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Def commoditized
Diligence won’t go away. Deal teams still need to point to someone or something. What will happen is that what currently passes for DD will be commoditized. The slick deck with “benchmarks and insights” will be AI sourced and the expectations of fees and depth adjusted accordingly. Imagine if DD were done without the internet. You had to have a dozen people making phone calls to get only basic data. And then the internet comes along and 80% of that can be replaced with google searches. The work doesn’t go away. But you need fewer people, expect much more out of them, and lower fees.
Same thing with DD. Won’t go away, but deal teams won’t pay for staffers using goggle. They will expect much more depth and insight. At lower fees, and more mid market PE will go in house.
Curious if you all think the same commoditization for management consulting, inclusive of M&A, (outside of implementation related services). The value we bring is insights from data and experience. AI consolidates insights faster, collects experiences from a bigger set of experts, and at a fraction of the price with low ramp up period.
Mentor
ALL white collar work is in jeopardy, and that applies from the new college hire Analyst level all the way up to the VP level.
I think all intelligence based things are going to be commoditized, agents will commoditize even more things
Soon we will all be the borg
Five years from now how many management teams, investment committees and boards do you think will be comfortable defending a poorly priced/poorly executed or otherwise underwater deal with “ChatGPT said” vs “we hired Bank X, law firm Y, had Big 4 Z do a quality of earnings and FDD analysis and consultant A do an in depth market and operational diligence? The mix of staff and hours applied will shift but the diligence market isn’t going away.
With neuromorphic computing, we may end up hiring primates too ! Cheaper, smarter and more agile.