Exploring the application of generative artificial intelligence in consulting firms
: opportunities, challenges, and future directions

  • Antonia Johanna Heemann (Student)

Student thesis: Master's Thesis

Abstract

This thesis examines how generative artificial intelligence (genAI) is affecting the consulting industry, focusing on its integration, benefits, challenges, and future trends. It presents three research questions: current level of AI adoption in the field of consulting, opportunities and ethical concerns, and predicted future developments in AI. A qualitative methodology was applied, involving interviews with twenty consultants from three German firms. Results illustrate that genAI tools are extensively used for a range of tasks, including text formulation, idea generation, research, and analysis. Although genAI significantly increases efficiency and supports decision-making, consultants hesitate to rely on it exclusively due to concerns about data accuracy, ethical implications, and biased output. Primary advantages include time efficiency, improved work quality, and enhanced creativity. Nevertheless, significant challenges remain, including prompting, accuracy, and data protection. Ethical considerations represent a fundamental aspect of this field of study, with a particular focus on data privacy and bias mitigation. Establishing robust ethical frameworks and continuous training is essential for building trust and effective AI use. It is anticipated that the future will see increased AI integration in routine tasks and complex processes, with a focus on collaboration between AI and human consultants. This research contributes to the academic discourse on AI in consulting and offers practical recommendations for firms aiming to utilise genAI to enhance service offerings and operational efficiency. By addressing challenges and adhering to ethical standards, consulting firms can leverage AI's potential to drive innovation and maintain a competitive edge in the marketplace.
Date of Award23 Oct 2024
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorFilipa de Almeida (Supervisor)

Keywords

  • Generative artificial intelligence
  • Consulting industry
  • AI benefits
  • AI challenges
  • Ethical considerations
  • Future outlook
  • Recommendations

Designation

  • Mestrado em Gestão e Administração de Empresas

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