How AI will shape the consulting sector

A few words about AI

We wouldn’t believe you if you said you came across the term if AI for the first time. However, now everyone knows what it actually means. It seems to be simple and clear, but most people (especially those who barely have some relation to the technology industry) start imagining robots when they hear about AI. That’s because popular Hollywood films and sci-fi novels weave stories about human-like machines that bring in havoc. We should say, nothing could be further from the truth. Moreover, the evolution of AI technologies we can observe now isn’t that scary. Instead, AI has turned out to provide specific benefits across numerous industries. 

A multitude of definitions of artificial intelligence (AI) have surfaced over the last few decades, but we will explain the basics of this concept in simple terms here. 

AI systems can perform tasks commonly associated with human cognitive functions like interpreting speech, playing games, and identifying patterns. The technology is based on the principle that a machine can easily mimic human intelligence and execute tasks of various complexity.

Let’s quickly figure out how this technology works. It takes AI systems to process massive amounts of data, looking for patterns to model in their own decision-making. In other words, they analyze the circumstances and trends of data interactions and tendencies to make predictions.

Is it a good idea to rely on AI without any human supervision? Not always. In many cases, human intervention is required but some AI systems are designed to learn without supervision. For example, a system keeps playing a video game over and over until it eventually comprehends the rules and how to win. 

All in all, AI is reasonably one of the greatest breakthroughs ever. Despite some concerns and prejudices, it’s impossible to deny the benefits of AI. The most optimistic enthusiasts believe that soon we will have systems that exceed the capacity of humans to learn or reason out any subject. Skeptics, on the other hand, have many doubts about it as there are value judgments that are subject to human experience only. 

Now we’re rather limited to predictions based on current advancements and personal opinions, but we’re sure the best of technology is yet to come!

AI boosts consulting

As AI and automation are increasingly evolving, many businesses across industries are thinking about integrating the latest technologies into their operations. The consulting sector does not stand aside – it is at the forefront of implementing cutting-edge innovations. What about AI consulting? 

Basically, AI consulting means devising top-notch algorithms and machine learning tools to assist companies in improving their operations, business processes, and decision-making.

Leveraging the power of AI can help organizations stay competitive and take their services to the next level.

Proper planning, integration, and AI solutions implementation are critical for good results in a business setting. Needless to say, AI brings value to both software product companies and end-user if implemented appropriately.

The ground benefits of AI consulting services

Tech consultants guide companies through their stress-free smart transition to digital workflows or upgrading their old systems. 

Earlier, bringing cutting-edge technology to a business was a beneficial option but now it’s rather a necessary condition. Some experts suggest that avoiding AI solutions may lead to complex challenges in your business development.

So what’s the role of AI consultants in business development? These experts help organizations to clearly outline their goals, select the most efficient approach, and finally deploy advanced AI applications to scale up their day-to-day business operations.

Here, we offer you to take a quick look at the key benefits AI consulting comes along with.

Data collection and analysis

AI technology can process, handle, and analyze enormous pieces of data far more efficiently and faster than a human employee. This results in obtaining more accurate insights into many business areas. 

Enhanced security

The frequency of cyberattacks is, unfortunately, steadily increasing. These days the risk of user personal data being stolen is quite high. That is why, businesses have to cope with rising security concerns. AI assists in this effort by providing real-time security checks and user verification. AI can help prevent cyberattacks in several ways including threat and malware detection, fraud prevention, control access to sensitive data and systems, incident response, etc.  

Streamline admin tasks 

A recent report by Sage revealed that the average small business spends 120 days per year on admin tasks. We bet you would rather optimize these processes and spend this time on other tasks that do require your attention. So why not let robots do routine admin tasks for you? They can do it quickly without sacrificing quality. Innovative RPA devices can cover a wide range of admin tasks such as creating and delivering invoices, matching incoming payments with the correct invoice, record-keeping, etc.

Predictive modeling

AI can help consultants build predictive models that can forecast future trends and identify potential risks. This can help organizations make informed decisions and take proactive measures to mitigate risks.

Better productivity

Assigning mundane tasks to machines is not just for freeing up employees’ time. Streamlining numerous processes through automation means staff members can focus on more rewarding work resulting in considerably improved productivity. 

Improved customer service

No matter what business you’re running, improving customer service is always a priority. Ensuring clients are completely satisfied is crucial. It’s not new that leveraging the potential of AI is extremely beneficial here. For example, AI-based chatbots enable 24/7 communication with customers without human interaction. This way a company can create a positive customer experience while saving resources.

As you can see, AI revolutionizes the way businesses are conducted today. What was impossible a few years ago now becomes a part of our daily routine. Whether you like it or not – business is regulated with brand new rules now and it’s essential to keep up with them to sustain.

In today’s digital economy and a highly competitive market, companies regardless of size opt for reforming by adopting Data-driven and AI solutions with the help of experienced tech consultants. AI consultants provide smart strategy creation, due diligence, ML model development, AI infrastructure setup, AI software development, and client training and support.

Formulating an effective AI strategy is critical for making the most out of AI technologies as well as identifying unique AI resources that allow companies to stand out. 

AI consulting services for retail

AI consulting services are gaining popularity across various industries as businesses and startups want to adopt AI-driven solutions painlessly. AI is transforming the retail industry in many ways, including improving customer experience, increasing satisfaction, supporting retail operations, boosting profits, optimizing business processes, bringing down costs, and streamlining supply chain management. 

We doubt that all these insights would be possible without IoT, and most importantly, AI. 

AI empowers retail businesses with high-level data and information and therefore enhances retail operations and creates new business opportunities. It creates possibilities for businesses to make “smart” staffing and replenishment decisions that optimize labor and replenishment costs, help to eliminate out-of-stock situations, and boost sales. 

It is estimated that $40 billion of additional revenue was driven by AI in retail in 3 years.

Referring the Artificial Intelligence in Retail Market (report by Fortune Business Insights, 2021), the global AI in retail size was valued at USD 4.84 billion in 2021 and is projected to grow to USD 31.18 billion by 2028, exhibiting a CAGR of 30.5% in the 2021-2028 period. 

Retailers looking to stay competitive must prioritize profit and productivity and consider scaling up their stores with AI, and those who don’t do that risk losing insurmountable market share to their competitors. As technology continues to evolve, retail chains are seeking to adopt AI-powered technology thus reshaping the industry. Here are several examples for you to get a better understanding of what AI in retail looks like.

Better inventory management

AI in retail is used for better demand forecasting, therefore, making proactive changes to a company’s marketing, merchandising, and business strategies. AI is also applied in the supply chain, pricing, and promotional planning

Dynamic Outreach 

AI-powered CRM and marketing systems analyze a consumer’s behaviors and preferences through repeated interactions to make up a detailed shopper profile and use this data to deliver personalized recommendations, rewards, or content.

Interactive Chat

AI technologies help to improve customer service and engagement through interactive chats. These bots rely on AI and ML to chat with customers, answer common questions, and lead them to helpful answers and outcomes. Moreover, chatbots collect valuable customer data retailers can use beneficially.

Personalization & Customer Insights

AI and advanced algorithms give an understanding of what a customer is most likely to be interested in based on demographic data, social media behavior, purchase patterns, etc. The given data is then analyzed and utilized to enhance the shopping experience and personalized service, either in online or offline stores.

Power the store with advanced analytics 

There is untapped potential to connect with customers in physical stores. You can utilize AI and IoT technology in numerous ways and receive impressive gains. Wi-Fi foot-traffic sensors, video cameras, electronic shelf labels, and warehouse and in-aisle robotics can transform the way you’re using your space. Upgrade your business with deep learning algorithms, computer vision technology, and real-time decision-making.  

What is AI in retail for? Bar the number of benefits we’ve listed earlier in this post, adopting emerging technologies is what sets successful businesses apart from unsuccessful ones. 

Scaling up a store with AI is an advantageous solution – that’s a fact. However, it’s crucial to thoroughly analyze your business’s current state to figure out what kind of technology you should choose and how to make the implementation as efficient as possible. 

Will AI transform the future of work? 

It surely will. In fact, it is doing this right now. AI revolutionizes the job market in many ways – from creating new jobs and bringing in robot colleagues, to completely replacing human workers with technology. Is it good or rather bad? This question is difficult to answer. There are two sides of the same coin, but let’s dive into it a bit deeper and inspect different aspects and draw conclusions. 

AI keeps transforming workplaces. And if your area of activity hasn’t been affected by the emerging technology yet, it is very likely to experience it soon. We believe AI will take over all industries in the future. 

The idea of integrating the latest technologies into business workflows sounds fantastic but it’s essential to understand how this actually should be done and how to make the technology more viable for use in business. It is supposed to bring benefit, not harm. 

Here are some of the ways AI is anticipated to influence the future of work.

• Automating routine tasks. This is exactly what robots have been doing recently. Optimizing manual repetitive tasks is one of the most significant reasons for integrating technological solutions into the workplace. There are certain tasks that AI can perform faster and more effectively as compared to human employees. It does not mean replacing humans whatsoever but rather freeing up their time for other creative tasks a machine is not capable of completing. AI performs great in helping with such routine tasks as scheduling meetings, answering questions, writing to-do lists, screening documents, etc. However, these processes still require human overview sometimes but it is more time-efficient anyway.

• Working with technology side by side. Relying completely on AI is not the best idea, really. It will bring you only short-term gains. Technology lacks the acute emotional intellect and creative skills every human has. And frankly speaking, we cannot imagine this situation changing in the future. Long-term success comes from Augmented Intelligence which is a beneficial combination of human skills and the power of AI. Machine and deep learning are used to provide humans with actionable data to enhance humans instead of replacing them. 
• AI generates new jobs. According to The World Economic Forum, technology will create at least 12 million more jobs than it destroys by 2025. Data analysts and scientists, AI and machine learning specialists, digital and marketing strategy specialists, and many more professionals will be in great demand soon.  

The bottom line

Artificial intelligence has been one of the greatest advancements so far, and the progress it has made across a variety of industries has been major over the last several years. And the potential for an even greater impact over the next several decades seems to be inevitable.

Now the scope of application for AI is extensive with varying levels of sophistication and we’re excited to see what the future holds for us. at the same time, skeptics are concerned whether machines will soon replace humans completely taking away our jobs. Well, at least it is unlikely to happen soon. After all, it seems rather a fantasy because when it comes to cognitive skills, emotions, and empathy, AI definitely loses to any human being. 

To sum up, AI, IoT, and ML have proven to be extremely beneficial in terms of business process optimization, improving customer service, increasing revenue, and more. It’s just highly important to learn how to correctly combine the power of machines and human skills. A harmonious synchronization will make you a winner!