This is the seventh of a seven-part series looking at artificial intelligence and its implications for the consulting industry.
- AI in Consulting: The Beginning of a New Era
- How AI is Changing the Game for Consultants
- The Role of Consultants in an AI-Driven World
- AI-Powered Consulting: Tools You Need to Know About
- Real-World Examples of AI in Consulting
- Ethical Implications of AI in Consulting: A Deep Dive
- Leveling Up: Consulting Skills for an AI-Powered World
Artificial intelligence is increasingly being used in consulting to help companies improve strategy, marketing, and operations. Since AI systems can perform much of the data collection and analysis, consultants must bring higher level skills to the table, such as interpretation, effective problem solving, and clear communication. As the capabilities of AI systems improve, these skills will become increasingly important for those looking to pursue a career in consulting.
1. Interpreting Results
As a consultant, the ability to interpret large amounts of data has always been crucial for success. It’s a skill that allows us to provide valuable recommendations to clients, helping them make data-driven decisions that drive business results. With the advent of AI, we now have access to powerful tools that automate the process of data collection and analysis, freeing up more of our time to focus on this important work of interpreting results and delivering actionable recommendations.
For example, in a retail setting, let’s say a fashion clothing client wants to understand the purchasing behaviour of their customers. AI systems can automate the data collection process by using web scraping and natural language processing to extract customer feedback from social media platforms, and use machine learning algorithms to analyse the data. Consultants are still needed to interpret the results, identifying key trends and patterns, and making recommendations that can help the client to increase sales and customer satisfaction. The data analysis may reveal that many customers are looking for sustainable and ethical clothing options. The client can use this insight to target their marketing campaigns and direct their product development efforts accordingly.
Similarly, in a manufacturing setting, AI can help consultants to collect data from sensors across multiple factories and quickly analyse this data. For example, a manufacturing client in the automotive industry might be experiencing a high rate of downtime due to machine failures. By analysing sensor data from the machines, AI can identify patterns and anomalies that indicate a potential problem, such as a specific component that is failing frequently and needing to be replaced. With this insight in hand, consultants can then focus on identifying the root cause of the problem, and recommend the best course of action to improve overall performance.
2. Solving Complex Problems
Problem-solving is another critical skill for any consultant worth their salt. After all, clients come to us seeking help with their most complex and pressing issues. And just like with data analysis, AI is providing new and powerful tools that can support this endeavour.
One of the key ways in which AI can help with problem-solving is by providing new ways to identify and understand complex issues. For example, machine learning algorithms can be used to analyse large and diverse data sets, uncovering patterns and insights that would be difficult to detect through traditional methods. This can help consultants to identify potential problems as well as possible opportunities, and develop strategies to help clients resolve or capitalize on them.
Take for example a consulting engagement for a healthcare client who wants to improve patient outcomes. We can use machine learning algorithms to identify patterns in patient data and identify specific groups of patients who have a high risk of complications or readmission. With these insights in hand, consultants can develop strategies to address these risks, such as developing a healthcare plan to proactively address key issues, or providing specialised treatment plans for certain patients at risk of complications.
Similarly, on a consulting engagement for a financial services firm that wants to improve customer retention, we can use machine learning algorithms to identify patterns that predict high risk of churn, such as a decrease in the number of users of a service, or a high number of customer complaints. With these insights, we can develop strategies to boost customer retention, such as redesigning a service offering, creating targeted marketing campaigns, or providing more personalized customer service.
3. Communicating Effectively
In addition to technical skills, strong communication and collaboration skills are essential for anyone pursuing a career in consulting. As AI becomes more prevalent in the field, it’s becoming increasingly important for consultants to be able to bridge the gap between the technical and non-technical stakeholders, effectively communicating recommendations in a way that is easy to understand and act upon.
For example, in the marketing industry, a consulting engagement may involve using AI to analyse customer data and identify patterns that can inform the development of targeted marketing campaigns. In order to be successful, the consultant must be able to communicate clearly with both the technical team responsible for implementation and non-technical stakeholders, such as senior management and the sales and marketing team.
In this case, the consultant might use visualisation tools to present the data and results in a clear and easy to understand format, and might employ plain language to convey recommendations in a way that avoids confusing jargon. The consultant should also be able to collaborate with the technical team to ensure that implementation of AI solutions is aligned with the business’s overall strategy.
How to develop key skills
As we enter an AI-powered world, there are many ways to develop the necessary skills for a successful career in consulting. One option is to take online courses or earn a degree in a related field, such as computer science or data science. Another option is to gain hands-on experience through internships or working on consulting projects for consulting clubs or start-ups. Many top-tier firms also offer training programs to upskill their consultants in these areas.
The bottom line
AI is becoming an increasingly important tool in the field of consulting, and developing AI-related skills can greatly benefit those looking to pursue a career in this field. By learning to interpret data, solve complex problems, and communicate effectively, you can position yourself as valuable asset for consulting firms and clients alike.
Clare Gregory is a consultant who combines a background in philosophy with a passion for physics. Clare has styled herself into a go-to authority on artificial intelligence. When she’s not solving complex problems for clients, you can find her attending conferences, writing programs in LISP, or discussing the ideas of Descartes, Heidegger, or Dreyfus.
Image: Pexels
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