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The investments and key initiatives taken by large consultancy firms to bolster their AI capabilities and offerings
Based on the information provided from the article*, here's a table summarizing the investments and notable activities of various consultancy firms in the field of Artificial Intelligence (AI):
| Consultancy company | Investment in AI | Research notes |
|---|---|---|
| Accenture | $3 billion (over 3 years) | Doubling AI talent to 80,000 workers; developing services and models for 19 industries; introduced a GenAI tool for decision-making. |
| Deloitte | Over $2 billion | Started a new practice on generative AI; introduced Quartz AI services in collaboration with Nvidia for helping clients leverage GenAI technology. |
| KPMG | $2 billion (over 5 years) | Partnered with Microsoft to systematically adopt AI, analytics, and other emerging tech for transforming KPMG US. |
| EY | $1.4 billion | Developed a large-language model and training all 400,000 workers on AI to integrate AI into client workflows. |
| PwC | $1 billion (over 3 years) | Plans to train 75,000 workers in the US and Mexico on AI to enhance client support and AI transformation initiatives. |
| Bain & Company | Not specified | Formed a services agreement with OpenAI to integrate its technology for increasing efficiency in knowledge-management systems, research, and processes. |
| Boston Consulting Group (BCG) | Not specified | Created BCG X, a tech build and design division, working with OpenAI; found AI beneficial especially for below-average consultants. |
| McKinsey | Not specified | Acquired QuantumBlack for AI offerings, introduced QuantumBlack Horizon AI-development tools, and supports over 1,300 data scientists across more than 50 locations through QuantumBlack Labs. |
*SOURCE: Paradis, Tim. "Inside the consulting industry's race to become AI rainmakers" AI in Consulting: Firms Are Racing to Implement Artificial Intelligence, 04.10.2023, https://www.businessinsider.com/ai-consulting-companies-building-artificial-intelligence-offerings-training-workers-2023-10. Accessed on 29.10.2023
