The consulting industry is undergoing a significant transformation with the rapid adoption of artificial intelligence (AI) tools. Firms such as McKinsey, Boston Consulting Group (BCG), Ernst & Young, Deloitte, KPMG, and PwC are at the forefront of this change, leveraging AI to enhance efficiency, drive innovation, and improve client services.
McKinsey’s AI Adoption
McKinsey has developed an in-house generative AI chatbot called Lilli, which synthesizes the firm’s extensive intellectual property across 100 years and over 100,000 documents and interviews. Over 70% of McKinsey’s 45,000 employees now use Lilli, turning to it about 17 times a week. The tool has helped consultants save 30% of their time, which is reinvested in more advanced work. McKinsey has also built an “ecosystem” of alliances with 19 AI companies, including Microsoft, Google, Anthropic, and Nvidia, and has completed over 400 genAI projects for clients.
BCG’s AI Initiatives
BCG has pushed to train its employees in AI, unveiling ChatGPT Enterprise to all its employees in 2023. The firm has developed over 18,000 custom GPTs for internal uses, ranging from summarizing documents to generating automatic email responses. BCG has also developed several internal generative AI tools, including Deckster, a slideshow editor that helps consultants quickly create presentations. About 40% of BCG’s associates use Deckster weekly.
Deloitte’s AI Approach
Deloitte has taken a more cautious approach to AI adoption, blocking ChatGPT from its internal system due to data security concerns. Instead, the firm has developed its own ChatGPT alternative called Sidekick, which employees can use for non-client work. Deloitte has invested billions in AI and recently unveiled Zora AI, a fleet of AI agents trained in specific subjects like finance and marketing.
KPMG and PwC’s AI Strategies
KPMG is taking a two-pronged approach to AI adoption, encouraging both top-down and bottom-up innovation. The firm has harvested data on how employees are using AI to build new tools for itself and its clients. KPMG has also signed an agreement with Google Cloud to purchase licenses for Agentspace, a platform that integrates AI agents with company data. PwC has unveiled a similar platform called agent OS, designed to centralize clients’ agents and improve interoperability between them.
Industry Impact
The adoption of AI in the consulting industry is expected to drive growth and efficiency. According to PwC’s global and US commercial technology and innovation officer, Matt Wood, the increased availability of AI agents will lead to larger organizations, not smaller ones. As consulting firms continue to develop and implement AI tools, they are likely to transform the industry, enabling companies to uncover new sources of business growth and innovation.
