Smart fusion: AI, CAs reshape consulting dynamics
onsulting firms have begun practising what they have been preaching: bet on artificial intelligence to rein in costs. For employees, though, particularly the junior ranked professionals, it’s been at their cost.
Consulting firms are investing more on AI as they seek to speed up and diversify services, gradually weaning off the practice of increasing headcount to drive businesses, especially for routine tasks which can be handledbyemergingtechnologies.
For instance, Uniqus Consultech is raising $10 million from its partners to support its diversification into technology consulting. “The way we measure our business is not necessarily based on the increase in the number of partners and directors, but how fast we are able to scale up our revenues without increasing headcount,” Jamil Khatri, co-founder and CEO of
Uniqus, said. It offers consulting services for environment, social and governance (ESG), and financial reporting. “That’s the beauty of our model, and we want it to be tech-led and not necessarily people-led.”
However, as consulting firms embrace artificial intelligence for routine functions, employees, especially those who handle tasks that can be assigned to emerging technologies, should upskill themselves.
Uniqus offers a free AI assistant for financial reporting and ESG functions to its clients and the public. The greenhouse gas accounting platform also uses AI, Khatri said.
Global consultancy Deloitte too is harnessing AI to drive productivity and ensure regulatory compliance. Nitin Kini, chief operating officer, Deloitte South Asia, said embracing AI and generative AI, or GenAI, is a primary area of expansion, with nearly half of its professionals having expertise in engineering and technology. He, however, said that it goes hand-in-hand with the firm’s upskilling efforts for its staff to handle emerging technologies.
“We acknowledge transformative impact of AI on job dynamics, while believing in irreplaceable value of human expertise. Accordingly, we are also prioritising investments in reskilling and upskilling initiatives to equip our people for the evolving landscape,” said Kini.
The tax function of consultancies makes for a fit use-case in employing AI, said experts. While the audit teams typically comprise chartered accountants, professionals with tech backgrounds are increasingly being roped in, they added.
According to industry executives, tax functions typically involve analysing mountains of documents and data related to law, rules, court rulings, contracts, and financial information—a time-consuming process which can be made more efficient and expedited by leveraging GenAI,
According to Pratik Jain, a partner at PwC India, tasks such as document search, summarisation or analysis can be done seamlessly using GenAI, that helps bring efficiency and enables users to focus on valueaddition. “Tax advisors are increasingly looking at GenAI for some of these functions. For example, to draft a reply to a tax notice based on a robust database of case laws, notifications?,” said Jain. “Likewise, the industry can also use GenAI for internal analysis of position papers, or for standard operating procedures.
As firms embrace AI, employees handling tasks that can be assigned to tech will need to be upskilled