The Rise of Artificial Intelligence in Consulting Firms

After the debut of ChatGPT in 2022, Reckitt Benckiser’s marketing team, the maker of Lysol and Mucinex, saw potential in leveraging new artificial intelligence technology for their business. They sought guidance from Boston Consulting Group to explore the possibilities.

Vladimir Lukic, the managing director for technology at Boston Consulting Group, noted a significant increase in requests related to artificial intelligence, with a notable surge in revenue linked to this area, now contributing a fifth of the company’s total earnings.

Consultants as Technology Sherpas

Consulting giants like Boston Consulting Group, McKinsey & Company, IBM, and Accenture are experiencing a surge in demand for their services due to companies’ growing interest in understanding and implementing generative A.I. technologies.

These consultants serve as technology Sherpas, guiding businesses through the complex landscape of generative A.I., helping them decipher its implications, and strategizing on how it can benefit their operations.

Financial Gains from Generative A.I.

• IBM, with its extensive consultant base, has secured over $1 billion in sales commitments related to generative A.I. consulting and its WatsonX system for A.I. model development and maintenance.
• Accenture, a provider of consulting and technology services, achieved $300 million in generative A.I.-related sales last year.
• McKinsey & Company anticipates that 40% of its business this year will be linked to generative A.I., showcasing the growing importance of this technology in consulting services.
• KPMG International, known for its global advisory services, has rapidly transitioned from zero generative A.I. revenue to targeting over $650 million in business opportunities in the U.S. tied to this technology in the past six months.