The most lucrative, looked upon career for most MBA graduates is management consulting. But with the generative AI capabilities the tech giants are building up, management consultants across the globe are worried about losing their jobs to someone not even human.
However, in my opinion, the fear is slightly irrational. The reason a client wants a consultant to look into their business problem is because they want a human to understand the issues they are facing, and give a humanly answer, something made specially for them. Generative AI, despite all its capabilities, is still a tool which gives output based on the input data it has. However, for a human being, that is not the case. We have the ability to steal ideas from secondary research, but ultimately, the output that we provide, will have our usage of creative liberty.
Management consultants can leverage the power of AI to delegate their mundane tasks, and do their research faster. Consultants are known for their power of being decisive and intelligent, and this is something AI lacks. It can give you ten alternative solutions to the problem by analysing the data at hand, however, when it comes to choosing one solution considering the externalities and long-term impacts, AI might not be the most reliable friend.
To conclude, I would like to end by stating that, till the businesses exist, they would require advice, and no matter how much data AI analyses, they would require a human to come to them and explain to them the sense of the vast amount of data. We are far from the time where AI will be the sole decision maker, and robots will replace human judgement. This being said, consultants need to continuously upgrade their skillsets to compete with the technology.
I tried giving a business context to chat GPT to validate my point of view, and wasn’t surprised by the result is generated. The AI tool gave me all possible generic solutions to the problem, and very general recommendations. However, if this same would be given to a consultant, he would create a solution keeping in mind all social and external factors, and along with the solutions, give the client an implantation plan to help them execute the ideas suggested. Thus, Generative AI, for management consultants, is like an advising friend with limited knowledge, but still would like to help.