The AI boom is here, and businesses are scrambling to figure out how to leverage it. Enter the unlikely heroes: consulting firms. While tech companies grapple with monetizing generative AI, consultants are raking in the big bucks.
A Thirst for AI Knowledge:
- Companies like Reckitt Benckiser (Lysol, Mucinex) are eager to use AI but lack the know-how.
- Consulting giants like Boston Consulting Group (BCG) and McKinsey are stepping in, offering guidance in exchange for hefty fees.
- BCG's AI revenue went from zero to 20% in just two years!
A Familiar Pattern:
- This situation resembles the dot-com boom, where businesses bombarded consultants with requests in the 1990s.
- "We need AI, but we don't know what to do with it," is the prevailing sentiment among companies.
- Consulting firms are showcasing their capabilities through conferences and demos.
Mixed Results So Far:
- Generative AI has limitations: errors (hallucinations), slow response times.
- McDonald's AI-powered drive-thru system, co-developed with IBM, failed due to inaccurate orders.
- However, success stories exist: IBM's AI tool for Dun & Bradstreet helps analyze suppliers.
Consultants: Friend or Foe?
- Companies are cautiously optimistic. ING Bank's AI chatbot, built with McKinsey, is still under development to ensure accuracy and avoid bias.
- While some consultants offer "proof-of-concept" work for free, success is not guaranteed.
The Takeaway:
The AI revolution presents exciting possibilities, but navigating the complexities requires careful consideration. Consulting firms can offer valuable guidance, but their effectiveness hinges on the technology's maturity. Companies should approach AI with a healthy dose of skepticism and a focus on demonstrable value before committing significant resources.
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