As per the study and survey conducted by narrative Science, the number of companies implementing AI is being doubled with an increase from 38% to 61%.
Artificial Intelligence (AI) is poising the businesses across the globe, the number of those companies who are interested in integrating AI or ML (Machine Learning) into their operations is increasing rapidly.
(Machine learning is an algorithm that allows devices to “learn” based on data, i.e. using artificial intelligence to improve algorithms).
How can consultancy firms benefit from AI and automation?
AI and ML have significantly disrupted some industries and Consulting Industry is one of them. The effects of these new technologies on Consulting Industry is very positive and if used correctly, then AI and Automation could appreciably improve the operations and services which they provide to their clients.
The three major areas in consulting industry, where AI can make or making a Positive impact are:
1. Data Collection and Analysis
AI technology can analyze, process and handle massive amount of data in a much more efficient fast manner as compare with an average human. As a result it can provide more correct insight s into areas like sales, operations, supply chain, HR turnover and many more.
For consultants, such information and input can be used to augment their services to clients and enhance the ROI of their clients.
For Partners, AI can be used to streamline the project delivery, effective resource planning and prioritization.
2. Streamline the Admin tasks
One of the most monotonous tasks for any consultant is processing routine paper work. It can be processing the payroll, creating invoice, creating DPR etc, such admin tasks slow down the processes.
As per the report published by Sage “the average or small consultancies spend 120 days per year on such admin tasks”, otherwise this time can be used in creating new client base or opportunities etc.
AI driven RPA, Robotic Process Automation, or similar technologies can help consulting companies in a much efficient manner. More advanced AI devices, can even make decisions more logically and consistently to ensure regulatory forms are completed to avoid unnecessary non compliance fines etc.
3. Productivity Improvement
Automating the routine admin task with AI can certainly improve the productivity of any consultancy. Streamlining such prosaic processes including scheduling the meetings, recording the conversation, reservations and many more can be managed through such technologies.
Once such activities start managing through AI and automation tools then it will result with more bandwidth for Staff Members which can be used in more productive and higher engagement work.
Consultancies can use such AI based tools and software to boost their performance and operations.