AI May Soon Replace Even the Most Elite Consultants - HBR
JULY 24, 2017
Amazon’s Alexa just got a new job. In addition to her other 15,000 skills like playing music and telling knock-knock jokes, she can now also answer economic questions for clients of the Swiss global financial services company, UBS Group AG.
According to the Wall Street Journal (WSJ), a new partnership between UBS Wealth Management and Amazon allows some of UBS’s European wealth-management clients to ask Alexa certain financial and economic questions. Alexa will then answer their queries with the information provided by UBS’s chief investment office without even having to pick up the phone or visit a website. And this is likely just Alexa’s first step into offering business services. Soon she will probably be booking appointments, analyzing markets, maybe even buying and selling stocks. While the financial services industry has already begun the shift from active management to passive management, artificial intelligence will move the market even further, to management by smart machines, as in the case of Blackrock, which is rolling computer-driven algorithms and models into more traditional actively-managed funds.
But the financial services industry is just the beginning. Over the next few years, artificial intelligence may exponentially change the way we all gather information, make decisions, and connect with stakeholders. Hopefully this will be for the better and we will all benefit from timely, comprehensive, and bias-free insights (given research that human beings are prone to a variety of cognitive biases). It will be particularly interesting to see how artificial intelligence affects the decisions of corporate leaders — men and women who make the many decisions that affect our everyday lives as customers, employees, partners, and investors.
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Barry Libert is a board member and CEO adviser focused on platforms and networks. He is chairman of Open Matters, a machine learning company. He is also the coauthor of The Network Imperative: How to Survive and Grow in the Age of Digital Business Models.
Megan Beck is a digital consultant at OpenMatters and researcher at the SEI Center at Wharton. She is the coauthor of The Network Imperative: How to Survive and Grow in the Age of Digital Business Models.
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