Consultants are finding opportunities to help people in innovative and automated ways as artificial intelligence technologies develop.
The interest in artificial intelligence (AI) usage within companies has been expanding in recent years, with both billion dollar companies and start-ups utilizing the technology. Artificial intelligence is generally defined as having computers do the work that humans would have performed. AI is also quite often self-learning, whereby the technology can actually evolve and improve itself.
With the right AI, while saving on human capital, companies may also gain insights into data that might otherwise have been overlooked. Incredible amounts of data can be analyzed by AI technology in order for companies to discover strengths and weaknesses within their work processes.
In fact, some analysis contends that entire industries may shift their information gathering workflow due to artificial intelligence insights. The legal profession is one such industry that may vastly change because of AI, contends ABA Journal. Artificial intelligence tools can actually help to determine the outcome of a given court case, according to a study. The author contends that the insights that come about through AI within the legal industry may alter the overall discovery and court process.
Even startups can better compete with established companies if they use AI, according to an article in TechCrunch. If the proper data is leveraged correctly, using such technology as machine learning and deep learning, small upstarts can make pivotal decisions and launch products that can help them compete against the biggest players. An example is Waze, which uses predictive algorithms to analyze a tremendous amount of user data in order to provide drivers with real-time traffic data.
How Consulting Firms Are Using AI
Accenture has actually embraced artificial intelligence inside their workplace as well as in using it with clients. The company had announced that they were investing more in AI in 2015. With the increased R&D spending on AI, Accenture has aimed to work with startups to bring cutting edge technology to clients. They aim to develop more intelligent tools, integrate innovative AI technology into Accenture offerings, and scale the technology into their service management analysis. Such specific examples of Accenture helping their clients with AI include improving insurance claims processing, enhanced pharmacovigilance for a pharmaceutical company and helping clients with more powerful fraud detection.
Additionally, within the last few years, some consulting firms have actually launched entire divisions dedicated to artificial intelligence. IBM Cognitive Business Solutions department was launched in 2015 to offer AI expertise to clients. The firm had already established itself on the forefront of AI innovation with Watson, a cognitive computer that interacts like a human being.
Likewise, KPMG launched its Solution 49 initiative in 2016, which brought artificial intelligence to clients. This offering helps clients to bring advanced technology of AI, big data, and cognitive computing to their firms. Solution 49 is working with about 1,000 experts with expertise in fields as varied as cognitive artificial intelligence and robotics within the United States, Germany and the United Kingdom. The CEO of KPMG Australia, Gary Wingrove, stated of the launch of Solution 49: “Solution 49x helps clients to achieve competitive advantage by assisting them to find smarter new ways to grow revenue, manage cost and reimagine business opportunities.”
[Editor's note: Here is a quick summary on this webinar.]
AI Improvements for the Future
The promise of AI-based business enhancements continue to be of interest throughout many industries, from large companies to small ones. Consulting firms are continuing to address the AI desires of their clients with an array of services and technologies. The improvements that may occur with the right cognitive computing may be quite interesting to envision. This robust technology, since it is self-improving, may have endless possibilities including vast R&D innovations, increased revenue, decreased spending, quicker prototypes and overall acceleration of growth.
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