If you imagine consulting to be a Mad Men episode of suit-wearing, client-engaging, sophisticated people without needing to change their traditional mindset, then you are mistaken.
Here’s the Mad Men reference!
The consulting realm still holds tremendous confidence in its principles, frameworks, and ideologies. But can AI in consulting change all that?
It reminds me of a quote by Wayne Dyer.
AI consulting seems like the new way forward. That’s because numerous big businesses are changing their systems quickly to use AI tools to boost profits and productivity. Because of financial concerns, small and medium-sized businesses are lagging.
To digitally transform their systems, many big businesses as well as startups are increasing their budgets and investing in AI and ML models. This means, consultants such as yourself, need to integrate artificial intelligence tools with their tried-and-tested M.O’s.
This AI consulting guide will help you understand consulting in AI – what it entails, its value proposition for clients, and the specific services offered.
Also, how your consulting skills can translate to AI consulting and if this path aligns with your career aspirations.
Lastly, this exhaustive AI Consulting guide will help you gauge your AI barometer, if you need to upskill in AI to enhance your service offerings and stand out in the competitive consulting landscape.
Let’s get started with the AI consulting guide!
What is AI Consulting?
Ever wondered what an AI consultant does?
In AI consulting, you as a consultant, engineer or AI specialist are helping companies across a range of sectors implement AI solutions to meet your objectives.
Given that it’s a lengthy process that requires several activities, this is easier said than done.
The roles and responsibilities of an AI consulting professional include,
- Assisting companies in making use of their resources
- Determining how to reduce costs without compromising quality
- Creating, incorporating, modifying, and preserving AI applications
- Educating staff members on how to use the tools for their daily jobs efficiently
- Creating long-term plans for the company’s growth and expansion, etc.
Where can AI consulting be used?
News flash! AI is transforming the way consulting is done!
AI is bringing new levels of efficiency and effectiveness to various domains. Here’s a glimpse into how AI is being used in different consulting specialities:
Market Research
Social Listening & Sentiment Analysis
AI-powered tools can analyze vast amounts of social media data to ascertain consumer sentiments towards a competitor, brand, or product; this allows AI consultants to provide clients with more in-depth market insights and targeted marketing strategy recommendations.
Predictive Modeling
Machine learning algorithms can forecast future consumer behavior by examining past data and market trends. Consultants can use this information to advise clients on product development, pricing strategies, and customer outreach initiatives.
Risk Assessment
Fraud Detection
AI algorithms can discover a lot of patterns in financial data. Using this, AI consultants can help their clients reduce risk and protect their investments by developing AI-driven fraud detection systems.
Cybersecurity Threat Analysis
Artificial intelligence can monitor network activity and identify anomalies that may indicate a cyberattack. Consultants can help clients improve their cybersecurity posture and proactively manage security threats by utilizing this technology.
Due Diligence
Automated Document Review
Large volumes of legal and financial documents used in due diligence procedures can be analyzed by AI-powered technologies. This speeds up and improves the accuracy with which consultants can spot possible problems or red flags, thus optimizing the due diligence process.
Entity Recognition & Verification
AI can automate processes such as document authenticity verification and key player identification within a company. During due diligence, this frees up the consultants’ time for more intricate analysis and strategic decision-making.
Client Presentations
Data-driven Storytelling
Large datasets can be analyzed by AI, and the insights it produces can be used to create visually stunning data visualizations for client presentations. This increases the impact of consultants’ recommendations and enables them to present information in a visually appealing manner.
Real-time Q&A Support
AI-driven chatbots can be incorporated into presentations to provide instantaneous answers to common audience inquiries. This gives consultants more time to concentrate on the more subtle elements of their presentation and directly answer complicated questions.
These are only a few instances; AI’s uses in consulting are continually developing. You as an AI consultant can use AI to give even more value to their clients across domains by keeping up with the latest developments.
How can you get AI consulting jobs?
Ready to kickstart your AI Consulting roadmap?
Transitioning into AI consulting requires existing consulting expertise and foundational AI knowledge.
Here’s a nice video by Dylan Curious on how to start a career in artificial intelligence consulting.
Here’s your step-by-step roadmap for launching an AI consulting career.
Step 1 – Assess Your Current Consulting Skill Set
Consulting Fundamentals
According to McKinsey, solid consulting experience is a valuable foundation. Reflect on your problem-solving, communication, and client relationship management skills.
Technical Aptitudes
BCG asks to identify your comfort level with data analysis and basic programming concepts (e.g., Python). Consider brushing up on these skills if needed.
Step 2 – Build Foundational AI Knowledge
Online Courses
One of the best AI Consulting courses available with certification is the one provided by 10x Consultant.
- The 10x Consultant courses aren’t built on the cookie-cutter artificial intelligence course content that we see elsewhere. There is something for everyone, including beginners, AI enthusiasts, and expert advisors.
- The learning platform that hosts 10x Consultant courses is an excellent venue for asking questions and being a part of a larger artificial intelligence hub or community. Everyone learns together at their own pace.
- The 10x Consultant course has CPD certification, making it one of the most prestigious online artificial intelligence courses in the UK.
- Furthermore, this course may be the only one that combines real-world consulting principles and case studies with useful Generative artificial intelligence technologies for solving problems faster and better.
PWC states that a top AI course with sound consulting fundamentals coupled with AI tools will equip you with the core concepts of machine learning, deep learning, and natural language processing.
After the course, I felt like a strategic thought leader with unrivaled capabilities.
Checkout my artificial intelligence course completion certificate below.
Big 4 Resources
Consulting firms such as Deloitte and Accenture offer internal training programs on AI for their employees. Check their websites or inquire if you have connections within these firms.
Industry Reports
Read industry reports by the McKinsey Global Institute, BCG Gamma, and PWC. These reports delve into the impact of AI on various aspects of business, including talent and workforce considerations.
Relevant AI Communities
- Join LinkedIn Groups such as ‘Generative AI’ to connect with professionals in the field and get insights into current industry trends.
- You can also discuss and ask questions on Kaggle Discuss, a forum for data scientists and machine learning enthusiasts.
- Google isn’t far behind in providing AI exploration thanks to the Google suite of AI tools and resources for developers, including tools for building, deploying, and managing machine learning models.
- Familiarize yourself with popular open-source deep learning frameworks like TensorFlow and PyTorch. Online tutorials and documentation are readily available.
- Explore case studies and resources showcasing how AI is used to tackle social and environmental challenges. This can spark ideas for your own future projects and demonstrate the positive impact of A.
- Lastly, explore discussions on Reddit communities like r/artificial and r/MachineLearning to stay updated on the latest advancements and ask questions from a wider audience.
Friendly advice: Remember, consistent learning and staying updated on the ever-evolving field of AI is crucial for success in AI consulting.
Step 3 – Develop Practical Skills
Platforms like Kaggle Learn offer tutorials and datasets to practice your AI skills through hands-on projects. Working on real-world datasets can significantly enhance your learning.
Consider undertaking a personal project applying AI to a problem you’re passionate about. This demonstrates your initiative and showcases your skills to potential employers.
Step 4 – Network and Build Connections
Attend industry conferences and workshops related to AI consulting, such as the one organized by McKinsey. This lets you network with industry experts, discover the latest trends, and investigate career options.
Join online communities or forums focused on AI consulting. Engage in discussions, ask questions, and build relationships with others on a similar career path.
Step 5 – Tailor Your Resume and Highlight AI Skills
When showcasing your consulting experience, quantify the impact you’ve made on previous projects. Use data and metrics to demonstrate your problem-solving capabilities.
Update your resume to include your newly acquired AI knowledge and relevant coursework. Briefly mention any projects you’ve undertaken that demonstrate your AI skills. Proudly flaunt your AI Consulting course certificate from 10x Consultant or any other course provider.
Step 6 – Target Your AI Consulting Job Search
Research specific AI consulting jobs within consulting firms or boutique AI consultancies that align with your interests and experience.
Consider specializing in a particular industry, such as healthcare or finance, where your existing consulting expertise can be a valuable asset.
While an AI consulting course certification alone might not guarantee a high-level AI consulting job, it can be a valuable stepping stone on your career path.
Here are some potential job openings you might find on reputable hiring websites with an AI consulting course certification:
Entry-Level to Mid-Level AI Consulting Jobs
AI Consultant Associate
Here’s an example of an AI consultant job on Glassdoor. They are looking for an Assistant senior consultant with research, data analysis, and project management tasks related to AI implementation for clients.
Looks like a great AI consulting job example to gain practical experience under the guidance of experienced professionals.
Junior Data Analyst
For this AI consulting job on Glassdoor, you will utilize data analysis skills to prepare data for AI models, conduct exploratory data analysis, and generate reports on AI project results. Leverage your AI knowledge to contribute to the success of data science teams.
Business Analyst
A profile like this on Indeed would need you to bridge the gap between business needs and AI solutions. Analyze business processes, identify opportunities for AI implementation, and collaborate with technical teams to ensure successful integration.
Please remember that the specific AI consulting job titles and requirements will vary depending on the company and location.
Your overall skill set, including experience in consulting, data analysis, or related fields, will be considered alongside your AI consulting certification.
Earning an AI certification is just one step. Building a strong portfolio showcasing your AI skills and knowledge is crucial for standing out to potential employers.
What is a good AI consulting salary?
Ever wondered how much AI consultants make?
A wide variety of career paths that suit different skill levels and interests are available in the AI consulting field.
Although there is no specific ‘good AI consulting salary’, it all depends on location-specific benchmarks and additional factors, you can gain a more precise understanding of potential AI consultant salaries in your desired location.
Remember, this is just a starting point, and your actual compensation will depend on your specific skills and experience.
Here is a summary of some well-liked choices and compensation ranges according to experience level.
AI Consultant
This is the core job of AI consulting. AI consultants act as advisors, working with clients to identify their needs, recommend AI solutions, and oversee project implementation.
Salary Range
- Entry-level (1-3 years): $80,000 – $100,000 USD as on Indeed
- Mid-level (4-7 years): $110,000 – $140,000 USD as on Glassdoor
- Senior-level (8+ years): $150,000 – $200,000+ USD as on Payscale
AI Solutions Architect
The main duties of this job include creating and designing AI solutions for customers. They collaborate with technical teams to ensure the selected AI models are successfully applied and smoothly incorporated into client workflows.
Salary Range
- Mid-level (4-7 years): $120,000 – $150,000 USD as on Glassdoor
- Senior-level (8+ years): $160,000 – $220,000+ USD as on Payscale
Data Scientist Consultant
A strong combination of data science and AI skills is needed for this role. In this capacity, consultants work with data teams to create, hone, and manage AI models for client initiatives.
Salary Range
- Mid-level (4-7 years): $130,000 – $160,000 USD as on Indeed
- Senior-level (8+ years): $170,000 – $250,000+ USD as on Payscale
Industry-Specific AI Consultant
This route entails focusing on implementing AI solutions in a particular sector, like manufacturing, healthcare, or finance.
Consultants use their knowledge of AI along with their domain expertise to meet the specific needs of their clients in that sector.
Salary Range
- Mid-level (4-7 years): $100,000 – $130,000 USD (Glassdoor)
- Senior-level (8+ years): $140,000 – $180,000+ USD (Payscale)
AI Business Development
The primary responsibility of this position is to find new markets for AI consulting services. Consultants establish rapport with prospective customers, evaluate their requirements, and create offers for AI solutions that tackle their problems.
Salary Range
(Ranges can vary depending on commission structure)
- Mid-level (4-7 years): $80,000 – $120,000 USD base salary + commission (Indeed)
- Senior-level (8+ years): $100,000 – $150,000+ USD base salary + commission (Payscale)
Please remember that these are just a few examples, and the specific titles and salary ranges can vary depending on factors like location, company size, and specific skills.
Also, when researching AI consulting salaries, consider using multiple reputable job boards and AI consulting salary websites to get a well-rounded picture of compensation trends.
Earning relevant AI consulting certifications in AI or Data Science can enhance your salary potential. Building a strong network within the AI consulting industry can open doors to new career opportunities.
AI Consulting Salary in Big 4 Companies
Although AI consulting salary ranges can give an idea, a more detailed analysis based on experience and location paints a clearer picture of earning potential in AI consulting.
This analysis was conducted using information from reliable sources, such as Big 4 consulting firms:
Location-Specific Benchmarks
United States
- Entry-Level (1-3 years): $80,000 – $100,000 USD as on Indeed
- San Francisco Bay Area (High Cost of Living): Expect figures on the higher end of the range as on Glassdoor.
- Atlanta, GA (Moderate Cost of Living): Salaries might fall closer to the lower end of the range as on Payscale.
- Mid-Level (4-7 years): $110,000 – $140,000 USD as on Glassdoor.
- Senior-Level (8+ years): $150,000 – $200,000+ USD as on Payscale.
A PwC report highlights that AI skills can command a salary premium of 7-14% compared to similar AI consulting jobs without AI expertise in the US.
United Kingdom
- Entry-Level (1-3 years): £50,000 – £65,000 GBP as on Indeed (Conversion rate considered for this example)
- Mid-Level (4-7 years): £70,000 – £90,000 GBP as on Glassdoor
- Senior-Level (8+ years): £100,000 – £130,000+ GBP as on Payscale.
A Deloitte report emphasizes the growing demand for AI skills in the UK, potentially leading to rising salaries in the coming years.
Singapore
- Entry-Level (1-3 years): S$70,000 – S$90,000 SGD as on Indeed (Conversion rate considered for this example)
- Mid-Level (4-7 years): S$100,000 – S$120,000 SGD as on Glassdoor.
- Senior-Level (8+ years): S$140,000 – S$180,000+ SGD as on Payscale.
An Accenture report highlights the significant investments in AI by the Singaporean government, potentially creating new high-value consulting opportunities.
Please keep in mind that consulting firms often offer stock options and bonuses in addition to base pay, which can have a big impact on overall compensation.
Additionally, because of their specialized knowledge, AI consultants who focus on using AI in particular industries, like healthcare or finance, frequently command higher salaries.
Finally, Big 4 consulting firms may offer somewhat higher salaries than smaller, boutique AI consultancies. Boutique businesses, however, might provide a more practical experience and possibly quicker career advancement.
What are some real-world examples of AI consulting?
Here are some real-world examples of how AI is being used to solve specific client problems in consulting projects, showcasing the practical applications of AI consulting beyond generic examples:
Optimizing supply chain management
Client problem
Let’s start with a case on supply chain management from McKinsey & Company. A retail client struggles with stock outs and lost sales due to inaccurate inventory forecasting.
AI solution
A demand forecasting model powered by AI was put into practice by consultants. To forecast future demand for particular products at each store location, the model examines historical sales data, weather patterns, and social media trends.
This enhances overall supply chain efficiency, minimizes stockouts, and optimizes inventory levels for the retailer.
Personalized customer experiences
Client problem
Let’s look at a quick micro example from Accenture. A financial services company is experiencing high customer churn due to a lack of personalized financial products and services.
AI solution
Consultants created a recommendation engine driven by AI. To provide each customer with individualized investment plans and financial products, the engine evaluates customer data such as transaction history, financial goals, and risk tolerance. Increased client satisfaction and loyalty result from this.
Fraud detection and risk management
Client problem
For the next example, we find one from PWC. An insurance company is facing significant financial losses due to fraudulent insurance claims.
AI Solution
An anomaly detection system driven by AI was put into place by consultants. Claim data is analyzed by the system, which looks for trends and irregularities that could point to fraud.
This helps the insurance provider avoid financial losses by flagging questionable claims for additional examination.
Streamlining due diligence processes
Client problem
Deloitte provides us with the next AI Consulting micro case. A private equity firm is overwhelmed with the time and resources required for manual document review during the due diligence process for potential acquisitions.
AI solution
An AI-powered platform for document review was put into place by consultants. The platform analyzes contracts, financial statements, and other legal documents using natural language processing to extract important data and spot possible risks.
Due diligence may be completed more quickly, attention can be paid to important issues, and investment decisions can be made quicker by the private equity firm.
Predictive maintenance in manufacturing
Client problem
The final example is from Gartner. A manufacturing company is experiencing unexpected equipment failures, leading to production downtime and lost revenue.
AI solution
A predictive maintenance system powered by AI was put into place by consultants. The system uses machine sensor data analysis to find early wear and tear indicators.
This enables the business to plan maintenance in advance, avoiding equipment breakdowns and maximizing production uptime.
Time to become a consulting AI specialist
Our daily lives are already significantly impacted by artificial intelligence. In the upcoming years, it will still be very important to every industry.
To modernize, automate, and streamline their operations, businesses must embrace AI. However, selecting the ideal AI consulting firm to work with as a business partner is just as crucial.
To take advantage of market opportunities and outperform your rivals, invest in digital transformation. Boost output and return on investment without sacrificing service quality or client happiness.
Follow the steps in this AI consulting guide to kickstart your dream career in consulting with AI.
All the best!
