In all probability, Alexa will soon be seen booking appointments, analyzing markets and perhaps, even buying and selling stocks.
While the financial services industry has already begun the shift from active management to passive management, AI will move the market even further, to management by sensible machines, as the case of Blackrock that is rolling traditional actively-managed funds from computer-driven algorithms and models.
AI may also facilitate support to a lot of complicated selections in key areas like human resources, budgeting, marketing, capital allocation and even company strategy along the bastion of customized consulting companies like McKinsey, Bain and BCG, and also the major marketing agencies.
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One might argue that corporate clients prefer speaking to their strategy consultants to get custom-tailored advice that is based on teams distributed out doing time-consuming work which is in turn, expensive.
Consultants extensively gather, process, clean and interpret knowledge from totally different elements of organizations.
The processing power of four smart consultants with excel spreadsheets is minuscule as compared to one smart computer using AI running for an hour, based on continuous, non-stop machine learning.
In today’s massive knowledge world, AI and machine learning applications already analyze large amounts of structured and unstructured knowledge and turn out insights in a fraction of the time and at a fraction of the price of what human consultants would charge in the markets.
Machine Learning applications can go as far as to build computer models that decipher information by detecting patterns and inferring rules from data – a method that is terribly tough for, even the biggest and smartest consulting groups.
Perhaps sooner than we think, CEOs could be asking, “Alexa, what is my product line profitability?” or “Which customers should I target, and how?” rather than calling on elite consultants.
AI is already making things easier in the customer engagement and marketing arena.
Recently, HBO documented that Harley-Davidson was using AI to determine what was working and what wasn’t working across various marketing channels.
Markets are bound to change every year, products will be obsolete and as technology advances, most businesses would allocate their capital the same way year after year.
Artificial Intelligence is expanding quicker than you can even think of and that is why the market calls out: If you do not want to lose your job, upgrade yourself.
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The developments will call for a change of many jobs, for example, those of consultants, lawyers, and accountants, whose roles will evolve from analysis to judgment.
Arguably, tomorrow’s elite consultants already sit on your articulatioradiocarpea, or on your kitchen counter, or in your lounge.
Perhaps before we expect, CEOs might be asking, “Alexa, what’s my product profitability?” or “Cortana, which customers I ought to target, and how?” instead of relying on elite consultants.
AI is already serving to the client engagement and marketing arena. It is clear and well documented by the AI patent activities of the massive 5 platforms – Apple, Alphabet, Amazon, Facebook and Microsoft – that they are using it to promote and sell products and services to the world at large.