Elycia Morris, MBA’s Post

With so many firms playing in the AI space, who is actually making money now? This NYT article highlights some of the early winners are leading consulting firms advising companies on how to leverage (and make sense) of GenAI’s rapid ascent. - BCG now derives 20% of its revenue from AI-related consulting, up from zero just two years ago. - McKinsey anticipates 40% of its business this year to be AI-related. - KPMG is targeting $650 million in AI-related work in US, from nothing a year ago. - IBM has secured over $1 billion in sales commitments for AI-related consulting and its watonx system. If you extrapolate the numbers (and make a few assumptions) projecting AI consulting revenues of $50+ billion this year looks plausible - not bad for a standing start. #AIConsulting #GenerativeAI #TechTrends #AI

How to under-estimate the complexity of integrating GenAI into business process, and other stories. We have high expectations from GenAI, just as Narrow AI did with automation. I am working with an amazing team right now aimed at harnessing GenAI capabilities within some specific Use Cases - the challenge of integrating this AI into business processes remains formidable. This NYT article discusses a recent surge in AI-related consulting services and highlights a critical issue: the primary difficulty lies not just in deploying AI but in effectively harvesting and organising real-world data to inform algorithms. When we write them down it seems we face the same challenges that we have faced with advanced analytics, narrow AI and in general data driven automation. Data Quality and Availability: AI systems need accurate and relevant data. Many businesses struggle to provide this, making 'data is the new oil' more relevant than ever. Regulatory Compliance: With regions like the EU passing stringent AI regulations, companies must ensure their data collection and processing methods adhere to legal standards, adding another layer of complexity. Error Prevention and Management: Generative AI, while powerful, is prone to hallucinations—providing incorrect or nonsensical information. We need to expect this, as we do sometimes with humans. Resource Intensive: Developing AI solutions is labour-intensive, we are doing the work up front, once, so we can benefit from not doing it repetitively - this is the nature of automation and we need to manage expectations. Customer Trust and Acceptance: AI systems must earn user trust by demonstrating reliability and transparency. Implementation Speed vs. Accuracy: Companies often face pressure to implement AI solutions quickly. However, this can lead to systems that are not fully tested or optimised, resulting in potential errors and customer dissatisfaction. Despite these challenges, the potential benefits of AI are immense. There are a couple of success stories in this article. What we know, no shortcuts, businesses must prioritise data quality and invest in robust AI validation frameworks. POC is not Operationalised and the gap is huge. I can make a tray of yummy cakes, Mr Kipling can make cakes for half the world, To drive meaningful business transformation we need to focus on the data and how that gets from the world into the model, intelligence is one thing but it needs the right information to operate on a given problem. Id be glad to hear about your experiences with AI integration. What challenges have you faced, and how have you overcome them? Let's continue the conversation and learn from each other. https://lnkd.in/eNDJ2PTE

100 percent this. Who in your organisation can say that something AI related is a bad idea, or not going to deliver what it promises? and how safe are they to say it? Successful selection and management of AI requires a robust culture.

The #generativeAI tech boom – one only comparable to the dot-com boom in the 1990s – has increased the demand for trusted advisors, presenting a unique opportunity for large-scale consulting firms to showcase their prowess. As Tripp Mickle of The New York Times points out, KPMG is seizing this unprecedented opportunity to capitalize on new business avenues driven by #AI. Read here: https://lnkd.in/e82htXzi

Great article today for the business impact of AI with consulting. Useful read to learn how several major companies are testing & deploying the tech. Exceptional insights from Nigel Vaz of Sapient: “In the mid-90s, C.E.O.s would say, ‘I don’t know what a website is or what it could do for my business, but I need it,’” Mr. Vaz said. “This is similar. Companies are saying: ‘Don’t tell me what to build. Tell me what you can build.’” #ai #consulting #2024trends The A.I. Boom Has an Unlikely Early Winner: Wonky Consultants https://lnkd.in/gx8n8pjZ?

🔍 Did you know? In the middle of the AI revolution, it's not just flashy startups winning the game—it's the consultants! 🏆 Imagine this: You're deep into your AI strategy, but the hype got you all mixed up. You're not alone. Here’s the twist: Companies are now leaning on trusted advisors from Boston Consulting Group, McKinsey, and KPMG to navigate the AI maze. Want to know why? 🧩 💡 Expertise Over Hype: These firms bring decades of experience to the table, blending tried-and-true strategies with cutting-edge tech. 🚀 Tailored Solutions: They don't just recommend AI; they fine-tune it to suit unique business needs, ensuring better ROI. 📈 Proven Track Record: With a history of transforming businesses, they offer more than just guidance—they drive results. For the full scoop, check out this fascinating article by The New York Times [Link Above] 📖 What’s your take on consulting firms as the unsung heroes of AI adoption? Drop your thoughts below! ⬇️ -- I specialize in helping businesses leverage AI to its fullest potential. If you're ready to navigate the AI landscape with confidence, let's connect. 🤝

Lessons from scaling PeopleGPT — AI for people search — to the first 25,000 users in just a few months. What we learned so far? -> Early adopter feedback is invaluable. We added 40+ product features based on specific user requests from recruiters, ranging from AI skill categorization to “search by job description.” -> Detailed profile data is key. Since launch, we’ve added multiple partners to provide data like technical profiles, research papers, and expanded email contact info. Now at 800mm+ profiles total. -> Documentation helps everyone succeed. We built out our knowledge base, onboarding guides, and in-app live “search help” for that reason — and they continue to grow each day. What’s coming next? 🔎 A better way to search. Expect major new additions to information that the chat interface can show you. ⚡ Workflow improvements. Make it easier to connect PeopleGPT with your existing tools, workflows, and processes. 👀 And a few exciting upgrades that I can't share just yet... Tell us what you need and we’ll make it happen. Feel free to reach out at david@juicebox.work at any time, or just send me a DM. https://juicebox.work/

https://lnkd.in/dZ967vQM Reckitt now earns a fifth of its revenue — from zero just two years ago — through work related to #artificialintelligence. The next big boom in tech is a long-awaited gift for wonky consultants: sales are growing and hiring is on the rise because companies are in desperate need of technology Sherpas who can help them figure out what generative #AI means and how it can help their businesses. While the tech industry is casting about for ways to make money off #generativeAI, the consultants have begun cashing in.

The A.I. Boom Has an Unlikely Early Winner: Wonky Consultants From Boston Consulting Group and McKinsey & Company to IBM and Accenture, sales are growing and hiring is on the rise because companies are in desperate need of technology Sherpas who can help them figure out what generative AI means and how it can help their businesses. https://buff.ly/3VWkTPV #DigitalTransformation #AI

WONKY CONSULTANTS!! AI: Always Interesting, Absolutely Informed, and "buckle up." It is the new Y2K trick up their sleeves, so beware of those billings and chargeable hours! WATCH OUT FOR WONKY's!!!