This could be huge for management consulting. It could impact how you both sell and scale. 🤖
ChatGPT, the prototype of OpenAI‘s latest artificial intelligence project was released last week. It’s an AI-based app you can chat with on your phone and ask questions or advice.
In their own words, it’s a chat application that “interacts in a conversational way. The dialogue format makes it possible for ChatGPT to answer followup questions, admit its mistakes, challenge incorrect premises…and provide a detailed response.”
I tried it. It’s very impressive and the technology will only keep getting better and better (more multimedia, immersive, visual and dynamic). It made me wonder about the impact of artificial intelligence on consulting or the “advice” business. 📚
No, human consultants aren’t going to be replaced anytime soon, but I can definitely see how a smooth AI interface with the ability to comprehend specific questions and provide reasonable responses (at the very least) can help consultants create efficient processes. Or perhaps even replace parts of our process.
For example, take discovery engagements or “front-end” projects most consultants use to get their foot in the door. Typically these are audits or assessments, but what if you used an AI application to replace part of the engagement?
Consider these use cases:
💡 Benchmarking: Have your clients use your AI-based app to answer a few questions, input their performance data and benchmark themselves vis-a-vis others in their industry and get insights about what they can do to improve.
💡 Risk assessments: Your app could take your clients through a systematic process to evaluate risk, identify hazards and provide a customized plan to remove or eliminate them.
💡 Regulations: Offer your clients an app to ensure they are up to date with regulations, especially if they’re in highly regulated industries. Your clients could let the app know the nuances of their situation and let it determine gaps.
💡 Financial decision-making: What if you could design your app so clients could search for financial precedents for a specific strategy they have in mind? Could you app browse public company data going back 20 years, search financial statements, apply mental models or financial ratios perhaps and provide insights to inform decision-making?
💡 Skills training/Learning & Development: Tell the app your specific scenario and let it advise you on possible paths to take, create a training curriculum and deliver a customized plan.
Now, having a human as part of the process to iron out errors will no doubt improve efficiency, but using AI to do most of the heavy-lifting can not only help you standardize your offering but also make it easier to scale.
What do you think? 👇
Ready to add $100k-$500k revenue to your consulting business in 12 months or less without burning out? Schedule a call and let me show you how.
Image credit: openai Dall-e