Remember the dot-com boom? In the late ’90s and early 2000s, every company faced a choice: adapt to the internet or get left behind. Many businesses hesitated thinking it was a trend and something they could afford to delay. Today, we see a similar dilemma with AI. The same way the internet fundamentally transformed business, AI is poised to reshape everything we do. The question isn’t if AI will change your industry; the question is when. And timing is critical.
For many consulting firms, AI is already here, quietly working in the background to streamline processes, deliver insights, and drive efficiency; I know because I see it daily. For others, there’s a reluctance—just like there was with the internet—based on concerns over disruption, cost, or the belief that their traditional ways of doing things are good enough.
History has plenty of examples of that reluctance, do you remember Blockbuster? Blackberry? Kodak?
The Dot-Com Parallel
Let’s draw a parallel. During the dot-com era, companies that resisted going online didn’t see an immediate fallout. They continued business as usual while the first adopters built websites, began digital marketing, and created e-commerce platforms. It took a few years, but eventually, those that had embraced the internet were reaping massive benefits—streamlined operations, global reach, and new revenue streams. Meanwhile, companies that had delayed were scrambling to catch up, spending more time and money to get on board. Some never made it.
AI presents a similar situation. It’s easy to believe that your consulting firm’s current methods—manual data analysis, traditional client reporting, and manual project management—are just as functional as they were before. After all, you’ve been successful with these processes for years. But just like those early dot-com resistors, you could be underestimating the long-term cost of waiting.
The competitive edge gained by firms that are adopting AI today will soon be so significant that catching up later will be much harder—and more expensive.
Early AI Adopters Are Already Pulling Ahead
Much like early dot-com pioneers, consulting firms that are incorporating AI are already starting to pull ahead. AI is enabling them to analyse data faster, deliver real-time insights to clients, and automate repetitive processes like client reporting, leaving more time for strategic advisory work.
Imagine your competitors providing clients with dynamic, data-driven reports in hours rather than days, offering deeper insights with less manual labor, and freeing up consultants to focus on high-value work.
Clients notice this. They notice faster delivery, deeper insights, and more personal attention. Soon, they’ll start expecting this level of service from every firm.
If your firm is still relying on manual methods while others are leveraging AI, your competitive edge is eroding—whether you realise it or not. Clients will choose firms that can deliver faster, more accurate results while still maintaining the personal touch.
Why the Timing Matters
You may be thinking, “We’re not ready for AI yet. We’ll adopt it when it becomes necessary. We can wait until the tech is better!” Yet… the longer you wait, the steeper the learning curve becomes. Firms that are slowly integrating AI now are gradually building competence. They’re not rushing to implement everything at once, but they are getting ahead. They’re figuring out what works, learning how to train their teams, and gradually shifting their culture to embrace technology.
By the time AI becomes “necessary,” firms that waited will have to play catch-up. The cost of falling behind isn’t just financial; it’s reputational. Clients will gravitate toward firms that are already delivering AI-enhanced results, leaving those who are late to the party fighting for relevance.
During the dot-com era, companies that failed to see the internet as critical found themselves losing market share to younger, more adaptable firms. Similarly, consulting firms that delay adopting AI risk losing clients, market relevance, and the ability to attract top talent.
AI as an Opportunity, Not a Threat
Here’s where many consultants get it wrong: AI isn’t a threat to your expertise. Just like the internet didn’t make traditional business knowledge obsolete, AI won’t replace the human touch in consulting. In fact, it enhances it. AI takes care of the data-heavy, time-consuming tasks, leaving consultants more time to focus on creative problem-solving, relationship-building, and strategic thinking—the very things that set human consultants apart.
Remember when the internet was seen as a tech geek’s domain? Now, it’s a tool that every business uses to connect, grow, and evolve. The same is happening with AI. It’s not a tool for the future; it’s a tool for right now. The firms that see AI as an opportunity to evolve will thrive, while those that see it as a distant concern will struggle to keep up.
The Time to Act is Now
The future of consulting will be built on AI and automation, just as the future of business was built on the internet. Waiting for the “right time” to adopt AI is a risky strategy that could cost your firm much more than just missed opportunities—it could cost you your competitive edge.
Start by looking at your firm’s current processes. Where are you spending the most time on manual tasks? Where could AI free up valuable hours for your consultants to focus on strategy and client relationships? You don’t need to overhaul everything at once. Pick one area—like client reporting—and explore how AI could streamline that process. Once you see the benefits, the path forward will become clear.
Long Term Thinking Wins
And yes, every boom has a bust… those that navigate the cycle well are not the ones who sit on the sidelines; they’re the organisations that look far enough ahead to see past the initial hype, past the first signs of fear, uncertainty, and doubt, and play game over decades, not months.
Think back to the dot-com era. How many companies do you know that didn’t make it because they failed to adapt to the internet? Don’t let your firm repeat that history with AI.
How will your firm embrace AI to ensure you’re leading the charge, not following behind?