(Gen)AI continues to be THE hot topic among CEOs and decision makers in the insurance and financial services industries. It's time for business leaders to move beyond experimentation and drive meaningful adoption to unlock its true potential. We’re more generally seeing this growth in #AI across sectors and industries. As our CEO, Christoph Schweizer, emphasises in today’s Financial Times article, a significant portion of our revenue growth is now driven by our AI advisory services. This year, for most companies, scaling AI, people strategy and change management are the biggest challenges. As Christoph highlights, organisations will need to lead from the front. In our own work, too, we have an important opportunity to explore how we too can use AI to make our teams more efficient whilst producing high-quality work and delivering more value to our clients. Here's the article (unfortunately behind a paywall...): https://lnkd.in/dtHXatqT #ArtificialIntelligence #BCGX #GenAI
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Since 2015, we've invested in our AI business to empower clients and employees with transformative technology. Boston Consulting Group (BCG) forecasts that AI consulting will contribute 20% of its revenue stream this year, with Christoph Schweizer, CEO, anticipating this figure to double as firms weave technology into their operations - Christoph spoke with Anjli Raval and Simon Foy from the Financial Times to discuss BCG's venture into GenAI. #GenAI #AI #BCGX #transformation #leadingthecharge
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The Financial Times article highlights the growing prominence of AI in the workplace, with BCG projecting that AI consulting will account for 20% of revenue this year. Industry giants like Microsoft, Google, and Apple are swiftly shifting their focus to Large Language Models, recognizing the potential of this technological advancement. It is only a matter of time before AI becomes the norm for businesses of all sizes. It is crucial that we stay informed about these advancements and continue to educate ourselves on how AI can enhance our business processes. #AI #LLM #BCG #BusinessInnovation #ChangeImplementation
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#AI is soon becoming an integral part of any organisation's business strategy and all #boarddirectors need to upskill themselves around it-both from an opportunity as well as risk perspective. #nonexecutivedirectors #AIStrategy #transformation
Boston Consulting Group (BCG)'s CEO Christoph Schweizer told the Financial Times AI consulting will supply 20% of revenues this year and 40% by 2026. In an interview with me and Simon Foy, he said that AI and generative AI were “a huge boost” to revenues in the past year as companies move from experimenting with the technology to “at-scale deployment”. Turns out the hype around AI is also pretty lucrative, particularly for those consultants helping big technology companies roll out these large language models across corporations.
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AI + Consulting = 🚀 Consulting giants like PwC, McKinsey, and BCG are seeing a surge in client demand for AI integration strategies. Businesses are eager to transform with machine learning and generative AI. This trend creates opportunities for AI-native consulting entrants to innovate in the consulting sector. Please, connect with Wali team to explore possibilities of functional productivity gains north of 100% compared to request/response generative AI providing up to 50% in sectors automating repetitive tasks. Curious about your potential ROI and capacity expansion? #AIConsulting #MachineLearning #GenerativeAI #BusinessTransformation #ConsultingTrends https://lnkd.in/geAjH6sh
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Exciting news for businesses! With the demand for AI on the rise, companies are turning to AI consulting services to seamlessly integrate this transformative technology into their operations. From enhancing customer experiences to optimizing internal processes, AI offers limitless possibilities. But navigating the complexities of AI implementation can be daunting. That's where AI consulting comes in. Experts provide tailored strategies and hands-on guidance to ensure successful integration, empowering businesses to unlock the full potential of AI. If you're ready to harness the power of AI for your business, let's connect and explore how AI consulting can drive positive impact on society! #AI #Consulting #BusinessTransformation #rxsmeta #roxasconsultancy #positivesocialimpact https://lnkd.in/g3yXcWzH
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Interesting article by Boston Consulting Group (BCG) in the FT on the impact that Generative AI advisory will have on consulting firms with it predicted to make up 20% of total revenues. This will represent a significant uplift in AI projects across the Private Equity market in the next 12months. #generativeai #consulting #privateequity #data
"The significant share of Boston Consulting Group (BCG)’s revenues coming from AI advisory work, which has not been previously disclosed, highlights how consulting firms are seeking to cash in on the generative AI boom." #BCG #generativeai #managementconsulting #executivesearch https://lnkd.in/ewi8JxSJ
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BCG said that 20% of its consulting business will be from helping corporations integrate AI into their businesses. The consulting firm said AI work should grow to 40% of revenue by 2026 as companies move from experimenting with AI to deploying AI at-sale. BCG consultants use AI to take minutes for meeting, write emails, summarize documents, produce presentations, and manage company data. Corporations could be using AI to do similar things as well as customer service chatbots, research and other functions. In the rush to experiment and implement AI, companies should factor in how to manage data seccurity.
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Intriguing insights from Boston Consulting Group (BCG)'s CEO, Christoph Schweizer, on the integration of artificial intelligence into corporate operations. According to the Financial Times, BCG anticipates AI consulting to contribute 20% of its revenues this year, with projections to double by 2026. BCG's work with tech giants and AI innovators like Microsoft, Google, OpenAI, and Anthropic underscore its commitment to driving AI integration across industries. The firm's dedication extends to training executive teams, recognising AI as a crucial business priority. This significant revenue share from AI advisory work demonstrates BCG's agility in capitalising on the generative AI boom. Despite economic challenges, BCG's AI division has seen impressive growth, showcasing the increasing demand for AI-driven solutions. From chatbots to Healthcare R&D, BCG is leveraging AI to enhance productivity and efficiency across various sectors. Schweizer's proactive approach, coupled with BCG's early investment in AI, has positioned the firm as a leader in AI advisory services. Moreover, BCG's internal adoption of AI tools further exemplifies its commitment to innovation and adaptation. Additionally, BCG's involvement in studies like the one with OpenAI's GPT-4 model highlights the tangible benefits of AI adoption, boosting productivity and quality of work among employees. I am keen to see how AI continues to reshape the consulting landscape, especially if the topic is set to dominate revenue generation for the coming years. #AI #Consulting #Innovation #BCG
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Urgent Report: BCG Predicts AI Consulting to Generate 20% of Revenues in 2021 – Key Insights You Can't Afford to Miss!
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2024 is shaping up to be a landmark year in innovation and AI transformation. Our CEO, Christoph S., highlighted the remarkable rise in GenAI adoption across industries in a recent discussion. This year, we're moving from experimental uses of AI to comprehensive integration. The scope of applications is enormous, including everything from enhancing customer service with chatbots to revolutionizing data migration and R&D in healthcare. It’s exciting to see BCG leading the charge, helping enterprises navigate their AI transformation journeys.
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CEO at eccenca a leader in creating smarter, knowledge and context driven choices on your way to NetZero and Smart Process Automation
11moGreat write-up....let's talk about AI and #DORA for insurance and how #symbolicAI can be a game changer for it.