Consulting and Accounting Firms Rapidly Adopt Generative AI

Generative AI enables tools like ChatGPT to write intelligent documents on-the-fly. This technology goes far beyond writing essays and providing customer service. These tools are now providing great assistance in the accounting, consulting and market research fields, including work in writing proposals, researching law and regulations, preparing compliance documents and finding facts. Product suggestions and search results on websites, such as those of retailers like H&M or Saks, may become significantly more effective thanks to incorporation of these AI tools. This will lead to systems that literally act as virtual salespeople, which will boost revenues at retailers and also increase customer satisfaction. The ability of these tools to study massive amounts of background and reference data (machine learning) could lead to virtual teachers, counselors and business professionals in the not-too-distant future. For example, students could ask for auto-generated textbooks tailored to their specific, personal needs and interests. (Virtual tutors may be the first step.) Business owners could query virtual human resources SmartBots, deeply immersed in legal material—even specific to specific job types, state jurisdictions or management problems. The owners could obtain guidance on how to deal with (or even dismiss) problem employees.

Consultancies are already reaping the benefits of generative AI. McKinsey, for example, reported record revenue in 2023 of approximately $16 billion, which was largely the result of projects utilizing the technology. PwC, after adopting generative AI into its own client services, is advising other firms on how to make the most of it. EY and KPMG have also invested heavily.

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Consulting and Accounting Firms Rapidly Adopt Generative AI, Business and Industry Trends Analysis

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