According to an August 31 report by the Financial Times, AI is rapidly replacing core implementation services in the IT consulting sector, impacting the business models of the world's largest consulting firms. Global companies such as pharmaceutical giant Bristol Myers Squibb and consumer goods company SharkNinja are leveraging AI tools to reduce their reliance on external consultants, demanding lower fees, or bringing work in-house. Dominik Asam, CFO of SAP, stated that AI will "massively replace" some functions in the consulting industry, claiming that SAP's system transformation plans can help clients cut external consulting costs by up to 50%. UniCredit and Societe Generale saw their external consulting expenditures decrease by 24% and 9% respectively in the first half of this year.