Could AI Transform the Future Consultancy Sector?

Published Wednesday 15th January 2020

There are many exciting technologies that, over the long-term, could transform the way people do business. However, few have as much potential, both short and long-term, than Artificial Intelligence (AI). Already, increased use of AI is having an impact on our daily lives, and its influence over business will only increase as the technology improves.

The truth is that there are very few sectors that will not see more substantial involvement of AI over the long-term. While most people associate the technology with blue-collar work, white-collar positions, such as the consultancy sector, could also be affected. As with all new technologies, AI’s increased use could bring a range of benefits, both to the company itself and its customers.

The Future of Artificial Intelligence in Business

Up to now, AI has been most acutely felt in the manufacturing sector. According to the Office for National Statistics (ONS) back in 2017, manufacturing jobs in the UK had declined by around 17% over the previous decade, primarily down to automated machinery. Still, it could be argued that its most significant impact is yet to come.

According to an ONS report from 2019, 7.4% of roles in England, totalling 1.5 million jobs, are currently at high risk of future automation. Understandably, these predominantly concern elementary, repetitive positions, such as waiters, shelf fillers and low-level sales staff.

However, the most interesting figures here concern those jobs that are at medium risk of automation. According to the ONS, 65% of roles are at medium risk of future automation, totalling 13 million jobs. In this category sits a wide range of positions across multiple sectors, including skilled trades, administration and certain professional and technical occupations.

This medium-risk range represents the likely future for AI across business sectors. Complimentary studies also report that the vast majority of jobs will have some involvement of AI in daily operations over the coming decades. AI is unlikely to replace the labour market wholly and instead will complement existing processes to deliver more efficient and effective performance.

The Future of Consultancy

It’s worth noting that, according to these statistics, consultancy currently has a low 27% risk of automation. However, when considered amongst similar professional roles, this is one of the highest percentages. Consultancy firms must begin to understand the future role AI technology could play in their operations, the advantages it could provide and also the potential hurdles to its implementation.

AI could provide incredible benefits for consultancy and other professional services when used in tandem with an already knowledgable labour force. Noted in our article on the technological trends shaping future supply chains, AI has the power to handle and sort vast amounts of information in a much more efficient and reliable manner than a human equivalent. This core ability can benefit consultants in two key areas. Firstly, it can handle administrative tasks, allowing individuals to focus on more complex matters. Secondly, it can provide relevant information quickly and efficiently, aiding consultants during operations that still require human interaction.

While AI could provide significant advantages, it is not a magic wand. Effective implementation of AI technology takes time, which is why many forward-thinking companies are already beginning the process. AI also requires capital, both to invest in new technology but also to upskill the workforce to ensure its potential can be fully realised.

Here at Expense Reduction Analysts, we’ve worked with a range of major businesses in the professional services sector, helping to maximise their potential through effective procurement strategies. We have seen first-hand the desire and need companies show to invest in new technologies, but it must be done efficiently. Our cost reduction consultants have experience in a range of areas, including technology implementation, so if you would like to discover how we can help your business, why not get in contact today?