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Will AI Replace Consultants - Reality of Management Consulting in 2024 | MBB | McKinsey BCG Bain
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- čas přidán 16. 08. 2024
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As a former McKinsey consultant, I am 100% sure that AI does not mean the end for the MBB consulting firms, and I think we ought not engage in scaremongering. AI brings change - and change has always been an opportunity for MBB to create business. To go in more detail:
1. Data analysis constitutes one element of consulting firm's work. However, it is way more important to have somebody who is able to navigate the data flood, synthesize the key messages and present them in a way that convinces people to act.
2. Very often, the challenge is less to produce data, but rather to ask the right questions in the right moment. The MBB firms have mastered this skill.
3. AI is triggering a productivity revolution, and both consulting firms and clients benefit from this. Usually though, as kings of the service industry, the top consulting firms are fast in pushing their learning curves ahead of those of their clients - and get hired to help with reaping the full benefits of AI technology.
Hence everybody worried about the prospects of a future consulting career - keep calm and go ahead! 🙂
Yea, not gonna happen. Responding to dynamic situations and devising new strategies can not be done by AI which always relies on past data/models.
@@VinayKumar-kc3fp If McKinsey was terrified by AI, it would not be McKinsey 😉
Consulting still in demand in the future with Ai but less important in a long term, clients need more business consultant with more operational competencies , meaning out of slides skills only
But certainly, the number of consultants will surely get reduced with time.
Everything you listed can be done with AI
Hi Pavan, I am highly interested in such type of videos. After watching some of your videos, i got an insight that mostly you talk about the problem and less of solution part. I would like to see the both sides of it. Please keep building these videos deeply and solution oriented. I am an Indian Chartered Accountant
Nature of business changes every few years. And external nimble startups will always do it. Today's large corp were also start ups. AI tools are not the death nail - but an enhancement tool. Todays consultants - are preparing all the different tool boxes for the client. The information is all there on the net. But what to use. And IMPLEMANTATION.. that is the key.
Consulting companies survive not just in framing the questions and putting in nice looking Powerpoints but also by having a structured approachbin asking those questions. Every client may look like a single company but inside it is silo of departments with data locked in minds of people and people resistant to change. Sales dept will not share info with supply chain and supply chain will not share with finance and so on. That is why clients hire consultants to help them collate this information from different departments and finally align them to future state. Can clients not do this by themselves ? No , unless they have a dedicated persistent project mgmt office that runs across departments. Clients generally do not have this as its costly. Hence they hire consultants on need basis to get alignment across departments. In summary, consulting companies have threat from AI in preparing their due diligence questions but not a threat where they help transform a process. For that humans will always be needed.
That's a very nice explanation.. You seem like an experienced Consultant from MBB or Big 4..😅
Yoy seems hate consulting companies. Have you been fired by them? Don' spread anxiety and fear, ai is also helping them become better and stronger
You should hear out different perspectives. He has worked in McKinsey for 7 years. I think he is in a good position to make an educated guess of the future.
Make a video in power space since without electricity AI will be crippled & my 3 takeaways :-
1. AI is evolving much faster & better than humans.
2. AI delivers more at less cost.
3. AI is quicker than a consultant in data analysis, structuring & asking questions.
Please make a video on future of product management and ai @pavan, thanks
Thanks, Pavan.
Insightful vedio!❤
Nice video Pavan! Was expecting you to talk about AI's impact on Consulting soon.
I remember in Dec 2022, right when ChatGPT was unveiled to the world, we had a discussion about ChatGPT and Dall-E in our Blue Chapters Community. It showed some promise but it was mostly exaggerated but fast forward to 2024, now AI is threatening multiple industries, even Management Consulting. I was aiming to be a Management Consulting but with the rapid rise of AI, I switched course last year and started learning about AI.
Also, wouldn't MBB have predicted this years ago and would it be possible MBB is actively trying to ramp up its services with newer products integrating GenAI? I feel they still have a chance to continue if they are able to innovate using GenAI as they have a strong client base with relationships spanning decades and it can't be built within a few years even with AI. What's your take on this?
Hi @Pavan
Good insights.
PLG strategy should be the way forward for the consulting companies. There has been a good change in the ‘Enterprise Decision Makers’ preferences - they are expecting more transparency (black box is no more exciting), they want to cut down the costs, they are expecting a unique/custom solution to them (no more advising similar future plans to similar business).
Another key factor apart from Globalisation is - ‘Emerging Tech’. Everyone wants to stay of top of Tech but there are too many pitfalls. Gone are days where innovative enterprises run after emerging techs. The decision makers want more clarity, use cases, proofs and clear picture before adopting a tech.
Yes AI will impact - it will hit the “expertise” competency of the large consulting firms. Such competencies will be “immitable” with AI. My guess, companies who does “Implementation” will have an edge. Eventually we could see - McKinsey + TCS kind of collaborations more.
And biology of humans are evolving say average IQ has increased ? In your analysis ground zero had been left out.
Interesting topic.. looking forward for more info..
20 years of consulting case knowledge is with the firms, what they researched, how they proposed etc. i agree that no of consultants will reduce to solve a case with AI, but all along the organizations will remain as they have specific data for specific industries.
It is not "globalization", but rather "geopolitical contests" that are making collaboration between different offices more difficult!
Interesting video. Looking forward to more of these. Thank you
Yes just had a screen call from AI I was shocked and my brain couldn't process as I didn't feel the human connection.
considering AI transformation, which type of companies are in good position for now as well as in future. Is it a consulting companies like MBB and Big4 or IT service companies like TCS, IBM, Infosys, Accenture.
The point you mentioned that, consulting companies are now started giving solutions as well as support to that solutions. IT service companies also do exact same thing. So what will be key factors which will make this 2 groups of companies to take an edge over other.
I do not Agree. As a Data Analyst Cant be replaced by Ai, So does a Consultant cant be. AI is an assistant. AI is not a Job Killer. We must refrain from spreading Panic.
There are many aspects of Consultancy that AI cannot have access to. There are Privacy and legal Nomenclatures that Companies follow. AI cannot have access, nor can it provide a decision based on a few insights. AI can Help us answer questions.
the fear is real
Superinteresting, there are examples of peons becoming CEO or MD of organizations, one day AI the assistant will become AI your CEO.
Can you please make a video on impact of Supply Chain Products Domain in consulting industry
Which sector is safe?
Food industry , CA , GOVT Jobs , liquor , real estate
Absolutely nothing..😅
Agriculture, service sector, hospital ity especially tourism unless covid strikes , Public Relations, lobbying, legal and regulatory , HR and change mgmt, really estate
The sector who sponsors this video
BEGGING ☺️
Past Present and future of product management and future revolutions
Please @pavan
Pavan I work at wipro...but within wipro I work for a product company that was acquired by wipro. Its essentially business platform for cpg companies. Since the business enjoys trust built over many years and a large international customer base, and is also continuing to iterate and improve the solution, would I be right in thinking that I'm in a rather better position compared to the rest of the IT business?
Absolutely great... would like to know more
Nice insights. In my opinion, consulting is going to evolve. The client expectations are going to evolve from only solutions convincing, to guided implementation of driving results and how deglobalization is shaping that going to drive consulting industry.
Will companies expose their data to open source systems.?
Data exposed by companies won't be shared to train GPTs which means the data privacy will be guaranteed.
Hi pawan sir,
Now I have been doing a pharmaceuticals product supplier for the past few years. Now I want to do an MBA. But I don't know exactly which courses are suitable to me and which colleges offer those courses. Please guide me if you have any idea.
Ask ai, please. Lol
Hospital management?
Operations
I was dreaming of becoming a consultant, then this AI come now im scared 😢
Even if AI arrives, companies will need IT consulting to implement and support them.
How much staff nedd
I am seeing you always posting negative videos about IT sector jobs and making people fear.. you only want subscribers right not human than take ai for u also
He is just speaking the truth....and let me tell you he is saying it straight
@@sharmas7586btech vs bba mba
Having one person run the entire thing?
And thats a likely probability?
No, it isn't. As that would lead to a risk of over dependence on one person. Whats likely probable is having the job being done by a team of consultants who are shared across multiple projects at the same time thereby increasing the value each consultant delivers. All this while reducing the overall headcount will lead to reduction in cost, avoidance of people based single point of failures and gross reduction in pay citing reasons such as mass layoffs in the industry.
That's a likely probability.
Nice information
I FEEL CONSULTING WILL DIMINISH GREATLY AND THEY WILL NEED TO DOWNSIZE THEIR WORKFORCE AND SPECIALIZE MORE IF THEY WANT TO SURVIVE
Thanks for the insights, Pavan. I recently had an interview in one of these consulting firms in the manufacturing sector, could you tell what the factors that can shape the world of Supply chain in this dynamic market and if it’s right to join any firm around this time? Thank you so much! 😃
You should ask ai, as per the author .lol
Ask chatgpt miss😂
If these BIG Consultants require they can alter the course of AI or it will be completely opposite
Consulting Big 4s wil redesign their processes . They always know how to customise as per your need. Your video is only a sort of McK gossip . The discussion is good . But not the way you project the pathway 😊
Annaya enta AI unna sratergy consulting lo ai raledu endukante human mind ni replace cheyaledu
Typical Consultant video. TLDR - HE doesn't know.
High level 😂