Expert Guide On AI Business Consulting
Every day we can see numerous advancements in the tech industry. But some will vanish early, and some will stay in the market for years, and they will make their mark in the industry for an extended period.
AI falls into the section of long term technology, as it provides more excellent opportunities and options for today’s firms/companies/organizations. The artificial industry has enormous scope, and it is a multi-trillion-industry, As we on exploring AI topics such as neural networks & NPL it will look more beautiful.
But, the truth is its adoption is very slow compared to other trending technologies. The reason behind slow adoption is companies are not aware of integrating intelligence in their organization. The other reasons can be a lack of strategy; limited access, high pricing, and lack of AI talent are effecting digital transformation.
To solve these problems, AI consulting companies are the right solutions.
In this, we are going to craft every information related to AI consulting to whether to opt for AI consultants or not and which one works better for you.
The topic of AI consulting will be overwhelming. Overall, the AI thought is beautiful.
AI consulting can be defined as “AI consulting is one type of business that helps various firms to use AI technologies to enhance their production & business successfully.”
In the coming days, most of the people will speak about this trending technology. With the increases in AI consulting companies, there is more demand for AI consultants. AI consultants are the people who can talk about it because it represents a greater opportunity.
AI consulting firms can quickly maximize a firm’s marketing campaigns, and it also helps to achieve more success & growth.
Do you think what the problems solved by AI consultants? Just have a look about them:
- Strategy building
- AI professionals can easily identify AI use cases for different sorts of businesses.
- They develop new & advanced custom AI solutions
- They help companies to enhance their strategies to draw top AI talent.
- The next topic we are going to discuss is why AI consulting is essential for companies.
The essence of AI consulting?
The time AI products introduced, the demand for AI integrated products is getting more demand & importance. Even though we have more demand for AI products, the supply is low. The reasons for the low supply can be either technology doesn’t mature yet or companies finding difficulty in choosing the right firm.
Therefore, AI Consulting Companies will have more demand in the coming up future.
Recent released a report that states that many companies are not able to implement high benefits and low complexity artificial intelligence use cases.
Another survey also tells that many firms have the potential to take up the new technology, and the remaining is planning to reach that point by the end of the next five years.
AI consulting activities
The typical AI consulting activities are divided into three categories they are:
- Strategy formulation
In our daily lives, we look after the problems before we get into providing solutions, the same thing we are applying here.
The same thing we are going to apply for the companies. It is necessary to understand the client’s challenges, opportunities; strategy encountered by the firm, the client’s data & analytics capabilities.
After going through all these with an in-depth understanding of AI, the consultant will find out the key AI initiatives that are going to helpful for the company.
In the process, the organizations also need to revise their overall strategy. For better understanding, let us take a simple example.
Imagine you are a translation service providing company, and you are planning to make some changes that will help you survive in the market for the next 5-10 years when tech giant Google translation services achieve human-level translation capabilities.
Having the strategy for the next 5-10 years will help the associate to understand the future of AI better, by which they can find out how their businesses need to change from today itself.
- Strategy implementation
The strategy will effect in various initiatives. The strategy implementation can be considered as multiple activities like vendor selection, planning, development, project management, and enhancement of business models impacted by the change management, project, etc.
The companies consultants will complete all or some services. And most of the consulting firms their activities in-house, or in some cases they will outsource. One important note for all the companies/organizations, the consultant will be so expensive in the long run compared to the in-house team, so better to opt for it.
It is also one of the typical AI consulting activities. Generally, consulting projects should always enhance their client’s culture and skills. And as you are in the field of AI, it is mandatory because the resources are limited.
The AI projects should make sure that their client’s teams are erudite & skilled of the technologies they are working on.
AI consulting landscape
The AI consulting companies are divided based on the areas they serve. And some consulting firms offer limited services, and some will provide overall services; apart from that, some AI consultants are also making their way into the industry.
There is a misconception that large companies can only utilize AI, but the truth is it can also be used by SME’s. The number of SME’s trying to integrate AI to their structure is increasing rapidly from the past few years.
As AI provides enormous benefits, integration, scalability into identically different sized organizations, in such cases it requires various types of focus points. Because of this, some of the AI consulting firms are mainly concentrating on small and medium scale firms or enterprises, and they will provide customized or personalized solutions.
- AI strategy consultants
Most of the global AI consultancies will help organizations to formulate their AI strategy. Based on the estimation of future predictions about the AI future, they recruited and trained a pool of professionals with the abilities of AI. They are aware of how to apply in a particular business context.
- AI implementation consultants
In the tech industry, most of the consultant firms are helping various firms to formulate their AI strategy. A vast number of consultants are offering strategy formulation because the process requires less human resources.
- Top management consultants
As the dependency increasing on data, most of the traditional consulting firms are shifting their focus from strategy planning to artificial intelligence.
Now the real question comes out. Whether consulting firms will survive or not without AI implementation. There are more possible benefits with the integration of these two industries. Currently, in the industry, various investments and acquisitions are happening from consulting firms to AI companies.
- Tech consulting companies
IBM technologies bought AI into the limelight by winning of Watson over Jeopardy and DeepBlue winning on world champion in chess. IBM also started investing AI consulting, and in 2018 they launched the IBM Data Science Elite program as AI consultancy division.
Accenture has an advantage in coming up into the AI consulting space because it’s a well-established organization and tech-focused professional’s team. And the good news many companies are working with them.
How to pick your AI consultant?
I think it is the crucial part because if you can’t right one, then it will affect your overall business activities. So be careful while picking up your AI consultant and ask below questions.
Is it essential?
It is the first question that you need to answer yourself. You will find many online and offline publications indicating the advantage you can get from implementing a particular solution, but check whether it is going to have a positive effect in a shorter period.
You should also ask your consultant about the projections of the short, medium, and long-run. If you are in your early growth stage, then it’s better to opt for some other technology that can give some immediate results or else look for other essential opportunities.
Do you possess the necessary human capital?
Once you receive your solution now, it’s our responsibility to decide whether to go for outsourcing or in-house development. It is your responsibility to assign the project to the right people because it allows your employees to learn something from the process that will be helpful in the coming up future.
If your team is skilled enough, then the evolution of the consultant will be more accessible; if not, it will be hard. Because of the constant sharing of information between both, it will be easy to implement the solution.
Does the consultancy have prior & necessary experience?
Right now, in the market, you can find many small and medium scaled size AI consulting firms, but it also depends on your selection because different sectors need a different skill set of people.
And remember we can not blindly go with the firm’s past projects, and the professional’s team also matters while picking up the firm. Every consulting firms are very good at their operations.
Future of AI consulting?
According to the latest reports of Gartner by 2020, startups will lead the artificial intelligence scenario. The tech giants such as Facebook & Google comes into the scene unless and until any acquisition takes place.
Therefore in these days, AI vendors are making them expertise in one sector and offering services to that particular sector only. But, I think it is very much early to make a forecast because there is a chance of acquiring startups & hiring AI researchers to dominate AI solutions. It is what is happening in the industry.
If startups are going to take the upper hand in the AI scene with particular applications, then there is a handful of work for consultants for strategy building and integration.
The situation of traditional consulting in a post-AI world
As of now, we completed the discussion about the work of AI consultants. And it is also essential for you to know about the future of traditional consulting.
Currently, AI is giving fruitful results for the marketing & sales related topics or firms, but this trouble is expected to other jobs. Recently Harvard Business released a review article which is stating that in the coming up future, there is a risk for so-called elite consultants that are going to be replaced by AI.
Some random arguments are going that the traditional consultancies are doomed. And another argument is that AI providers will increasingly compete with the management consultancies. They also believe that it will take a longer time to integrate AI.
At present, tech giants who are very good at cloud & hardware are not dominating the AI tools landscape. Another argument is AI consulting will be designed & shaped by the cloud providers.
If you follow the news of acquisitions, you can find many stories about tech giants acquiring AI startups to build their own in-house AI units. As it is going to emerge more and more, the AI vendors can take a share by establishing early in the market.
We hope you got a clear overview of the AI consulting and top AI consulting firms.
In case if you are looking for developing your own AI solutions, Contact us.
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