Generative AI is inarguably the future of consulting in the age of automation that is disrupting traditional business boundaries. Propelled by the growing need to stand out in the crowd and increasing investment in language learning models (LLM), AI-First Leadership is paving the way for rapid growth and expansion in consulting, where automation is ruling. Here’s a quick peek into this new age of advisory and consultancy services.
Automating Routine Tasks
We no longer have time to do routine tasks like data entry and management, report generation, financial modelling and tracking, customer relationship management (CRM), compliance checks, and first-level client communication. AI is efficient in digitising data with remarkable accuracy and reliability. These capabilities free up consultants to focus on more strategic, high-value activities, ultimately increasing productivity and accelerating the delivery of insights and solutions.
As AI is capable of analysing and drawing insightful conclusions from datasets, it can be an asset in finding emerging trends and patterns of consumer behaviour, helping in business strategy and market positioning eventually. Besides this, invoicing, budgeting, asset management, lead management, client interactions, and many other tasks can be automated to bring more accuracy to otherwise tedious tasks.
Personalise Plan of Action for Clients
AI tools, as mentioned earlier, can be highly skilled in routine data analysis. Consulting firms can integrate their knowledge and expertise to generate new ideas while also speeding up the process of analysing client needs. This becomes pivotal for devising a tailored business strategy on time and also reduces risks that come with heuristic decision-making that simply relies on intuition and personal rules of thumb.
AI Toolkits Transforming the Industry
Robotic Process Automation (RPA)
RPA entails using software that can copy the human interactions with digital systems like ERP, CRM and databases. Junior analysts and consultants can focus their efforts on higher-value tasks since low-complexity tasks like data entry, report generation, and invoicing become effortless across systems.
Intelligent Document Processing Replacing Optical Character Recognition (OCR)
Until now OCR was used to extract text from images, which entailed drawbacks like low accuracy and difficulty in extracting content from complex tabular formats. However, Intelligent Document Processing (IDP), which employs AI technology to integrate contextual understanding while scanning documents and categorising data, has replaced OCR. This plays a crucial role in the consulting sector when it comes to simplifying the due diligence process and auditing.
Reconciliation Development for Autonomous Auditing
Reconciliation is an important step in due diligence where consistency and accuracy of data are established through matching of data across various records like ledgers and bank statements. Manual reconciliation is less reliable than AI-driven reconciliation, which is also much faster. Consultants can simply employ automated pipelines and matching engines that can carry out multi-source reconciliation to detect discrepancies.
The Blended Power of AI and Smart APIs
Today, consultants are using AI to create APIs (Application Programming Interface) where different software applications are programmed to interact with each other to achieve a goal by following strict protocols. This can seem like an RPA bot collecting craft data from the client and using an AI-powered IDP system to process and understand the data. A reconciliation software can then ensure accuracy and identify gaps and help the consultant devise an appropriate plan of action.
Navigating Risks of AI Integration
AI-first leadership means championing the use of AI to make operations smoother, establish synchronicity across domains and provide faster and more accurate solutions in asset management consulting services. But this comes with a responsibility of maintaining data privacy and social legitimacy because unethical use of AI can breach confidentiality. Setting SOPs and aligning values with these practices is thus paramount.
The bottom-line
Offering more robust consulting solutions and capabilities that incorporate generative AI at their core has enormous potential as clients continue to evolve in domains like customer service, marketing, and next-generation app buildouts. Thus, AI-led leadership is the way forward in advisory and consultancy services.
TRC Consulting is known by its clients for its commitment to integrated practices and efficiency in offering result-driven action plans related to GRC, people advisory, and many more services. What sets us apart is that our experienced team is proficient in bridging gaps in data privacy and several ethical concerns that often come with using AI. Therefore, you can rest assured your business will never lose the human emotional depth and integrity at any step. Contact us today to start your growth journey and reach your goals faster in a safer manner.
