Explore how AI transformed my this consultant's workflow and boosted productivity.
Introduction
During my time as an Associate Consultant at Bain & Company, I witnessed firsthand how AI tools transformed our day-to-day consulting work. While PowerPoint and Excel remained our core tools, AI became an invaluable accelerator for many routine tasks. This article breaks down the practical applications of AI in consulting, based on my first-hand experience.
Core Use Cases in Consulting
Research and Industry Analysis
One of the most time-consuming aspects of consulting is getting up to speed on new industries and markets. I found AI models like ChatGPT to be particularly valuable for creating structured research frameworks and quickly identifying key industry drivers, trends, and dynamics.
For example, when starting a new private equity due diligence case in an unfamiliar sector, Bain teams would leverage AI to rapidly generate comprehensive lists of relevant market metrics to track, detailed competitor profiles to understand the competitive landscape, and potential data sources to tap into. While this AI-assisted research didn't completely replace the need for thorough manual research, it provided an incredibly useful starting point that saved hours of initial groundwork and enabled the team to get oriented faster.
The power of AI research assistance was especially evident on quick-turnaround projects with tight timelines. Generating an 80% complete research framework in minutes, rather than hours, made a huge difference in being able to deliver quality output to clients under intense time pressure. As long as prompts were carefully constructed, the AI outputs provided a strong foundation to build from.
Excel Formula and Model Enhancement
Excel remains the backbone of much consulting analysis, from market sizing to financial modeling to data analysis. I found that AI significantly improved our Excel modeling efficiency and sophistication. Rather than spending valuable time debugging complex formulas or trying to determine optimal functions, I began leveraging ChatGPT to quickly generate well-structured Excel formulas and clearly explain how they work.
This AI assistance was particularly useful for composing elaborate nested IF statements, figuring out creative combinations of VLOOKUP and INDEX/MATCH functions, and developing sophisticated Power Query data transformations. The key to success was being as specific as possible in the AI prompts – rather than asking for generic Excel help, I would share the exact data structures involved and clearly articulate the desired analytical outcome.
Over time, AI formula generation enabled our models to become more robust and capable than they would have otherwise been under tight project timelines. We could spend our time on higher-order problem structuring and insight generation rather than Excel formula syntax.
Presentation Content Development
In the world of consulting, the quality of your presentations and slides can make or break project impact. I experimented with using AI to enhance multiple aspects of presentation development to great effect.
For content slides, I often used AI to come up with clear, concise titles that crisply summarized the main message - an underrated yet critical presentation element. I also leveraged ChatGPT to turn data-heavy bullet points into more synthesis-driven insight statements.
Additionally, generative AI was incredibly useful for quickly developing structured frameworks to organize complex analysis into easy-to-follow slides. I could brainstorm conceptual dimensions and have the AI propose several alternative frameworks, which accelerated the pace of presentation development.
Custom GPT Development
Perhaps the highest-impact use case was creating custom-trained AI models for our consulting teams that could work directly with client data and documentation. By training these models on a client's specific industry terminology, internal company ontology, and existing knowledge assets, we were able to develop remarkably powerful tools that could rapidly extract insights from lengthy reports, presentations, and structured/unstructured data sets.
This was particularly valuable for the due diligence projects that are the bread-and-butter of many consulting firms. Due diligence often requires rapidly processing hundreds or thousands of pages of a target company's internal documents and communications to identify key risks, opportunities, and focus areas for further investigation. Targeted AI models were able to do the first pass document analysis extremely efficiently and surface potential insights for consultant review.
We also found that these custom models could serve as an "fact base" repository, where insights from past client engagements could be used to further train the models and enable knowledge transfer across different project teams. As consulting firms look for ways to codify and scale their expertise, custom AI will likely play an increasingly central role.
Important Considerations
Data Security
When using AI tools in consulting, data security is paramount. I established clear guidelines for what information could be shared with AI platforms, focusing on using public data for prompts and avoiding any client-specific details. For sensitive analyses, we utilized internal AI tools approved by our IT department.
At Bain, using ChatGPT and Co-Pilot for client-related tasks was permissible, but use for any analysis of PII was not allowed. Check with your company on specific restrictions pertaining to these tools.
Quality Control
Quality control is absolutely essential when leveraging AI in high-stakes consulting work. While AI can dramatically accelerate many aspects of the problem-solving process, from research to analysis to presentation development, it is not infallible. AI-generated content and recommendations should always be carefully vetted by human consultants before being incorporated into client deliverables or used as the basis for strategic decision-making.
Throughout my experimentation with AI in consulting, I developed a strong habit of fact-checking all AI outputs against trusted sources. For industry research and analysis, this meant comparing AI-generated insights to respected trade publications, expert interviews, and validated internal knowledge bases. I discovered that while AI could surface relevant information quickly, it could also sometimes make inaccurate inferences or struggle with nuance. Human oversight was critical for catching these errors and ensuring that all research met the high bar for accuracy required in consulting.
Excel formula validation was another area where human quality control was indispensable. While AI-generated formulas and functions were often elegant and efficient, they weren't always perfectly suited to the specific analytical context at hand. I made it a practice to rigorously test each AI-suggested formula with corner-case data sets, extreme value conditions, and common error triggers. Through this testing process, I uncovered subtle bugs and identified areas where formulas needed to be adapted to align with the client's business logic and reporting requirements.
Ultimately, the consultant skill set must evolve to include not just business acumen and analytical prowess, but also the ability to effectively prompt, interpret, and quality-check AI systems.
Looking Forward
The integration of AI in the consulting industry is still in its nascent stages, but it's evolving at a rapid pace. Based on my experience and observations of industry trends, I believe the next wave of AI adoption will likely focus on four key areas: automated data cleaning and preparation, real-time market intelligence synthesis, advanced financial modeling assistance, and automated slide generation based on data analysis. Let's dive into each of these areas in more detail.
Automated Data Cleaning and Preparation
One of the most time-consuming aspects of consulting projects is collecting, cleaning, and preparing data for analysis. This is often a tedious and error-prone process, particularly when dealing with large, unstructured datasets from multiple sources. The next generation of AI tools will likely prioritize automating these data wrangling tasks.
I anticipate the development of sophisticated AI models that can intelligently identify and correct data inconsistencies, merge disparate data sources, and transform raw data into analysis-ready formats. These tools could learn from consultants' past data preparation workflows and replicate the most effective techniques at scale. Automated data validation and anomaly detection could also help catch potential errors early in the process.
By streamlining the data preparation phase, AI could free up consultants to focus on higher-value activities like problem framing, insight generation, and client communication. It could also enable teams to iterate on analyses more rapidly and handle larger volumes of data than would be feasible with purely manual approaches.
Real-Time Market Intelligence Synthesis
In today's fast-paced business environment, clients increasingly expect consultants to have a finger on the pulse of the latest market developments. However, staying on top of the flood of information from news articles, industry reports, social media, and other sources can be overwhelming.
AI has the potential to revolutionize how consulting firms monitor and synthesize market intelligence in real-time. Advanced natural language processing models could continuously scan vast troves of unstructured data, identifying emerging trends, competitive moves, and potential disruptors. These insights could then be automatically summarized and delivered to consulting teams through live dashboards and alerts.
AI-powered market intelligence could help consultants quickly identify the most pertinent information for their clients and proactively surface new opportunities and risks. It could also enable more dynamic, responsive consulting engagements, where strategies are continuously adapted based on the latest market realities.
Advanced Financial Modeling Assistance
Financial modeling is a core capability for many consulting firms, particularly those serving corporate finance and private equity clients. However, building robust, error-free financial models can be a complex and time-intensive process.
I believe AI will play an increasingly prominent role in assisting with advanced financial modeling tasks. This could include automating the creation of baseline models based on standard templates and best practices, as well as flagging potential formula errors and inconsistencies during model review.
AI could also help consultants more efficiently analyze model sensitivities and run scenario analyses by intelligently suggesting key parameters to test and visualizing the impact of different assumptions. For complex models involving large datasets, AI could help optimize calculation speeds and identify opportunities for simplification.
By augmenting human expertise with AI's computational power and pattern recognition capabilities, consulting firms could deliver more sophisticated, reliable financial models to clients in less time. This could be particularly valuable in high-stakes situations like M&A transactions or restructuring engagements.
Automated Slide Generation Based on Data Analysis
Creating compelling, data-driven presentations is a critical skill for consultants, but it can also be a hugely time-consuming process. The next frontier of AI in consulting will likely involve automating significant portions of the slide generation process based on underlying data analyses.
I can envision AI tools that can take a set of analysis outputs (e.g., Excel models, datasets, statistical results) and automatically generate polished PowerPoint slides complete with clear insights, supporting visuals, and synthesized takeaways. These tools could learn from a firm's best-practice slide templates and design guidelines to ensure brand consistency and visual quality.
Automated slide generation could be particularly powerful when combined with AI-driven data analysis and financial modeling capabilities. For example, a consultant could run a scenario analysis in Excel, and AI could automatically flow the results into a set of PowerPoint slides with key insights highlighted and visualized.
While human judgment will still be critical for crafting the overall storyline and refining the final deliverable, AI assistance could dramatically reduce the manual effort involved in slide production. This could allow consultants to spend more time on strategic thinking and client discussions.
The Path Forward
The integration of AI in consulting is not just about discrete use cases – it's about fundamentally reimagining how consulting work is done. As AI capabilities continue to mature, I believe we'll see a shift towards more agile, iterative, and insight-driven consulting engagements.
Consulting teams augmented with AI will be able to analyze larger datasets, generate insights faster, and deliver more responsive, data-driven recommendations to clients. They'll also be able to take on more complex, multifaceted challenges by leveraging AI's ability to identify patterns and connections that humans might miss.
However, realizing this potential will require significant investments in AI talent, infrastructure, and governance frameworks. Consulting firms will need to develop the right mix of in-house AI expertise and partnerships with leading technology providers. They'll also need to establish robust processes for data management, model validation, and ethical AI use.
Change management and upskilling will be critical as well. Consultants will need to learn how to effectively collaborate with AI tools and interpret their outputs. Firms will need to foster a culture of experimentation and continuous learning to stay on the cutting edge of AI adoption.
The path forward for AI in consulting is not without challenges, but the potential benefits are immense. By embracing AI as a strategic enabler, consulting firms can unlock new sources of value for their clients and position themselves for long-term relevance in an increasingly technology-driven world. The winners will be those who can most effectively harness the power of human and machine intelligence in concert.
Recommended Training
For consultants looking to leverage AI effectively, I highly recommend starting with Noble Desktop's AI for Business with ChatGPT & Copilot course. This comprehensive two-day training, available live online or in-person in NYC, provides a strong foundation in AI technology, its business applications, and how to start utilizing it for your daily tasks.
On the first day, you'll dive deep into the world of generative AI, with a specific focus on ChatGPT. Expert instructors will teach you how to craft effective prompts, manage chats, and harness advanced features like ChatGPT's custom instructions and memory. You'll learn the distinctions between various GPT models and plans, and discuss important topics like data privacy and the ethical considerations around AI use. By the end of day one, you'll be equipped with practical skills to leverage ChatGPT for writing, summarizing, generating creative content, and more.
The second day shifts focus to Microsoft Copilot and its potential to revolutionize workplace productivity across Microsoft Office apps. Through hands-on examples and expert recommendations, you'll discover how AI can empower you to work more efficiently and innovate faster. Whether it's supercharging Excel analysis, generating PowerPoint content, or streamlining communication in Teams, this day will showcase the immense possibilities of AI-augmented work. You'll come away with a clear roadmap of how to implement AI solutions that boost your and your team's performance and prepares you for the future of work.
Conclusion
AI tools have become an essential part of the modern consultant's toolkit. While they won't replace the core skills of analysis and client communication, they can significantly improve efficiency in research, analysis, and deliverable creation. The key is understanding both the capabilities and limitations of these tools, and using them thoughtfully to enhance, rather than replace, human judgment.
About Noble Desktop
Since 1990, Noble Desktop has been a trusted name in New York City's tech education landscape. Based in SoHo, this licensed educational institution has built a reputation for providing intensive, practical training in a welcoming learning environment. Their commitment to small class sizes and hands-on instruction has helped thousands of students master new skills, while their post-class retake policy demonstrates their dedication to student success. As one of NYC's longest-running technology training centers, Noble Desktop continues to adapt its curriculum to meet the evolving demands of the digital workplace.
About the Author
Joe Kattan is Owner and CEO of AppraiseItNow, an online marketplace service for appraisals of real estate, personal property, equipment, and businesses for any type of intended use. As operator of AppraiseItNow, Joe brings technology, automation, and AI into all functions of the company. Prior to his role at AppraiseItNow, Joe was a consultant at Bain & Company where he worked with major corporations in industrials, aerospace & defense, and healthcare on growth strategy and post-merger integration.