Big consulting firms are aggressively expanding their AI offerings in response to client demand and the growth of generative AI technologies.
Key Points
- Major consulting companies such as Accenture, McKinsey, and PwC are looking to not only implement AI for their own productivity but also assist clients in doing the same.
- OpenAI’s release of ChatGPT has intensified the interest in generative AI, leading consulting giants to acquire AI-specialized companies, hire AI experts, and train their current workforce.
- Firms like Deloitte and McKinsey are establishing dedicated AI centers or retaining AI company names to centralize their AI efforts.
- Despite concerns over AI replacing jobs, consulting firms plan to hire more workers to address the surge in AI interest; for instance, Accenture aims to double its AI workforce to about 80,000.
- Mohanbir Sawhney notes that this AI wave is distinct due to its rapid spread and breadth, requiring companies to scale quickly.
Specific Company Efforts
- KPMG is partnering with Microsoft with a $2 billion AI investment over five years.
- EY has a $1.4 billion AI investment and an ambitious AI training program for all its 400,000 employees.
- PwC is investing $1 billion in AI over three years and training 75,000 of its staff in the technology.
- Accenture is allocating $3 billion over three years to its data and AI division.
- Bain is establishing a service agreement with OpenAI and incorporating its technologies.
- BCG is partnering with OpenAI, launching a tech-focused division called BCG X, and noting AI’s significant benefit to lower-performing consultants.
- Deloitte is prioritizing generative AI and initiating collaborations with tech giant Nvidia.
- McKinsey is expanding its QuantumBlack AI offerings.
Key Insight
The surge in generative AI’s popularity is compelling major consulting companies to rapidly upscale their AI capabilities, indicating a paradigm shift in the business consultancy landscape.
Why This Matters
As consulting companies increasingly integrate AI, it signifies a broader acceptance and trust in AI’s potential to revolutionize various industries. Businesses need to stay abreast of these developments to remain competitive, and the role of consulting firms will be crucial in navigating this transition, shaping the future of business strategy.
