Leveraging Artificial Intelligence for Consultation

April 15, 2020

5 min read

Know how Artificial Intelligence can help improving consultation outcome, How to leverage AI tools in your consulting business, tech consultants, online consultation, AI consultation, AI in consulting, Benefits of AI

seekwiserteam

Seekwiser Team

Consultant, Gurgaon

TECHNOLOGY
Leveraging Artificial Intelligence for Consultation

“Consulting companies are the professionals who provide expert advice in a particular area such as business, education, law ,regulatory compliance, human resources, marketing, finance, healthcare, engineering, science or any of the other specialized fields.” as defined by Wikipedia. And with such a large number of fields to be specialized in comes a lot of responsibilities, that is where new technologies like Artificial Intelligence come as a boon for these consultancy firms. AI has the power to boost up the productivity level just by improvising your single algorithm.

 

A study by narrative science claims that in the past one year, the number of companies implementing AI in their predictive analysis has doubled with an increase from 38% to 61%. Companies who are harnessing AI and automation have witnessed significant enhancement in their business and smoother operation of their services. 

 

Now, before implementing AI in your business, it is important to understand what AI provides. Here are some most common ways how AI helps consulting companies upscale their client’s business:

  • AI forecast the most feasible customer behavior.
  • AI can cross reference and transfer data hence updating all of your client files into much structured and manageable manner.
  • AI can help you save your client’s company through the fraud detection attribute that indicates the possible fraud betimes.
  • Helps you provide your clients personalized advertising and marketing services.

 

Read these ways carefully. Because these are the ways that help a consultancy firm build perfectly strategized business model. The estimate of the global consulting business is approximately $!55 million. And all of the corporate companies are depending on these consultancy firms to maintain and sharpen the edges of the business in this increasingly cut throat combative world. 

How exactly AI helps consultants design a business model for you?

  1. Sketching your needs and goals:

These consultancy firms devote most of their time and efforts in the drafting of basic outlines of their client’s needs and goals. AI based on current market trends refine your goals. This includes the investment analysis, market and business studies etc.

 

  1. Building the Business Model:

After recognizing your wants and needs consultants draw a perfectly strategized business model exclusively for the company keeping their eyes focused on your goal. But they sure do need AI’s magical touch for it. The wide use of AI as a data analytics provider provides business insights never before possible. With these digital tools and advanced analytics consultants brainstorm to come up with the perfectly personalized solution.

 

  1. Execution:

After going through an innovative and rigorous brainstorming session for drafting the personalized business model for the clients; the next step of course is the execution of it.

With the help of consultants as soon as you start applying these business models, you start seeing the results for it which brings us to the next step.

 

  1. Evaluation:

As Brenda Padgitt once said “A Truthful Evaluation gives you Feedback for growth and success.” the consultants work in this direction only. Their work is not done at the execution of the business plan. They stay by your side and evaluate the impact of their strategy and plan the next move towards improvement. AI for this plays the key role. Natural Language Processing is a field of Artificial Intelligence that has a crucial part in evaluation. It is the field that provides the insight about customer satisfaction through its feature sentiment analysis. Also, the vision of a consultant is vague without the use of NLP about the needs of the customer. 

 

  1. Modification:

AI works as a magic bullet solution when it comes to modifying the existing business strategy with a new trendy strategy. Modulating a well structured and organized strategy is easier to manage than the disorderly one and guess what made our plan so well constructed: Artificial Intelligence. No strategy can be everlasting, and consultants also understand that so build the one that can adapt.

 

Summing up: 

Artificial intelligence helps the business consultancy firms to comb through the product knowledge of their clients and combine their business expertise to frame out the best solutions for the client’s problems. There are many sectors where the consulting business is expanding its wings such as risk management. After the famous incident of WannaCry hack, all of the corporate companies are considering consulting services, where as well with obvious help of AI the consulting business is prospering.