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Consulting Firms Race to Capitalize on Generative AI Boom

Consulting firms worldwide are in a rush to harness the potential of generative AI, a move that presents both exciting opportunities and complex challenges. As the industry grapples with integrating this transformative technology, a new guide sheds light on how firms can leverage generative AI while navigating the risks that come with it. For those unfamiliar, generative AI refers to technology capable of producing human-like content by processing vast amounts of existing data. This content spans text, images, music, and even code. Unlike traditional AI, which focuses on analyzing data, generative AI actively creates new outputs—assisting with brainstorming, drafting documents, and composing creative works. Since the launch of ChatGPT in late 2022, professionals across all industries have speculated on how AI might impact their work. In consulting, this has led to visions of AI-powered tools streamlining data analysis, uncovering key insights, and even automating the creation of presentations and reports