if you have a real passion for this craft.