Response from AskMcKinsey:
The role of consultants in advertising and marketing is expected to evolve significantly over the next five years due to advancements in AI, particularly generative AI. This evolution will impact the skills required and the nature of work performed by consultants.
The evolving role of consultants
- Shift from analytics to activation
- Consultants will likely focus more on activating insights rather than performing analytics to generate them
- This shift will require consultants to possess skills in empathy and diversity, enabling them to work effectively with a broader range of people
- The emphasis will be on creating a higher quality impact through diverse and empathetic interactions
- Impact of generative AI on marketing
- Generative AI is capable of performing complex data analysis, writing tasks, and autonomous slide generation, which are traditionally part of consultants’ roles
- Marketers and consultants need to reconsider their roles as AI can handle many tasks they currently perform, such as data analysis and report writing
- There is a need for human marketers to rethink their approach to marketing, acknowledging AI’s capabilities while finding new ways to add value
Skills and attributes for future consultants
- Empathy and diversity
- Future consultants will need to be more empathetic, working closely with diverse teams and clients to activate insights effectively
- Diversity in hiring will be crucial to bring varied experiences and perspectives to projects, enhancing the quality of outcomes
- Curiosity and adaptability
- Consultants will need to be curious and adaptable, continuously learning and evolving with AI advancements
- The ability to integrate AI tools into their work processes will be essential for staying relevant and effective
Conclusion
In conclusion, the role of consultants in advertising and marketing is set to transform with the integration of AI technologies. Consultants will need to focus on activating insights, leveraging empathy and diversity, and adapting to AI’s capabilities. This answer is based solely on the insights published by McKinsey.
Sources provided by Ask McKinsey:
- Forward Thinking on the brave new world of generative AI with Ethan Mollick – May 31, 2023 | Podcast
- What McKinsey learned while creating its generative AI platform | Podcast
- Quantum Black AI by McKinsey – Artificial intelligence
tipsheet.ai editor’s note: McKinsey points out that AskMckinsey is a :”Gen AI experiment” and its answer engine only uses McKinsey sources.