Commentary: Who needs consultants in the age of AI?

In the era of artificial intelligence, strategic consultants face a crucial question: who is needed when AI can perform their role? These consultants, employed by firms like McKinsey, Bain & Company, and Boston Consulting Group, sell more than just ideas; they offer a process that helps businesses make changes. Their expertise lies in analyzing complex information and fostering consensus among executives, a task that AI struggles with.

While AI excels at research, pattern recognition, and recommending options, the real value lies in the consultant's ability to orchestrate change, something AI cannot replicate. The industry's future may lie in outcome-based pricing, with consultants being paid for the results they achieve rather than the hours they spend. However, the shift poses challenges for the industry, particularly in training young consultants and reforming the fee model.