The management consulting industry has experienced tremendous growth over the past few years, with the market being valued at around £10 billion pounds in the UK in 2022, a huge leap from £7.4 billion pounds in 2012.
However, as the size of the consulting market increases, this brings new challenges and trends for your firm, directly impacting your processes, from delivering services to advanced ways of working. Here are the top trends that will shape the future of management consulting firms:
Nowadays, salespeople and consultants are typically used to hybrid working models as a result of travel restrictions from the recent pandemic. In fact, 83% of employers said in a recent survey that the shift to remote and hybrid working has been successful, which is why we believe this trend will continue to grow in future.
Not only does it offer flexibility to your workforce, but it also benefits your reach towards potential clients too. For instance, with clients based in a different geographical area, platforms like Microsoft Teams allow you to communicate effectively from location to location, regardless of where you’re based.
Technology like this allows remote consulting to become much easier, and with the variety of integrations out in the market already, remote working should be amongst your top priorities throughout the remainder of the year.
Your firm can’t continue to waste time and money on junior and mid-level consultants – you’ll need engagement from senior level representatives to offer expertise and drive efficiency for the successful execution of projects. There has been a shift of consultancies scrapping the ‘pyramid’ hierarchal structure as a result of this, so no matter the project, you can drive and prioritise new value creation at their core.
Additionally, your employees who are senior level can ensure any new starters within the business adapt to projects quickly. By actively engaging with customer cases throughout your firm, this leads to increased knowledge sharing, which can be transferrable towards future projects to boost efficiency.
Due to the rapid growth of the industry, creating better partnerships has become key to retaining a competitive advantage. Reports from PwC noted that the number of joint ventures and alliances increase year on year with consulting firms, and due to the number of benefits strong partnerships hold, this trend likely to continue within the future of management consulting. These benefits include:
With the introduction of new ways of working and models in place, management consulting firms will be keen to bring in fresh talent and skillsets. This rising trend will enable you to keep productivity and efficiency high, whilst also expanding the input you have to generate better value towards clients.
On the flip side however, a common issue among management consultancies today is their ability to retain the talent they already have.
Due to the number of opportunities out there for graduates and experienced consultants alike, if a business fails to provide career progression, this can cause problems when trying to retain staff. It’s found that 92% of junior consultants are more attracted to firms that have clear progression, and want work that not only incentives them, but also allows them to grow within their field. Some ways you can retain your top talent include:
It’s no surprise this trend is shaping the future of management consulting. Here are a few examples of technology you can implement your processes:
You can read the benefits of PSA software in more detail by clicking here.
AI can enhance your ability to operate whilst improving the services you can provide. For example, with your project teams, integrating AI can help you automate tasks such as manual data entry, freeing up your employees to focus on the more meaningful work.
Machine learning can also help boost efficiency, but more specifically, it’ll help you make more informed decisions if you have access to the right information. For example, if the same issues keep cropping up when delivering your services to clients, you’ll be able to identify the problem through tools such as predictive analytics, so you can prevent the disruption from happening again.
With these trends comes a new set of challenges your firm will likely run into. Our interactive infographic explores these within the professional services landscape, and how you can adapt to tackle them effectively. We address:
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