Consulting

Will A.I. become the new McKinsey?

By Matthew, May 10 2024

The article explores the potential impact of artificial intelligence (AI) on the consulting industry, particularly focusing on whether AI could replace traditional consulting firms like McKinsey & Company. It discusses the rise of AI-driven platforms and tools that offer data analysis, problem-solving, and decision-making capabilities comparable to those of human consultants.

While acknowledging the significant advancements in AI technology, the article also highlights the limitations and challenges AI faces in fully replacing human consultants. These include complexity of human interaction and the need for contextual understanding.

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Will A.I. Become the New McKinsey? [paywall]
AI
McKinsey
Consulting
Future trends

AI-powered consulting in Japan

By Matthew, April 06 2024

Itochu and BCG are collaborating on AI-powered consulting in Japan. They aim to combine BCG's consulting expertise with Itochu's data and AI capabilities to offer innovative solutions to Japanese businesses.

The partnership reflects a growing trend of integrating AI into traditional consulting services, leveraging data analytics for strategic insights. This collaboration seeks to enhance efficiency and effectiveness in business decision-making processes, potentially transforming the consulting landscape in Japan.

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Itochu and BCG team on AI-powered business consulting in Japan
AI
BCG
Consulting

Consultancy will survive COVID-19

By Di, April 02 2020

The novel coronavirus COVID-19 has impacted the consulting industry in ways that seem potentially ruinous. But do not lose hope. Yes, consultants are used to traveling a lot, and widespread travel restrictions make that impossible. And much of consultancy work is done face-to-face in internal and client meetings, which can’t be done when gatherings are prohibited. There is also the fear that businesses will suspend contracts in the economic downturn.

But we have an advantage this time that we haven't had in past catastrophes. We have the internet. We can have virtual meetings, share documents online and even give presentations with conference software that lets everyone be in the same “room” at the same time. So travel restrictions are less disruptive than in the past—people can do much of what’s needed almost as well from home.

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Coronavirus a blow for consultants, but also an opportunity
Consulting
Work
Internet
Technology
COVID-19

Big Four firms stop consulting

By Jeremy S, April 08 2019

PwC and EY told a panel of British lawmakers they would mirror a change already underway at another Big Four accounting firm, KPMG, in a bid to end a “perception” of conflict between selling audit and consulting work to the same customer.

Consulting is better paid than audit work, raising concerns that an accountant won’t challenge a company’s management properly regarding an audit for fear of losing more lucrative advisory work.

KPMG said last November it would phase out advisory work for its British accounting clients as the Big Four faced calls from lawmakers to be broken up after the collapse of construction firm Carillion, which KPMG audited.

“We will do a ban on anything for audit clients other than audit related services,” Kevin Ellis, chairman and senior partner of PwC UK told parliament’s business committee.

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PwC, EY join KPMG in banning consulting for audit customers
Consulting
Accounting
Business