I love stories.
Here’s a quick one on AI strategy consulting.
A guy at some huge corporation wanted to hire an AI engineer out of 30 candidates.
He had to scan resumes. Ask them 20-30 questions and assess their test results. Plus, transcribing the conversations, distilling the insights, and creating reports for the same. All this would take close to 2 weeks at least?
The manager then gets an AI strategy consultant onboard.
He assesses the problem for a few hours. The consultant then suggests using an enterprise GPT tool to transcribe interviews. The same tool also highlights key themes, and generates draft presentations in minutes. This reduces a two-week process to two or three days.
The moral of the story?
AI strategy consulting can save time, efforts, and operational costs. But, how does one learn the secrets of AI strategy consulting?
Let’s find out!
What is AI strategy consulting?
AI strategy consulting helps businesses add AI into their operations. This achieves their strategic business objectives.
AI strategy consulting plans the use of AI. This helps improve customer happiness and operational effectiveness.
An AI strategy consultant decides whether a company is ready for artificial intelligence (AI), sets specific goals with that AI, finds relevant applications for that AI, and designs a methodical deployment strategy through that AI.
Wait, that’s not all.
Key components of AI strategy consulting
The smart addition of artificial intelligence into company operations consists of the following key components.
- Alignment with business objectives – It guarantees AI projects are in line with the aims of the business.
- AI strategy roadmap – A detailed plan for implementing AI technologies is provided by the technology roadmap.
- Risk management – Recognizes and resolves the dangers associated with AI.
- Cost optimization – Assists in selecting affordable AI solutions to improve return on investment.
- Talent management – Helps create and oversee a staff with AI expertise.
- Change management – Assists businesses in adjusting to changes brought about by AI.
- Competitive advantage – Seek out chances to apply AI to get a competitive advantage.
- AI ethics – The responsible and open application of AI.
- Flexibility and scalability – Aid in the development of flexible and scalable AI systems.
- Measurable results – Provides precise measurements for determining the success of AI projects.
- Employee empowerment – Automates repetitive jobs to free up employees for more important work.
- AI innovation – Promotes embracing cutting-edge technologies and investigating novel concepts in order to advance.
- Improved decision-making – AI-driven data analysis makes it easier to make well-informed decisions.
- Tailored solutions – Provides AI solutions for certain business requirements.
What is an AI strategy consultant?
An AI strategy consultant oversees the addition of AI in assisting companies. They evaluate an organization’s preparedness for implementing AI.
They pinpoint areas where the technology might be most useful. Add to that they customize AI solutions into place to promote expansion.
Example of AI strategy consultants
Artificial intelligence (AI) strategy consultants are AI professionals that assist companies. They create and execute AI strategies. They identify your business requirements and objectives. These professionals or service providers are experienced in AI technology and their applications.
McKinsey and Company
Possibly a global leader in consulting services, McKinsey also boasts of a robust AI division. They are a multinational management consulting company.
Element AI
Element AI is a Canadian company.
- They create and implement AI technologies for commercial use.
- They also provide advisory services to assist customers in comprehending and putting AI concepts into practice.
Deloitte
Deloitte is a global AI strategy services company.
- They provide a variety of AI services.
- These include talent development, technology implementation, and strategy creation.
LeewayHertz
LeewayHertz is an AI development firm.
- They provide advisory services to a range of sectors.
- These include marketing, manufacturing, and finance. They make use of AI models, such as LLaMA and GPT-4.
Centric
Centric is not a specific AI strategy company like many above.
- They provide business consulting services.
- One division is for artificial intelligence consultancy.
- They match your business objectives with AI technologies.
Do you really need AI strategy consulting?
Yes, of course!
Ask yourself the following questions when considering external AI strategy inputs.
- Is my company ready for a change?
- Do I have the expertise (internally) to bring about a technological change?
- Do I have the time and funds to move from one operational model to another that involves artificial intelligence?
- Is our customer experience good enough to transit technological changes to operations?
- Will hiring an AI strategy consultant give my company a competitive edge?
How does an AI strategy consultant help your business?
Story time again! This time I found a nice AI strategy consulting case from LeewayHertz.
A really big retail chain finds it difficult to compete. They are having trouble keeping up with varied customer tastes, poor sales, and rising customer attrition.
Classic problem statement, right?
What they needed is someone who could create a smart AI-based action plan.
Enter! The hero! An AI strategy consultant.
- He creates a nice marketing plan to get some eyeballs onto the stores.
- The AI strategy consultant predicts demand to cut expenses and avoid stockouts.
- He develops chatbots with AI to offer round-the-clock customer service.
- He uses predictive analytics to inventory management optimization.
- He creates a system of customized recommendations.
- He allocates funds, manpower, and equipment to AI projects.
- All this gets smartly integrated via a smartphone application
The retail company gains a competitive edge. Plus, the enhanced operations spike the moolah stock upwards.
The villain of poor sales is thwarted and this ends in a positive tale.
An artificial intelligence strategy consultant will help your business, organization or company in the following ways,
Identifying opportunities
- At the start, an AI strategy consultant determines areas where AI may offer value. They will evaluate the state of your company’s operations. Plus, check for data landscape and industry trends.
- AI strategy consultants reveal issues that AI might be able to solve.
- Next, an AI strategy consultant will come up with ideas. These depend on costs, viability, and advantages.
- The strategy consultant calculates operational and financial gains. This is measured against AI technologies using data and analytics.
Creating roadmaps
- AI strategy consultants create a clear vision for how AI will be utilized.
- They break down your company’s AI approach into smaller, manageable milestones.
- AI strategy consultants will consider dependencies and resource limitations. They use this to draft an AI action plan.
- Next, they will assist you in allocating resources such as funds, staff, and technology.
- They foresee and reduce possible dangers related to the application of AI.
- The roadmap stage ends with setting up measurements and KPIs to monitor.
Developing AI solutions
- AI strategy consultants determine which AI solutions are suited for your particular requirements.
- An AI strategy consultant assists you in gathering, cleaning, and preparing data for AI models.
- They collaborate with engineers and data scientists to create suitable AI models.
- They assist you in adding AI solutions into the systems and procedures you already have in place.
- The development of AI solutions ends with continuous support provided.
Providing insights
- AI strategy consultants tell you about the latest and greatest in AI.
- They identify AI innovations that have the potential to be advantageous to your company.
- They steer clear of typical hazards when implementing AI.
- AI strategy consultants analyze how your rivals are utilizing AI. They spot areas where you can obtain an edge.
- They look for moral ramifications of artificial intelligence. This guarantees that the AI solutions employed are morally sound.
Improving collaboration
- An AI strategy consultant ensures that everyone is on the same page. They set up clear lines of communication and procedures.
- They are experts in locating and dismantling divisions that exist within your company.
- They share knowledge and are collaborative towards your company’s internal team.
- AI strategy consultants put AI-powered project management and messaging into practice.
Managing expectations
- AI strategy consultants establish reasonable expectations for AI implementation.
- They update your team on the status of your AI projects.
- They help reduce possible hazards related to the application of AI.
- AI strategy consultants prevent setbacks by offering advice and support when obstacles appear.
Establishing KPIs
KPIs are essential for businesses. That’s because they offer a quantifiable and transparent means of monitoring goal progress. Add to that, pinpointing areas in need of development.
KPIs are used by AI strategy consultants to assess a client’s performance. They pinpoint areas in need of development, and create data-driven plans for accomplishing objectives.
- AI strategy consultants establish reasonable criteria for KPIs. These depend on past performance, industry norms, and the USPs.
- They set up systems to monitor and report on your KPIs.
- They pinpoint areas needed for improvement. Plus, they analyze the information gathered from your KPIs.
- They end this phase by assisting your company in making the necessary adjustments to your KPIs.
Defining talent development
- The microscopic eyes of an AI strategy consultant finds gaps in AI capabilities.
- They create plans to build the talent required to thrive with AI.
- They put into practice seminars, training courses, or certifications to upskill your staff.
- This phase includes creating plans to draw in and keep the best AI personnel. This happens via remuneration packages and a positive workplace culture.
Managing change
- AI strategy consultants locate possible points of contention when implementing AI in your company.
- They design a strategy to deal with opposition and encourage the use of AI technologies.
- Effective communication: They can assist you in answering queries or concerns from staff members and in highlighting the advantages of AI.
- They guide and assist your company personnel to adjust to new work practices.
How to become an AI strategy consultant yourself?
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- Shen Pandi, an AI specialist who founded two AI-focused firms is the instructor for this course.
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AI strategy consulting is your gateway to a profitable career
Being an AI strategy consultant is a hard yet rewarding path.
If you love crafting solutions, building blocks for those solutions, and executing them to add value, then AI strategy consulting is for you.
There’s a reputed course to get started with AI strategy consulting through 10x Consultant. The rest is your aptitude and desire.
