AI as a Catalyst for Long-Term Business Success
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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):
|Investment in AI
|$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.
|Over $2 billion
|Started a new practice on generative AI; introduced Quartz AI services in collaboration with Nvidia for helping clients leverage GenAI technology.
|$2 billion (over 5 years)
|Partnered with Microsoft to systematically adopt AI, analytics, and other emerging tech for transforming KPMG US.
|Developed a large-language model and training all 400,000 workers on AI to integrate AI into client workflows.
|$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
|Formed a services agreement with OpenAI to integrate its technology for increasing efficiency in knowledge-management systems, research, and processes.
|Boston Consulting Group (BCG)
|Created BCG X, a tech build and design division, working with OpenAI; found AI beneficial especially for below-average consultants.
|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