Business
The Rise of Artificial Intelligence in Consulting
Explore the increasing role of artificial intelligence in the consulting industry, how it is transforming business strategies, and the impact on traditional consulting practices.
After the emergence of ChatGPT in 2022, Reckitt Benckiser’s marketing team, the company behind Lysol and Mucinex, sought to leverage AI technology for its business. Turning to Boston Consulting Group for guidance, Reckitt explored the potential applications of AI in its operations.
Consulting Firms Embracing AI
Boston Consulting Group, among others like McKinsey & Company, IBM, and Accenture, has witnessed a surge in revenue from AI-related projects. Vladimir Lukic, managing director for technology at Boston Consulting Group, highlighted the growing interest among businesses to understand AI’s implications for their operations.
Financial Impact and Growth
The demand for AI expertise has led consulting firms to profit significantly. IBM, with its watsonx system and consulting services, has secured over $1 billion in sales commitments related to generative AI. Similarly, Accenture and McKinsey have seen substantial revenue growth from AI-related projects, with KPMG International targeting significant business opportunities tied to AI technology.