Consulting in the Era of Gen AI - An Indian Perspective

Consulting could become more productive, efficient, and creative with the help of generative AI. Technology is probably going to become more and more significant in this sector as it advances. The following are some particular advantages that generative AI can provide:

• Enhanced data analysis: Generative AI can help consultants analyze massive datasets and discover hidden patterns, correlations, and trends. This can be used to identify new opportunities, improve decision-making, and mitigate risks.
• Automated tasks: Generative AI can automate many of the tasks that are currently performed by consultants, such as data entry, analysis, and report writing. This can free up consultants to focus on more strategic and creative work.
• Personalized insights: Generative AI can generate personalized insights for clients, based on their individual needs and circumstances. This can help clients make better decisions and achieve their goals more quickly.
• Improved creativity: Generative AI can help consultants come up with new ideas and solutions to problems. This can be especially valuable in complex and uncertain situations.
• Enhanced communication: Generative AI can help consultants communicate more effectively with clients. This can be done by generating presentations, reports, and other documents that are tailored to the client’s needs and preferences.

Disruptive change waves are forcing organisations to adopt innovation, and generative AI is commonly regarded as a revolutionary force. Companies who can swiftly use this technology will have access to opportunities with never-before-seen business value.

Because of their expertise and continued involvement in pushing the innovation agenda for their clients, consulting firms are leading this shift. To help clients change their business models and apply Generative AI to their own workflows, consultants need to fully understand this technology's enormous potential.

Being at the forefront will allow access to corporate value channels that were previously considered to be inaccessible. Even while generative artificial intelligence is still in its infancy and has limitations, it is indisputable that the technology has enormous potential.

The Future

"The government could consider implementing measures such as skill development initiatives, startup support and innovation hubs, regulatory reforms, industry collaboration platforms, data privacy and security regulations, incentives for research and development, promotion of export of consulting services, ethics and transparency guidelines, digital infrastructure development, industry recognition and awards, research and knowledge sharing initiatives, and government-industry partnerships," says Anand Dewan, Gr. CEO BYLD.

The aforementioned measures are designed to improve skills, stimulate innovation, streamline regulations, promote cooperation, safeguard data, incentivize research, encourage international expansion, maintain ethical standards, upgrade infrastructure, acknowledge accomplishments, exchange knowledge, and promote coordination between industry associations and the government. By putting these strategies into practice, the Indian consulting services sector may expand and thrive, becoming more robust, creative, and competitive worldwide.

Without a question, the Indian music business is leaving its mark and breaking records globally. Developing a plan of action to take advantage of the enormous development potential in the consulting business is imperative. They also need to be prepared to investigate new growth opportunities and welcome the digital transition. One example is ESG, which is projected to expand at a 25% CAGR from 2020 to 2025. Additionally, it is critical to fortify the foundation of the Indian consulting sector by valuing innovation, developing talent, raising the standard of consulting services, and developing consulting abilities.