The Age Of AI: What New Skills Should Management Consultants Invest In?

AI is growing in almost all industries. As technology changes faster than many can keep up with, organizations need to stay on top of technological advancements. The global AI consulting industry is expected to grow to $21.4 billion in 2028 with a compound annual growth rate of 30.3% in just 7 years from 2021.

That doesn’t however mean that management consultants are simply going to be replaced by AI. On the contrary, business advisors and management consultants play a major role in helping businesses steer the transformation process through the digital passage, as well as using AI to help their own services.

In this article, we’re looking at what new skills you should invest time in developing, to stay in demand as a management consultant in the age of AI.

Understanding management consulting & digital transformation

Digital transformation is the process of strategically integrating digital technology into workplace processes, which can fundamentally change a business’ operations. Management consultants can help clients at numerous points throughout this transition, from identifying the areas where AI integration would assist and training team members to help them feel confident using new software, to identifying ways to improve these processes as advancements are made.

Artificial intelligence has changed how businesses make and drive decisions, and management consultants can use these new platforms and tools to deliver more successful consulting strategies.

What are the possibilities?

Business process automation made possible through AI can help speed up routine tasks and ultimately increase productivity by reducing the cost of operations and freeing up human staff to focus on more creative tasks. Predictive research tools can use data pattern processing from past information to anticipate market changes, improve inventory management, and benefit customer services.

Natural language processing (or NLP) is another artificial intelligence technique that enables machines to understand human language and react appropriately in real-time, to improve customer service by providing immediate and accurate responses to online inquiries.

Re-envisioning consultancy in the digital age

The adoption of these new technologies including AI, machine learning, and data analytics is changing the way that the traditional management consulting firms work with their clients. Big data can reveal much larger and more impactful insights into market trends and client behaviors — facilitating advisors to construct more efficient strategies to reach their clients.

To stay relevant among rapid technological advances, companies need to learn unconventional strategies and adapt to agile communication approaches. As a management consultant, it’s your job to help them achieve that – but of course you first need to know how these processes work yourself to be able to help businesses implement them.

Essential skills for management consultants to develop

Management consultants have always needed to be well-grounded in critical skills, including mathematical and statistical concepts and programming, to develop effective strategic account planning and provide other vital management services.

Alongside these ‘traditional’ management consulting skills, here are some others it would be worth setting aside time to develop or brush up on in the age of AI.

1. Computing & mathematical expertise

Basic computing skills are necessary in any technology-adjacent career and include a sound knowledge of operating systems, software equipment, and programming logic. But if you plan to specialize as an artificial intelligence consultant, you must be an expert in Java, C++, Python, and Ruby scripts. This is necessary for creating and executing new models, and writing algorithms for innovative software and applications.

To comprehend the inner-workings of AI, you must have a consistent command over the statistics and mathematics, calculus, differential algebra, matrices, and number theory involved. You should be a pro in linear and higher order regression, logistic regression, and quantitative simulation; or matrix multiplication and vectors. In addition to concepts like gradient descent, you need a mastery of basic numerical methods and derivatives.

2. Technical abilities

Management consultants should be familiar with the latest technical tools needed to create commercial applications and solutions based on artificial intelligence. Machine learning can provide solutions to complex tasks human programmers cannot reach, but creating algorithms and backend code still calls for a highly logical and critical mind.

If you’re not planning to pivot into management consultancy specifically surrounding the AI realm, most employers won’t expect you to have unfaltering knowledge of how these software programs are devised. However, you should be aware of the general systems in place that allow them to operate – so you can explain how they work in digestible terms to your clients.

3. Ethics & AI Governance

A sharp understanding of AI-related ethics and governance is becoming vital for management consultants, as businesses look for guidance on protecting themselves, their customers and their data throughout the implementation of AI.

Management consultants in the digital era must be in a position to work through these complex and quickly changing ethical codes related to AI, such as transparency, accountability, and bias. You should understand the development of ethical guidelines and governance structures that will ensure fairness and interpretability with minimal privacy infringement. Those who can help businesses balance innovation and ethical duty will help them build trust and make sure that the deployment of AI is responsible.

4. Interdisciplinary communication

A successful management consultant operating in the age of AI will feel competent in the art of translation between technical and non-technical experts. You need to be able to communicate and explain complex concepts and the value of AI to a non-technical audience such as high-level management, HR teams and stakeholders.

For business owners and managers to work with AI effectively, they must feel confident they understand exactly what they’re adopting. In such a fast-moving landscape, your services as a management consultant will be much more in demand if you can provide trustworthy, transparent information and precisely explain the benefits (and risks) of each AI-generated operating system or software a company is considering implementing, or already using.

5. Innovative problem-solving

The three major skills embedded in the ability to master innovative problem-solving are critical thinking, creativity, and the capability of looking at issues from different angles. Looking at the cause of complex problems and accordingly devising AI-based efficient and effective solutions can be a huge time-saver for companies. It can help maximize their resource efficiency and free up time for human colleagues to focus on other aspects of the business.

If you’re able to improve your problem-solving skills in tandem with a solid base of knowledge surrounding AI, you’ll be in a better position to provide curated solutions and suggestions for companies that they have not thought of themselves.

Investing in continuous development for management consultants

In the multifaceted realm of management consulting, it becomes clear that this profession is not bound by a single skill or attribute. Instead, it's a harmonious blend of research acumen, financial prowess, deep industry knowledge, project management, and the art of presentation and visualization.

It is important to recognize that AI-assisted consulting is not an immediate and total solution, and success will depend on a business’s specific needs, goals, and resources. However, with the right approach and execution, developing the skills to help integrate AI processes into the services you provide, or helping companies navigate their transition to machine-assisted learning processes, you can deliver tangible benefits to brands, such as increased efficiency, reduced costs, improved customer experience, and more confident decision-making.

Above all, stay flexible. What is the case this week in the world of AI integration may be the opposite next month, as ethical guidelines, standard practices and AI processes continue to evolve and change. By adopting a mindset which sees your job as a continuous process of development, you’ll position yourself as a more proactive management consultant better able to help businesses adjust to the quickly changing digital landscape they’re operating in.