To understand how generative AI will impact the consulting industry, it is necessary to first understand generative AI.
Generative AI is an artificial intelligence (AI) technology capable of using raw data to produce new text, images, or video. ChatGPT, launched by OpenAI in late 2022, is a standard example of generative AI. ChatGPT uses a large language model (LLM) that is pre-trained on large data sets sourced from the internet. These data sets include e-books, articles, blogs, and social media posts. Because ChatGPT is fed on human speech and language, it can communicate in a remarkably conversational way.
The consulting industry occupies a unique position in a world that is being transformed by artificial intelligence and by generative AI in particular.
An Ernst & Young report, published in June 2023, notes, “The consulting industry is at the helm of driving innovation. Hence, it is a significant responsibility to accelerate innovation by helping organizations define the pathways to adopt Generative AI.”
Generally, the consulting industry depends upon the business acumen of its players. Therefore, in terms of understanding generative AI, consultants must remain one step ahead of their clients.
Already, businesses are seeking out consulting firms that can offer expert advice regarding generative AI. In a June 2023 Wall Street Journal article, which quoted an IBISWorld report, the IT consulting market is expected to “grow 4% year-over-year to $665.9 billion, up from an average annual growth rate of 2% over the past five years.”
That same week, Amazon Web Services (AWS) unveiled the AWS Generative AI Innovation Center. The Innovation Center will connect global customers with AI and machine learning (ML) experts who will assist with the development of generative AI solutions.
Businesses are understandably eager to find consultants who are fluent in generative AI. Consultants, who are aware of this demand, are working quickly to establish a strong foothold in the growing AI market.
Generative AI is poised to add a great deal of value to the consulting industry. Below are a few business benefits.
Loten, Angus. “Consultants Emerge as Early Winners in Generative AI Boom.” The Wall Street Journal, Dow Jones & Company, 22 June 2023, www.wsj.com/articles/consultants-emerge-as-early-winners-in-generative-ai-boom-8df71d38.
Sen, Arindam. “The Future of Consulting in the Age of Generative AI.” EY US - Home, EY India, 29 June 2023, www.ey.com/en_in/consulting/the-future-of-consulting-in-the-age-of-generative-ai.
Discover how Virtusa, with its engineering mindset, approaches generative AI to explore and build partnerships and solutions that benefit businesses.