AI is transforming everything about the consulting industry, from the quality of services being provided to the way clients and consultants interact. AI or Artificial intelligence is no longer a thing of the future; it is already a key player in our everyday lives whether we know it or not. AI-driven tools are changing every sector, from coding and software development to healthcare and especially a sector that has become the backbone of our modern economy – consulting.
AI is rapidly influencing and changing the role of consultants, everything from the small scale of individual consultants using ChatGPT in their day-to-day work, to large-scale implementation of AI-driven tools to support strategy planning and market analysis. AI’s influence on this sector is complex and diverse, and we predict that within 5 years, every consulting firm will involve AI in some way or another in their processes. Let’s dive into the main AI technologies, real-world applications across several industries, and what the future of professional services will look like.
AI Technologies Transforming Consulting
What has widely become known as the simple term “AI” refers to a collection of technologies that are all driven by artificial intelligence. The main technologies (or branches) of AI that impact the world of consulting are Machine Learning (ML) including Deep Learning, Natural Language Processing (NLP), and Expert Systems.
Machine Learning (ML) and Deep Learning:
ML is the technology that allows systems to learn from data and make decisions without explicit programming. Deep Learning mimics the human brain’s neural network. This technology layers learnings to produce insights and predictions in a similar way to how the human brain does so. In consulting, ML and specifically Deep Learning are used to analyze data, recognize complex trends, and ultimately forecast business functions such as revenue, growth or product demand, which are areas that have required countless human hours in the past.
Natural Language Processing (NLP):
This subset of AI allows programs to understand and respond to human language, with all of the nuances, spelling mistakes, sentiment, and unwritten/unspoken context. This technology is already woven into many client communication programs such as chatbox features, but additionally, when this technology is paired with machine learning and deep learning models, computers can process information (via text or voice) to identify pieces of useful information and draw conclusions which supports consultants in analyzing data and extracting valuable insights such as market trends from large amounts of sales data.
Expert Systems:
These are AI systems programmed to be experts in specific fields or tasks to mimic the knowledge of human experts. These systems can be trained on niche specialties to solve intricate problems with layered decision-making capabilities, driven by if-then logic models. These tools are very useful for consultants working in risk management, product design, process planning or forecasting to make definitive decisions based on specific criteria and logic. These systems can be very useful for removing human bias from specific decisions such as the likelihood of a loan repayment which is based on many complex factors.
These technologies are already being used around Canada and the world, driving innovation and improving efficiency across consulting practices and many other industries. These tools are not replacing the need for consultants, but rather augmenting the skills of consultants, and allowing for faster and more data-backed decision-making, which we will explore next.
Real-World Applications of AI in Professional Services
Many say that we are in the midst of the AI Industrial Revolution, as the economy, job markets and the ways that humans interact with technology have dramatically changed since the introduction of AI. Here are a few examples of AI in the professional world:
AI in Software Development:
With the recent advancements of AI learning to write code based on plain English prompts, the world of software development has changed. As AI takes over the tedious and basic coding tasks, the role of software developers in this field shifts more to problem-solving, strategic planning and quality assurance. AI developer tools like GitHub’s Copilot are already widely adopted to support even the most senior coders in improving their efficiency and writing better code faster. Although this may be a scary thought for the developers out there, it is expected that these AI tools will never fully replace humans in coding. Still, the role of software developers will need to evolve to avoid getting left behind.
AI in Legal Services:
In the legal world, service providers such as Cleo are using AI tools including NLP, Deep Learning, and advanced Large Language Models (LLMs) to revolutionize the legal industry. The ability of AI to understand vast amounts of data such as court documents and relevant case documents, and subsequently provide insights and summaries allows lawyers to focus on high-value tasks. Borderless AI’s Alberni AI agent is becoming the go-to expert on local labour laws as it can quickly provide detailed answers pertaining to local regulations and laws around hiring, employment contracts and international employment. These tools can execute meticulous research and provide resources that are free of human errors and take a fraction of the time.
AI in Strategy Consulting:
Tools such as ML and Deep Learning are supporting an exponential increase in the ability to not only consume unprecedented amounts of data, but to also identify what information is important, and then report back with valuable insights. In areas such as inventory management or sales forecasting, these tools give consultants access to vast amounts of data and metadata which improves decision-making, and more accurately predicts future trends and outcomes. Recently, Heineken revealed that they are using AI tools throughout their business to analyze their nearly 200 billion sources of data and to provide insights into their revenue management, marketing mix optimization, sales planning and manufacturing. According to their Chief Digital and Technology Officer, these AI strategies are saving time and costs throughout the business and turning data into actionable insights.
AI in Marketing:
The ability of AI tools to analyze data on a large scale to understand market trends and learn from those trends to predict future trends is ultimately guiding companies to better marketing strategies and better client targeting. On a small scale, the ability to analyze and understand individual clients, and provide personalized targeted ads and promos, is increasing sales, and better connecting clients with products and services that they want. The ability of AI to consume data, draw conclusions and provide actionable insights is changing the world of marketing, and as these tools get smarter and more well-connected throughout various ecosystems, they will continue to improve their ability to identify suitable clients, target them through curated advertising, and provide personalized services to improve sales conversions.
AI in SR&ED Consulting:
Here at GrowWise Partners, we’re leveraging AI technology to enhance the SR&ED claim submission process. Our proprietary Supervised-AI tools automate claim preparation, immediately become experts in any field, and manage compliance with tax credit regulations. By harnessing AI, we ensure clients get faster, more accurate, and more comprehensive SR&ED tax credit claims.
These are just a few examples of how AI now touches almost every corner of the professional world. We predict that it won’t be more than a couple of years before AI is deeply involved and interlaced in all aspects of human life in the modern world.
The Intersection of Professionals and AI
AI is fundamentally changing what it means to be an expert. Throughout history, being an expert meant knowing everything there was to know about your specific topic, and applying that knowledge to solve problems. Now, AI is an expert in everything and can handle tasks such as gathering, processing, analyzing and summarizing data with incredible accuracy and precision, without the threat of human error and bias. This has a widespread impact on all professionals from engineers and consultants, to academia. The value of professionals no longer comes from the ability to be knowledge experts, but rather, from their ability to use tools and resources to apply the vast amount of available knowledge to solve specific problems and think creatively. Creative thinking and creative problem-solving are skills that many professionals have required very little of in the past, but now with the ability to automate anything and everything, the days of employees working on manual processes with their brains on autopilot are long gone. It will be the ability to think creatively, use AI to accomplish what you want it to and think outside the box to solve problems that will deem individuals as experts.
This shift is allowing professionals to focus on what matters: applying their expertise to solve complex problems, fostering innovation, and making difficult decisions. Instead of spending countless hours on simple processes, experts can now dedicate their time to understanding the nuances of their fields, providing strategic guidance, and exploring creative solutions that drive real impact. According to a recent Gartner study, early adopters of AI technology are seeing a 22.6% productivity improvement on average, demonstrating how when applied correctly, the computational power of AI tools can perfectly supplement the cognitive abilities of the human brain.
AI-Driven Client Benefits: Personalized and Insightful Solutions Made Easy
For individuals using consultants, AI-driven consulting translates into more personalized, data-backed strategic solutions. With AI tools capable of processing vast amounts of information, consultants can provide tailored recommendations and uncover insights that might otherwise remain hidden. Clients benefit from faster decision-making and more precise strategic guidance, making AI an invaluable partner in driving business growth.
Moreover, AI’s integration into front-end user experiences helps enhance client-consultant interactions. Tools such as AI-driven meeting note-takers, chatbots, and data synthesis programs eliminate menial tasks associated with customer support and client management, leading to smoother collaboration and improved client satisfaction.
Within the SR&ED and tax credit consulting industries, GrowWise is the first to offer an AI consulting tool that not only improves efficiencies in the back end but also directly improves the claim process for clients. This front-end integration allows for time savings across the board which ultimately improves client satisfaction.
Challenges and Ethical Considerations of AI
While AI holds immense promise, it’s important to acknowledge and address the ethical and practical challenges it poses. Concerns around data privacy need to be addressed by everyone who uses AI, ensuring data privacy and encryption practices keep pace with technological advancements.
Algorithmic bias occurs when AI systems make biased decisions, this occurs when AI models are trained on biased datasets. Addressing this issue involves using more diverse datasets, adding new and more representative data to the base knowledge of the AI systems, and continuously testing AI systems for unintended biases. With these steps in place, AI can learn from its biases and continuously evolve to be more reliable and unbiased.
To navigate these challenges, consulting firms must prioritize ethical AI practices and maintain transparency with clients regarding how AI-driven insights are generated and utilized. This is crucial for maintaining client trust and ensuring that AI benefits all stakeholders involved.
AI’s Impact on the Competitive Landscape in Consulting
If you are someone who hires consultants, it’s important to prioritize those who use AI in their practices. AI-driven consultants can provide more efficient and insightful services, ensuring that your investment goes towards high-value activities rather than manual tasks. By leveraging AI, consultants can automate repetitive processes, analyze data at scale, and focus more on strategic guidance—ultimately delivering higher quality services while achieving cost savings, therefore being able to offer their services at lower rates, saving you both time and money.
AI is aggressively reshaping the competitive landscape of the consulting industry. Firms that adopt AI technology are better positioned to deliver superior insights and efficiency at lower rates, making them more attractive to clients seeking data-driven strategies. This will continue to change the competitive landscape and market for many service providers and will benefit those who adopt this incredible technology sooner.
Many studies show that new generations such as Gen Z and Gen Alpha, who are soon to dominate the workforce, are increasingly seeking and prioritizing personalized data and tailored services Leveraging AI enables professionals to tap into these emerging client demands to identify more precise insights. AI tools are supporting many companies with marketing and sales initiatives by identifying untapped client markets and subsequently producing tailored campaigns and materials. Utilizing AI tools in these ways and so many others allows professionals to offer more precise insights and reach new clientele.
The Future of AI in Consulting
At GrowWise we believe that as AI develops it will continue to redefine our modern world, especially the world of consulting. As AI reaches nearly every corner of our world, it will become the most powerful tool in turning data into more valuable insights and elevating the strategic aspects of consulting services. The future will see AI enhancing collaboration between consultants and clients, offering real-time analytics, and supporting deeper, more personalized interactions.
AI will continue to improve as a decision-maker, ultimately leading to the emergence of industry-specific AI consultants. Strides have already been made by providing AI-driven healthcare insights to practitioners, but this can extend to niche sectors such as education, agriculture, and law, which will fundamentally change how specialized knowledge is shared and applied, and what it means to be an expert in those fields.
AI is not a replacement for consultants; rather, it is an augmentation of their capabilities. At GrowWise, the goal is to not only use AI to streamline the back-end analysis but also incorporate AI to improve the consultant-client workflow and make the SR&ED tax credit consulting process easier for our clients. The combination of human creative problem-solving, empathy, and strategic thinking with AI’s computational power creates a powerful dynamic—one that is capable of tackling complex challenges and driving success. Connect with GrowWise today if you are interested in learning more about the AI system used by our clients to file SR&ED claims with more efficiency, precision and simplicity.
