By now, it’s extremely doubtless that at the very least some dialog of Generative AI has crept into your life in skilled companies. Whereas there are debates in regards to the execs and cons of the know-how, there isn’t any doubt that Generative AI is rising as a game-changing know-how for skilled companies companies like administration consultants, market researchers, IT companies, and extra.
Increasingly corporations and professionals wish to capitalize on its skills to streamline their work by automizing repetitive duties or different time-intensive duties.
On this article, we discover 5 key methods you possibly can apply AI to drive effectivity in your day-to-day work, so you’ve extra time to give attention to higher-value strategic work and make an even bigger impression in your shoppers and your enterprise.
Automating market and business analysis
To be of probably the most worth to your shoppers, you’ll want to know every part about their industries, opponents, key markets, and present tendencies. Nevertheless, conducting this type of market research requires intensive studying and evaluation of stories, articles, knowledge, and extra. This handbook analysis course of can take days so that you can full, leaving you little time to investigate the analysis to finest serve your shopper.
With generative AI, nonetheless, you possibly can immediate the system to provide custom-made analysis briefings to assist your present tasks.
For instance, if you’re working with a medical machine startup, you may present an in depth immediate to a big language mannequin, like:
“Please analyze CB Insights and PitchBook business stories from the previous two years together with current information articles to summarize the present state of the wearable well being know-how market in a 250-word overview. Embrace evaluation of market measurement, development projections, key opponents and disruptive know-how tendencies.”
The specificity of the immediate permits the instrument to find the correct sources, zero in on the details, and generate a complete market research temporary hitting on all of the requested particulars, key stats, and insights. Primarily, the AI acts as an preliminary analysis assistant, saving you time and offering a powerful place to begin so that you can then construct upon with additional strategic evaluation tailor-made to the shopper’s pursuits.
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Drafting shopper deliverables and content material
Upon getting achieved your research for a client and synthesized your ideas, you’ll want to create custom-made displays, stories, and paperwork for shoppers is a core functionality for consultants. Whereas the strategic pondering nonetheless requires human expertise, generative AI may also help draft content material quicker.
For instance, for those who’re engaged on a development technique presentation for a retail shopper, you may present prompts like:
- “Please draft a slide with a chart displaying the shopper’s income development over the previous 5 years.”
- “Please write 2-3 bullet factors for a slide summarizing the aggressive threats the shopper faces available in the market.”
- “Generate a 200 phrase first draft of the manager abstract for this presentation highlighting the shopper’s core challenges and alternatives.”
The AI would then rapidly generate preliminary content material for numerous sections of the presentation, together with graphs, bullet factors, and paragraphs. You’d still need to review, polish, and customize the content to match evaluation tailor-made to the shopper’s particular state of affairs and aims. However prompts assist pace up the drafting course of considerably.
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Analyzing transcripts, stories, and filings
Reviewing and extracting key insights from shopper paperwork like earnings name transcripts, financial reports, inspection stories, contracts, and extra is a tedious however important course of for consultants.
For instance, you might have to investigate previous annual and quarterly filings to evaluate monetary efficiency for shoppers. Executed by your self, it will probably take hours to undergo tons of of pages. Multiply that by every shopper, and also you’re lots of time spent on reviewing paperwork that could possibly be higher spent elsewhere.
As a substitute, you may immediate AI to summarize filings—like 10-Ok filings for the previous 3 years for a shopper—and as for a abstract, together with evaluation of key monetary metrics like income, revenue margins, debt ranges, and money stream. The AI-generated abstract would then help you effectively extract key historic financials and priorities to inform business decisions. On this occasion, the AI acts as an analyst assistant. You’ll nonetheless must construct additional strategic evaluation tailor-made to the acquisition targets of your shopper—which you now have time to do because of the AI abstract.
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Monitoring Information and Business Developments
Like monitoring financials, retaining absolutely up to date on the latest news and trends impacting shopper industries is difficult however essential for consultants, however studying by way of numerous business information websites, blogs, and publications manually consumes huge quantities of time.
To streamline this course of, generative AI can quickly scan 1000’s of sources and spotlight probably the most related rising developments for a shopper’s particular sector and pursuits.
Let’s say you’re working with a big retailer. You would ask the AI to summarize key news over the previous week associated to the retail business, specializing in tales discussing ecommerce, brick-and-mortar, omnichannel technique, and prime retailers Amazon and Walmart.
The AI would then analyze current information articles and generate a custom-made briefing bearing on gadgets like:
- Amazon’s newest acquisition of an ecommerce platform firm
- Walmart’s introduced plans to rework shops to boost omnichannel capabilities
- Analysis forecasting U.S. ecommerce gross sales to achieve $1 trillion by 2025
This would supply focused and actionable information for the retail shopper in minutes versus the hours it might take you to manually discover and evaluate all related articles, permitting you to remain up to date in a well timed method.
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Processing and analyzing knowledge units
Working with shoppers, you’re typically supplied with large data sets like buyer info, monetary information, operations metrics, and extra. Manually processing this knowledge to uncover insights is time-intensive.
Generative AI can quickly analyze shopper knowledge units to focus on key patterns and tendencies. Asking an AI instrument to investigate buyer buy knowledge and summarize key tendencies, for instance, can rapidly return insights and opportunities like common order worth will increase for returning versus new prospects, peak gross sales occasions in numerous markets, and what product class led development.
Having this info effectively highlighted permits you the time to give attention to growing strategic suggestions tailor-made to the shopper’s goals based on the data trends, relatively than deciphering these tendencies themselves.
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The way forward for skilled companies with AI
Whereas the above are a number of the most sensible makes use of for AI in skilled companies, Generative AI makes use of will solely proceed to evolve and make work extra environment friendly sooner or later.
For extra info on the way forward for Generative AI, we invite you to view our LexisNexis® Future of Work Report 2024: How Generative AI is Shaping the Future of Work to discover extra of how Generative AI is altering the panorama.
