Editorial
As we come to the end of 2024 and embrace the holiday season, it’s the perfect time to reflect on the year gone by. This year has been one of innovation, challenges, and opportunities across industries, as we explored in our This Week in Consulting series. From the transformative power of generative AI and digital payments to addressing critical issues like workplace burnout, plastic pollution, and the ethical dimensions of technology, our selection of articles captured the evolving landscape of consulting and its role in shaping the future.
Let’s take a moment to revisit some of the most thought-provoking and impactful themes we covered in 2024—reminders of how far we’ve come and the possibilities that lie ahead.
Laurent THOMAS
Chairman Consulting Quest
This week’s must read
In this edition of This Week in Consulting, we embrace the holiday season by reflecting on 2024’s key trends like generative AI, sustainability, and social impact.
Reflecting on 2024, generative AI emerged as a transformative force in consulting, with McKinsey estimating an annual economic impact of $2.6 to $4.4 trillion across 63 use cases. Capgemini reported that 96% of organizations now view generative AI as a strategic priority, revolutionizing sectors from customer service to marketing. This shift underscores the importance of balancing technological advancement with human-centric strategies.
Thought Leadership
The ethical dimensions of AI gained prominence, with a focus on algorithmic bias, transparency, and human oversight. Frameworks like the Care and Act Framework emphasized dignity, inclusivity, and social justice in AI development. Ongoing discussions underscored the need for responsible AI integration that aligns with human values.
Social impact initiatives gained prominence, with investors increasingly prioritizing projects that generate both financial returns and positive societal outcomes. Governments played a pivotal role in fostering the social finance market, creating conducive environments for impactful investments. This trend underscores a growing commitment to sustainable and responsible investment strategies.
Technological advancements significantly reshaped humanity’s trajectory. AI’s integration into daily life sparked discussions on human dignity and autonomy, emphasizing the need for ethical frameworks to guide this evolution. Institutions like the Future of Humanity Institute played pivotal roles in navigating these complex challenges.
AI’s transformative impact spanned sectors from education to cybersecurity. While offering benefits like error reduction and 24/7 availability, challenges such as high costs and ethical dilemmas persisted. A holistic, human-centered approach remains essential for responsible AI integration.
Digital payments experienced significant growth, with India’s Unified Payments Interface (UPI) expanding its services and international collaborations. The Reserve Bank of India introduced features like delegated payments through UPI, enhancing user convenience. Additionally, global partnerships were established to develop UPI-like systems in countries such as Namibia and Peru, promoting real-time, cross-border transactions.
Workplace burnout emerged as a critical issue, with nearly half of American workers affected. High-risk professions included project management, healthcare, and education. Factors such as excessive workloads, lack of support, and blurred work-life boundaries contributed to this crisis. Addressing burnout requires organizational changes and individual self-care strategies.
Laurent is the Chairman and Co-founder of Consulting Quest. Focused on greater value creation, and being thoroughly familiar with Consulting, Laurent has sourced and sold millions of dollars worth of Consulting over the course of his career. Prior to joining Consulting Quest, Laurent was Executive Vice President Oil and Gas at Solvay and Senior Partner Transformation at Oliver Wyman.
