Nearly 150 ex-consultants from firms including McKinsey & Co., Bain & Co., and Boston Consulting Group have been contracted to train artificial intelligence models on how to perform the industry’s entry-level tasks.
The project, code-named Argentum, is being run by a data-labelling startup, reports Bloomberg, citing documents it has seen. The move comes as worldwide economic uncertainty has prompted a drop in demand for consulting, leading many firms to turn to AI to reduce headcount and deliver projects faster.
Hiring for Argentum is being led by the AI-powered startup Mercor, and the work involves using AI models, including Google’s Gemini. Those selected are paid at least $110 an hour, capped at 19 hours per week.
The project aims to outsource junior-level grunt work but could also allow some users to bypass management consultants entirely.
Streamlined search and synthesis
The trend of automating junior tasks is already underway within firms. At McKinsey, employees increasingly use a proprietary generative AI platform called Lilli to draft proposals and make PowerPoint slides. Lilli, which launched last year, provides a streamlined search and synthesis of the firm’s vast stores of knowledge.
In a 2023 blog post, McKinsey stated that the tool allows staff to spend more time with clients. It accelerates tasks, such as creating an initial project plan, which typically took two weeks of research and networking.
“With Lilli, we can use technology to access and leverage our entire body of knowledge and assets to drive new levels of productivity,” said Jacky Wright, McKinsey senior partner and chief technology and platform officer.
“The productivity gains of Lilli are very interesting, but the ability to inspire new ways of looking at problems and answering questions is invaluable,” Sternberg pointed out.
The internal team for Lilli grew from three to over 70 experts, and McKinsey is now helping clients build their own versions of the tool. “Lilli has unleashed the creative potential in our people,” said Phil Hudelson, a McKinsey partner.
While Lilli is an internal tool, a job advertisement for the external Project Argentum confirms it is hiring experienced consultants with more than two years of experience at McKinsey, Bain, BCG, or a similarly competitive consulting firm.
