Leveraging AI in a Boutique Management Consulting Firm: My Journey

If you have read my LinkedIn Newsletters and blogs, you know I have been preaching about embracing AI and identifying how to use it in our daily work.

In this article, I wanted to share some ideas on how I, as the owner of a boutique management consulting firm, use AI to be more effective and better serve our TELLUS International clients.

Part of TELLUS's core foundation is research, and by research, I do not mean writing academic papers. With research within TELLUS, we focus on topics for which TELLUS wants to be known. We are known for several areas, such as ecosystem development, envisioning software solutions, and building business models for them. I have also written numerous articles on the pricing/packaging of AI solutions, and I listed quite a few of them in my recent Newsletter article.

The Game-Changer: Perplexity.ai for Research

Regarding research, Perplexity.ai has been a game-changer for our firm. Unlike traditional search engines, Perplexity.ai provides context and, most importantly, sources for its information. This feature has been invaluable in verifying the validity of the data we use in our consulting work. As a result, I've largely abandoned conventional search engines in favor of this more comprehensive approach. The ability to conduct critical analysis on sources using Perplexity.ai has significantly enhanced our research process. We can now quickly assess the author's background, potential biases, and the context of the information, ensuring that our recommendations are based on reliable and well-rounded insights.

Debunking AI Misconceptions in Research

There's a common misconception that AI tools like Perplexity.ai and ChatGPT can replace human expertise in research. However, my experience has shown that these tools are best used to augment, not replace, our skills. As consultants, we still need to understand the context, critically analyze the information, and build comprehensive research reports. The AI assists by providing a more efficient way to gather and process information, allowing us to focus on higher-level analysis and strategy formulation.

Accelerating Development with AI

In our internal development projects using Dynamics 365 and Power Platform, I've found that combining Perplexity.ai and ChatGPT has significantly accelerated our process of defining logical data models. These AI tools provide diverse perspectives and ideas from multiple sources, which would typically take an extensive amount of time to gather manually. This has not only sped up our development cycle but also improved the quality of our solutions.

I have also used AI in Office 365/SharePoint projects to examine best practices in different areas when defining architectural models.

Data Manipulation Made Easy

Regarding preparing data for import into target applications, I've found ChatGPT and Microsoft 365 Copilot in Excel incredibly useful. These tools help us quickly transform and clean data, ensuring it's properly formatted for seamless integration. This has dramatically reduced the time we spend on data preparation tasks, allowing us to focus more on analysis and strategy.

AI-Assisted Contract Review

One of the most valuable applications of AI in our consulting practice has been in reviewing legal contracts. By leveraging AI to analyze agreements before signing, we've been able to identify potential weaknesses and areas for improvement in contracts more efficiently. This extra layer of scrutiny helps us protect our interests and those of our clients.

Selective Use of AI in Communication

While AI tools offer numerous benefits, I've chosen to limit my use of them in certain areas. For instance, I don't rely on Copilot to create PowerPoint presentations or write emails. However, I use Microsoft Copilot, ChatGPT, and Perplexity.ai to review and refine my writing, ensuring clarity and professionalism in our communications. I also use Microsoft 365 Copilot to summarize Microsoft Teams recordings. The service has been a lifesaver when conducting research calls with clients and different stakeholder groups.

The Power of Multiple AI Services

My approach to AI involves using multiple services, each for its strengths. Perplexity.ai has proven to be the most valuable for research due to its ability to provide source information. This allows us to generate not just text but well-supported, verifiable content for our consulting work. I subscribe to You.com, Perplexity.ai, OpenAI ChatGPT, and Microsoft 365 Copilot. I have found each of them to be valuable in different situations, so it is worthwhile to have them in my toolbox.

AI is a Starting Point, Not the Finish Line

Even when using AI-generated text, I always refine and personalize the content to reflect our firm's unique perspective and expertise. The AI-generated content serves as a solid starting point, significantly reducing the time it takes to produce high-quality deliverables for our clients.

Maximizing AI Benefits for Boutique Consulting

For other boutique consulting firms looking to leverage AI, here are some additional suggestions:

1. Experiment with different AI tools: Each tool has its strengths, so don't be afraid to try various options to find what works best for your specific needs
2. Invest in AI training: Please ensure your team is well-versed in using these tools effectively. This will maximize the benefits and ensure consistent quality across your firm's work.
3. Use AI for market research: AI tools can be handy for gathering specific information and conducting in-depth market research, which is crucial for boutique firms competing with larger consultancies.
4. Leverage AI for content creation: Use AI to assist with SEO content creation and factual writing, helping you maintain a strong online presence and thought leadership position.
5. Implement a data strategy: Ensure you have a solid data strategy to feed your AI tools with high-quality information, leading to more accurate and valuable insights.

I do not know how I could conduct business without AI anymore. AI is infused into all the different software solutions I use, and they have made me more effective as a professional. I would be tempted to argue that it is also more valuable for my clients. I genuinely want to emphasize that AI does nothing for you unless you master the topic. You still have to be in the driver's seat when applying AI. You have to understand how to prompt and provide context to the Large Language Model (LLM); otherwise, it is just going to "spit out" stuff that might be out of context or even text that is founded on hallucination.

I would love to hear from you about the tools or approaches you have taken in your personal journey to the AI world. I will continue writing about my own experiences, and this article was just a scratch on the surface of what I think will happen with these tools in the future.

Be curious, be fearless, and put energy into learning to take advantage of the fantastic development in the world of AI where we live today. Start now so you won't get behind the curve and realize that you have missed the boat to educate yourself in the new way of work.

Yours,

Dr. Petri I. Salonen

PS. If you would like to get my business model in the AI Era newsletters to your inbox on a weekly or bi-weekly basis, you can subscribe to them here on LinkedIn https://www.linkedin.com/newsletters/business-models-in-the-ai-era-7165724425013673985/