Unlock the Power of AI | L.E.K. Consulting

Harnessing the power of AI

Unlocking the potential of AI is not just an option for forward-thinking companies; it’s an imperative. AI’s transformative capabilities enable organizations to make more informed, data-driven decisions; elevate customer experiences; and drive operational efficiency. Prioritizing AI integration isn’t just about staying competitive; it’s about future-proofing your business and seizing the opportunities of tomorrow’s data-driven landscape. At L.E.K., we work with our clients to answer the following questions:

What are the most strategically significant AI use cases for our specific industry, and how can we develop a clear, actionable roadmap for their successful deployment?
What can our organization realistically expect in terms of financial, operational, and strategic impact through the implementation of AI technologies and strategies?
How much investment is required to achieve our AI objectives, and what is the optimal allocation of resources across various AI initiatives? Should we build a bespoke solution in-house or buy from an external vendor?
What metrics should we establish to measure the effectiveness and success of our AI initiatives, and how can we continually refine and optimize those metrics?
What potential obstacles and challenges may arise during our AI journey, and what mitigation strategies and contingency plans should be put in place to overcome them?
How should we establish robust governance structures and policies to ensure ethical, compliant, and responsible use of AI within our organization, and how can we adapt these practices to the ever-changing regulatory landscape?

How we help harness the power of AI

We combine our sector expertise with our innovative thinking on AI and work with you to:

Identify the most relevant AI use cases for your industry broadly and your organization specifically, and develop a tailored roadmap that includes an AI adoption timeline, financial forecasts, and detailed implementation plans
Conduct a comprehensive AI impact assessment, including analyzing market trends, competitor landscapes, and internal capabilities to provide you with a data-driven forecast of the potential benefits, risks, and ROI of AI integration
Perform a cost-benefit analysis to determine the optimal allocation of your organization’s financial resources that takes into consideration current capabilities, AI development costs, infrastructure, and ongoing operational expenses, and provide a personalized recommendation for whether to buy, build, or combine AI solutions
Define and establish key performance indicators aligned with your organization’s business objectives
Create a customized workforce transition strategy, including identifying skill gaps and developing workforce transformation plans that align with your AI integration goals
Develop an AI governance framework that outlines ethical guidelines, regulatory compliance policies, and best practices for responsible use
Build AI models to optimize various metrics (e.g., LTV, pricing)

Your benefits

Enhanced AI tool and process decision-making backed by data-driven insights
Optimized resource allocation for your new, AI-focused operation
Sustainable competitive advantage through effective workforce planning, governance, and risk mitigation strategies

Case examples: harnessing the power of AI

To learn more about how we help clients harness the power of AI, please refer to these insights and case examples:

A leading provider of B2B information services was looking to improve net revenue retention for its subscription-based offering but had been unable to uncover key insights from its data that its sales team could use to either find upsell opportunities or mitigate churn risk. L.E.K. began by conducting regression-based testing to see if there were any data patterns that would signal whether a particular client would be amenable to a product upsell or likely to churn. We then conducted a deeper data interrogation and modeling exercise to determine the performance superiority 12 AL/machine learning. We subsequently conferred with the client to select a preferred model, provided both technical advisory and project management support to the client as it built and tested a pilot application, helped to iterate the AI model and solution design, and supported its rollout across the organization. The result is an AI-based capability that provides new, daily insights into customer opportunities and risks along with recommendations for actions the sales team can take to drive higher net revenue retention.
An owner and operator of more than 40 blood donation centres across Germany wanted to take a data-driven approach to improving its performance. L.E.K. analyzed the surrounding catchment for each of its locations, created new external data points to test and assess performance drivers, and developed an exploratory tool for investigating market dynamics. We conducted site visits, generated hypotheses and associated centre archetypes for testing, and developed a peer-to-peer group concept to share best practices. We combined all available data and built an ML model to predict the performance of a centre, determined performance drivers and quantified their impact, and located their optimal value. The client was given a “Road to Optimisation” framework and a process for improving each centre individually, support for making data-driven improvement decisions, and a custom dashboard to monitor centre progress. Its lowest-performing centres were subsequently expected to see 40% performance increase.