The Consulting Titans

One of the first things I do when trying to learn a new subject, topic or technology is to consume as much information as possible in the most efficient ways. This usually involves listening to podcasts, watching YouTube videos (which I prefer to do on my TV instead of my computer), reading long-form articles, finding experts on twitter, research papers, reports, and books.

Initially, my plan is to consume popular content before turning to subject matter experts and diving deeper into the fundamentals. Alongside this, I always look for what has cultural resonance, as that is often a barometer for mainstream adoption. Recently, I spent the last two weekends reading content from major consulting and accounting firms about AI.

Here are some of the most interesting takeaways from the consulting titans such as Accenture, Boston Consulting Group and McKinsey (QuantumBlack).

Accenture

• Accenture estimates that 40% of all working hours will be supported or augmented by language-based AI, highlighting the increasing relevance of AI.

• Accenture predicts that generative AI will revolutionise business processes and collapse the distance between our digital and physical worlds, requiring significant investments in data, people, and the customisation of foundation models

• Accenture also identifies four key trends that are critical to realising this new shared reality: Generative AI, Digital Identity, Data Ownership, and the accelerating feedback loop between science and technology.

• Interestingly, nearly all executives agree that generative AI will spark significant creativity and innovation (98%), and usher in a new era of enterprise intelligence (95%)

• To guide business leaders in this disruptive technology, Accenture has formed a dedicated team, the Generative AI and Large Language Model (LLM) Center of Excellence, which brings together 1,600 professionals dedicated to generative AI.

Boston Consulting Group

• Something I’ve been mulling over which BCG agreed with was the importance in recognising that AI Empowers Employees, Not Just Companies. Requiring individuals to use AI encourages it use more than attempting to build trust in AI does.

• The Hidden Use of AI is a reality that many workers are unaware of. The graphic on the left below is evidence of this phenomenon, which I believe is common across the majority of professionals.

• Here is some interesting data to support the hypothesis that AI empowers employees, not just companies:

  • 64% Share of workers deriving at least moderate value from AI

  • 3.4x Increased likelihood of job satisfaction among workers who get value from AI

  • 5.9x Increased likelihood of organisation al value when workers get value from AI

  • 60% Feel that AI tools are like a co-worker and not a job threat.

• BCG emphasises the importance of high-quality data as a source of competitive advantage in a generative AI world. Companies need to creatively utilise their data, especially when creating specialised models, to provide unique services and enhanced user experiences.

• BCG advises executives to act quickly to set their generative AI engagement strategy to benefit their organisations and maintain a competitive edge

McKinsey

• ChatGPT's public-facing version reached 100 million users in just two months, making it the fastest-growing app ever. It democratised AI in a way not previously seen. By comparison, the internet took 7 years, Uber took 6 years, Instagram took 2.5 years, and TikTok (the previous fastest-growing app ever) took 9 months to reach the same level of adoption.

• While foundation models serve as the “brain” of generative AI, an entire value chain is emerging to support the training and use of this technology.

• Financial services giant Morgan Stanley is testing the technology to help its financial advisers better leverage insights from the firm’s more than 100,000 research reports. The government of Iceland has partnered with OpenAI in its efforts to preserve the endangered Icelandic language. Salesforce has integrated the technology into its popular customer-relationship-management (CRM) platform.

• While generative AI will likely affect most business functions over the longer term, our research suggests that information technology, marketing and sales, customer service, and product development are most ripe for the first wave of applications.

• Some interesting data points from their State of AI Report:

  • The average number of AI capabilities that organisations use, such as natural-language generation and computer vision, has doubled from 1.9 in 2018 to 3.8 in 2022.

  • 52 percent of respondents at organisations using AI reported more than 5 percent of their digital budgets went to AI

  • 63 percent of respondents say they expect their organisations’ investment to increase over the next three years.

Hope you enjoy today’s newsletter. Look out for our new segment tomorrow called ‘Workflow Wednesdays’.

Jenko

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A day in the life of AI

Every day, we will showcase a workflow or task designed to help you save time in your job or personal life. Becoming skilled at promoting can be a superpower, so the goal of this section is to help you improve in this area for both personal and professional growth.

Personal or Professional: Professional or Personal
Workflow/Task: How to tweak ChatGPT's voice, tone, and writing style.
Task time before AI: A few hours - a couple of days
Task Time with AI: <2 minute
Cost Saving: Priceless

Each snippet below, gives you a way to tweak ChatGPT's voice, tone, and writing style.

Please let us know if there are any workflows, tasks, or roles that you would like us to feature.

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