The rise of AI in consulting is akin to the demise of the buggy whip industry in the early 20th century. Just as the automobile rendered buggy whips obsolete, AI and large language models threaten to automate many tasks traditionally performed by consultants. Here are 7 things you need to know about adapting to survive this disruption.
We Discuss:
- What is the threat AI poses to consulting?
- How do consultants USE AI instead of being replaced by it?
- How can consultants keep an authentic voice in the face of LLMs?
- What is the consultant's value proposition in an AI future?
- What types of consulting careers are most likely to be impacted?
Key Highlights:
- The consulting industry may be facing a "buggy whip moment" due to the rise of AI and large language models (LLMs) that can automate tasks traditionally done by consultants. (00:02:53)
- Consultants who don't adopt AI tools risk being replaced by those who do, similar to how those who didn't adopt typewriters were replaced by those who did. (00:06:45)
- AI tools can augment consultants' capabilities, allowing them to do more work at a better quality level. (00:27:36)
- The consulting industry may shift from providing free advisory content to protect their IP from being used to train AI models. (00:10:47)
- Consultants should be vigilant, view AI as an opportunity, skill up, focus on human elements, niche down, and get closer to clients to navigate the changes brought by AI. (00:33:56)
- Consulting work that requires human-level decision-making and capability will likely remain relevant in the short to medium term. (00:40:17)
- Consultants should protect their IP going forward to maintain their value and competitive edge. (00:44:01)
- Soft skills, emotional intelligence, and creativity will remain important for consultants as AI focuses on past data rather than innovative thinking. (00:30:32)
- Consultants who enjoy building machines (processes and new things) will have an advantage over those who prefer running machines (turning the crank). (00:41:10)
7 Takeaways:
- The consulting industry is facing a potential disruption due to the rise of AI and large language models that can automate tasks traditionally performed by consultants.
- Consultants who fail to adopt AI tools risk being replaced by those who do, highlighting the importance of staying current with technological advancements.
- AI tools can augment consultants' capabilities, enabling them to deliver higher quality work more efficiently.
- The consulting industry may shift away from providing free advisory content to protect their intellectual property from being used to train AI models.
- To navigate the changes brought by AI, consultants should be vigilant, view AI as an opportunity, develop new skills, focus on human elements, specialize in niche areas, and build stronger relationships with clients.
- In the short to medium term, consulting work that requires human-level decision-making and capability will likely remain relevant.
- Soft skills, emotional intelligence, and creativity will continue to be valuable assets for consultants, as AI focuses on analyzing past data rather than generating innovative ideas.
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