A study shows that consultants using generative AI produce better results more quickly. Many large companies are hesitant to fully embrace AI due to concerns around bias. Gen Z is the generation most likely to trust AI. Finance professionals worry about AI replacing them. AI has the potential to transform productivity and improve consultants' performance.
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Quick takeaways
Consultants using generative AI produced 40% higher quality results and finished 12.2% more tasks in less time.
Firms are hesitant to fully embrace AI due to concerns around bias, while Gen Z is the generation most likely to trust AI.
Deep dives
Study Reveals Ethical Concerns and Talent Shortage Hindering AI Adoption in Marketing
A survey of global marketing leaders reveals that many firms have delayed implementing AI due to concerns over AI ethics, particularly bias and fairness issues. Additionally, companies are facing challenges in finding individuals with the necessary skills in both marketing and AI. Cost is also identified as a barrier to adoption. However, firms that have invested in AI are reaping significant returns, with a majority reporting an ROI between 50% and 74% in marketing spend. The geographic breakdown reveals variations in AI adoption rates, with the US lagging behind the UK and Australia.
Finance Professionals Express Concerns and Optimism about AI
A survey of senior finance professionals highlights a mix of concerns and optimism regarding AI. While 23% worry about job displacement due to AI, companies are still embracing the technology, with 24% already implementing AI and 51% planning to integrate AI within the next 12 months. Professionals believe AI will transform their ability to add value, save time, and increase efficiency. Younger professionals are particularly optimistic, anticipating the automation of manual tasks that currently consume a significant portion of their time.
Consultants Using AI Outperform Peers in a Study
A study conducted on elite consultants reveals that those using chat GPT significantly outperformed their peers who did not use AI. Consultants using AI finished 12.2% more tasks in less time and produced 40% higher quality results. Notably, AI acted as a skills leveler, benefiting the lower-skilled participants more. However, overreliance on AI can hinder performance, as evidenced by consultants who became less accurate when AI was involved in specific problem-solving scenarios. The study underscores the transformative potential of AI in consulting and the need for organizations to prepare workers for its use.
A new study undertaken by Boston Consulting Group and prominent AI researchers shows that consultants who used generative AI did more work, more quickly, and better when they were using AI. NLW discusses the nuance and implications. Before that on the Brief: a new study reveals that many large companies are hesitant to fully embrace AI due to concerns around bias; Gen Z is the generation most likely to trust AI and about a quarter of senior finance professionals are worried AI will replace them.
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