AI technology is expected to automate up to 50% of audit and tax tasks in the next 3-5 years, according to predictions. This poses a threat to traditional consulting firms, as they may lose their competitive edge.
In contrast, smaller consultancies are utilizing AI to enhance productivity and respond to more proposals efficiently. This shift allows them to perform better and attract talent from larger firms, challenging the Big Four’s market position.
The Big Four are responding to these challenges by significantly investing in AI capabilities. With substantial funding allocated for growth in this sector, they aim to adapt and maintain their relevance in an evolving industry.
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