Businesses are turning to consulting firms like Boston Consulting Group, McKinsey, and KPMG for guidance on adopting generative artificial intelligence, making them unlikely early winners in the A.I. boom.
The marketing team at Reckitt Benckiser sought help from Boston Consulting Group to understand how artificial intelligence technology, specifically ChatGPT, could benefit their business. This trend is reflected in the hundreds of requests these consulting firms have received, with Boston Consulting Group now earning a significant portion of its revenue from artificial intelligence-related work.
Vladimir Lukic, managing director for technology at Boston Consulting Group, noted that there is a strong desire among clients to understand how generative A.I. can impact their businesses. This demand has led to a surge in sales and hiring at consulting firms like IBM, Accenture, McKinsey, and KPMG, as companies seek guidance on leveraging generative A.I. for their operations.
IBM, with its team of 160,000 consultants, has already secured over $1 billion in sales commitments for generative A.I. consulting work, while Accenture booked $300 million in sales last year. McKinsey anticipates that 40% of its business this year will be generative A.I.-related, and KPMG International has shifted its focus to target more than $650 million in business opportunities in the United States tied to this technology in the past six months.
As the tech industry explores ways to capitalize on generative A.I., consulting firms are emerging as key players in helping businesses navigate this complex landscape. With their expertise and guidance, businesses can better understand the implications of generative A.I. for their operations and strategies.
In this rapidly evolving landscape, the role of consulting firms as early winners in the A.I. boom underscores the importance of strategic guidance in adopting new technologies. By leveraging the expertise of these consultants, businesses can stay ahead of the curve and harness the full potential of generative artificial intelligence for their growth and success.
