AI May Soon Replace Even the Most Elite Consultants

Executive Summary Over the next few years, artificial intelligence is going to change the way we all gather information, make decisions and connect with stakeholders. Already, leaders are starting to use artificial intelligence to automate mundane tasks such as calendar maintenance and making phone calls. But AI can also help support decisions in key areas such as human resources, budgeting, marketing, capital allocation, and even corporate strategy — long the bastion of bespoke consulting firms and major marketing agencies. According to recent research, the U.S. market for corporate advice alone is nearly $60 billion. Almost all that advice is high cost, human-based, and without the benefit of today’s most advanced technologies. A great deal of what is paid for with consulting services is data analysis and presentation. They are very good at this, but AI may soon become even better. “Quant Consultants” and “Robo Advisers” will soon offer faster, better, and more profound insights at a fraction of the cost and time of today’s consulting firms and other specialized workers. Amazon’s Alexa just got a new job. In addition to her other 15,000 skills like playing music and telling knock-knock jokes, she can now also answer economic questions for clients of the…

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