6- Future of Consulting

Question 1

opportunities brought by large language models

Answer 1

augmentation of people based on work (less language barriers, efficiency boost)
replacement of people based on work (routine task automation
development of new services like ChatBots

Question 2

some challenges brought by Large Language Models

Answer 2

Data- security, and accuracy concerns
Legal- intellectual property rights are ambiguous
Commercial- client relationships

Question 3

if LLM’s can answer all questions for consultants, why use consultants?

Answer 3

they have access to unique data
they have reliable data
they have the knowledge to ask unique questions

Question 4

aim of product management

Answer 4

build once, and sell many times
run the product line as. a business- return should be higher than costs

Question 5

4 big reasons products fail

Answer 5

1. Customers don’t want to buy (Google Glass)
2. Unable to offer the value to the customer (Lily Drone)
3. The value provided is not the right value to grow the company (Google+)
4. Company is not able to properly support innovation (Kodac)

Question 6

how to de-risk your work?

Answer 6

write down critical assumptions
label them for viability, feasibility, value/ usability and evaluate if all are covered
determine your riskiest assumption
design experiments per assumption
understand the potential outcomes