Consulting firms like Boston Consulting Group, McKinsey & Company, IBM, and Accenture are benefiting from the AI boom, as companies seek their expertise in understanding and implementing generative AI technologies. According to the New York Times, these firms are experiencing significant growth in sales and hiring, with a focus on helping businesses navigate the implications and potential of generative AI. While the tech industry searches for ways to monetize generative AI, consulting firms are cashing in on the demand for their services.
NBCUniversal and Peacock will use artificial intelligence to generate daily highlight reels for the Summer Olympics, featuring the A.I.-generated narration of Al Michaels. The customized highlight reel will be available to streaming subscribers, and Peacock’s program has been trained to formulate coherent sentences using Michaels’s voice from his NBC clips. Subscribers can choose the Olympic events and types of highlights they want to see, and the A.I. machines will create a customized package. NBCUniversal officials anticipate seven million different variations of customized highlights throughout the games.
The Wall Street Journal looks at how freelancers in various fields are experiencing the impact of AI, particularly generative AI models like ChatGPT, on their livelihoods. Studies and data from freelance job boards indicate a decline in freelance jobs that can be automated by AI. Basic writing, coding, and translation tasks are being replaced, putting the income and job security of freelancers at risk. However, there are also freelancers who benefit from AI, such as those in data science and IT. The use of AI-generated content is not always successful, as it often lacks quality and fails to convince clients. While AI-generated content may rank in search results, it is seen as dull and inferior compared to human-written content.
This could have gone in Friday Big Ideas – Runtime warns “Don’t let GenAI Hollow our your workforce.” Using generative AI to automate entry-level jobs could have far-reaching effects on how businesses hire, train, and promote junior staff members. While automation has its benefits, senior leaders need to be cautious about “cannibalizing” their future workforce and ensure that generative AI services are adopted in ways that still allow people to acquire the skills they need to thrive. Slowing the pace of generative AI adoption may be necessary to achieve this.
Why do we care?
Of course the consulting firms are making money on AI. Customers need advice! That’s why I keep talking about AI. While tech companies are still exploring how to effectively monetize generative AI, consulting firms are already capitalizing on the immediate demand for AI expertise. This positions consulting firms as crucial intermediaries in the AI value chain… and frankly, any IT service provider should be providing that advice. Offer advice!
I want to talk about the value of humans. Consider this – the power of the AI generated Al Micheals is because of his reputation. That was built by years of effort and trust building. It makes sense to me that it could be leveraged for delivering hyper-specific sports content. There are two risks. First, over time, trust will degrade when the voice is no longer Al Michaels himself. Second, new audiences who have not built the trust with Al Michaels the human will not have any trust of Al Michaels the AI.
Thus, in both cases, trust building will be required, with humans, over time, to enable that there are new pools to pull from. Savvy businesses will balance long-term with short, which is why warnings of cannibalizing the future workforce should be heeded.