How Will Consulting Change in the Era of AI?
Key challenges:
1. Complex Projects: Bigger, more expensive projects often add little value.
2. Generic Advice: Recommendations are often outdated or not unique.
3. Failed Change: Change initiatives frequently fail, leading to restructuring.
4. Employee Fatigue: Employees are exhausted by repetitive questions and long workshops.
The AI Solution:
1. Quick Insights: AI processes data rapidly, reducing analysis time.
2. Custom Recommendations: AI offers real-time, tailored advice.
3. Effective Change: AI monitors and adjusts change initiatives in real-time.
4. Efficiency: AI reduces the need for long workshops, cutting costs and employee fatigue.
AI makes consulting more efficient, personalized, and cost-effective.
Firms such as Bain and McKinsey have shed workers and offered them financial incentives to leave. Deloitte and EY have cut costs and reorganised. Consulting itself will have to change, but how? https://on.ft.com/3X2qzJ7
What a wonderful initiative by KPMG US! Encouraging professionals to disconnect and prioritize their well-being is crucial, especially in our fast-paced industry. Taking time to relax, recharge, and connect with family and friends not only enhances personal well-being but also leads to greater productivity and creativity in the long run. Kudos to KPMG for recognizing the importance of work-life balance and fostering a culture that supports it. Enjoy the summer shutdown, everyone!