The Transformative Impact of Artificial Intelligence on the Management Consultancy Sector

Samokhvalov Konstantin

Management Consulting Journal, 2024, vol. 7, issue 1, 59-68

Abstract: This paper explores the transformative impact of Artificial Intelligence (AI) on the management consultancy sector over the next five years. Tracing the evolution of AI from its inception in 1956 to recent language and image capabilities, the study addresses the imminent challenges posed to consultancy by AI startups. Examining global legislative approaches, including the EU’s strict AI Act, the UK’s flexible stance, the self-regulatory approach in the US, and China’s targeted regulations, it unveils the legislative ambiguity for software developers. The essay anticipates transformative implications on consultancy firms, emphasizing the war for talent, potential shifts in business models, and the evolving role of consultants as agents of thought. As AI becomes integral, consultancy firms are urged to adapt, incorporating AI into their models while navigating ethical and legal considerations. The paper underscores that while AI will automate mundane tasks, strategic decision-making remains a strength of consultancy firms, ensuring continued relevance in the evolving landscape.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:mancon:v:7:y:2024:i:1:p:59-68:n:6

DOI: 10.2478/mcj-2024-0006

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