Title: Consulting Firms Cash In on Generative A.I. Boom
In 2022, after the release of ChatGPT, Reckitt Benckiser’s marketing team saw the potential of artificial intelligence technology for their business. Unsure of how to proceed, they turned to Boston Consulting Group for guidance. This move was just one of many requests the consulting firm received last year, as companies across industries sought help navigating the world of artificial intelligence.
Vladimir Lukic, Boston Consulting Group’s managing director for technology, noted a growing interest among businesses in understanding how generative A.I. could impact their operations. This curiosity has led to a surge in demand for consulting services from firms like Boston Consulting Group, McKinsey & Company, IBM, and Accenture.
These consulting firms have seen significant growth in revenue related to generative A.I. projects. IBM, for example, has secured over $1 billion in sales commitments for consulting work in this area, while Accenture booked $300 million in sales last year. McKinsey expects 40% of its business this year to be generative A.I. related.
The rise in demand for tech-related advice mirrors the dot-com boom of the 1990s, when businesses rushed to consultants for guidance on emerging technologies. Now, as companies grapple with the implications of generative A.I., consulting firms are stepping in to provide expertise.
However, the road to success with generative A.I. is not without its challenges. Companies like IBM have faced issues with accuracy and speed in their A.I. projects. For example, a voice-activated A.I. system developed for McDonald’s led to customer complaints and the project’s eventual termination.
Despite these challenges, consulting firms continue to innovate and adapt. Boston Consulting Group, for instance, recently collaborated with Reckitt to develop an A.I. platform for creating localized advertisements. This system has the potential to revolutionize the marketing process, making it faster and more efficient.
As the generative A.I. industry continues to evolve, consulting firms will play a crucial role in helping businesses navigate this new frontier. With their expertise and guidance, companies can harness the power of artificial intelligence to drive growth and innovation in the digital age.
