Lumian Gen AI Newsletter Issue #46

Welcome to the 46th edition of the Lumian Weekly Gen AI Newsletter!

Oh, the irony. The tech titans are scratching their heads, trying to figure out how to cash in on generative AI, but guess who's already counting the cash? That's right, it's the consulting firms – BCG, McKinsey, IBM, and Accenture – making a killing off the AI anxiety sweeping the corporate world.

Let's talk numbers. Boston Consulting Group (BCG) went from zero to hero in just two years, now earning a cool 20% of its revenue from AI work. McKinsey? They're forecasting that 40% of their business this year will be AI-related. IBM, with its 160,000 consultants, has locked in over $1 billion in sales commitments for AI consulting and their watsonx system. And KPMG? They’ve gone from zilch to targeting $650 million in AI business in the U.S. in just six months.

The broader theme? These consultants are transforming theoretical tech into practical, profitable applications. They’re designing AI tools for everything from regulatory compliance to customer service systems, helping businesses navigate the murky waters of generative AI with precision and confidence.

Take BCG's work with Reckitt Benckiser, the makers of Lysol and Mucinex. Over four months, they whipped up an AI platform that can generate local ads in multiple languages at the push of a button. Need a Finish dishwashing detergent commercial in Spanish? No problemo. This nifty tool is set to make ad development 30% faster, saving Reckitt both time and sanity.

Or look at IBM's partnership with Dun & Bradstreet. They created "Ask Procurement," an AI tool that helps employees find suppliers based on specific criteria, ensuring every answer is traceable to avoid those pesky AI hallucinations.

So, while tech companies continue to ponder how to monetize their AI marvels, it's the consultants who are already cashing in. They're the modern-day Sherpas, guiding bewildered businesses through the AI labyrinth, one lucrative project at a time. Those who turn confusion into clarity – and a fat paycheck – always come out on top.

It's like this: every time there's a new technology, there's a period of wild excitement, followed by confusion and panic about how to actually make money off it. Think about the internet in the late '90s, or the cloud in the early 2010s. The big tech companies invent these amazing things, but then the world looks at them and says, "Great, now what do we do with this?" Enter the consultants, who translate the techno-babble into business speak, create actionable plans, and voila, the cash registers start ringing.

So here we are with AI. The tech wizards have built these incredible systems, but it’s the consultants who are figuring out how to actually use them to make money. They’re the ones turning the AI hype into real, billable hours, guiding companies through the maze of possibilities and potential pitfalls. It's the oldest trick in the book: take something complicated and make it simple for the people with the money. And in the end, those who can do that will always come out on top.

Happy reading! 📚🤖🎵

In this week’s issue:

• News Flash: YouTube’s AI Music, Amazon Acquires Adept, Google’s Pixel 9

• AI Art: Pasta Rhythms

• AI Frontier: AI Travel tools you can use today

• Fundraising: The biggest deals in AI

• Nerd Out: Technical and Business Content for Everyone

🎨 AI Art

Pasta Rhythms

🚀 AI in Practice

Cutting-Edge AI Travel Tools You Can Use Today

• Wanderboat - Your next travel idea with tailored attractions, cuisine, and events

• Trip Budget - AI Travel Cost Prediction and Planning