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The CEO Magazine
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THE SWIFTLY HOVER BOARDING TRENDS OF THE CONSULTING INDUSTRY

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THE SWIFTLY HOVER BOARDING TRENDS OF THE CONSULTING INDUSTRY

Yashasvi Khushu || The CEO Magazine

The consulting industry today is swiftly transforming trends witnessing a transitioning phase. Though the growth figures have consistently been encouraging, there are a few impending challenges that this industry will have to navigate through to ensure that its trajectory is towards a boom.

Here are a few trends that are prevalent in the market today:

GIG ECONOMY

This newly developed less than a decade old term, Gig Economy, by definition means the transaction and commodity-based relationship between the client and the consultant. Popularly known as the ‘A La Carte Model’ of the industry, it has served the client a later full of customized services in efficiency to their requirement which includes, the when, how and what of the services. Moreover, these engagements are not long term; the pitching in of innumerable client only amplifies and brings with it the scope of further, vaster experience focusing on project-based requirements.

APPROPRIATE HIRING

What a consulting firm highly is dependent on is the nature of the assets it possesses in terms of the employees. For any particular project based engagement, it is necessary for them to have a team that is well equipped with the talent to work on it. Clients prefer noticing people for their projects that highlight the potential to draw the best results. Nowadays, creative and unconventional aptitudes are of a much higher preference by consulting companies. The search is for not the obvious university ranks, but the proficient skill sets to bring on-board.

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MULTIPLE SOURCES

With transformations taking place in practice areas and a plethora of consulting service providers coming up at such a high pace in the market, it is getting increasingly difficult for individual consulting firms to bring all the needed services under one umbrella.

Burdened by expectations to deliver all the services and solutions under one umbrella for a massive multipronged project to the client is not how the market works anymore. Firms today have turned more comprehensive and now believe in collaborating with the experts to deliver better services. This not just helps them in bringing efficient nature of work to the niche area but also manage more work in less time. This has led to amplify opportunities for freelancing consultants and comparatively smaller firms that highly support coming together with a bigger firm to collaborate and provide apt solutions to the clients.

VALUE FOR MONEY

Value for money has become the priority for both the service provider and the client in terms of formulating the strategy and improving on the operational front. Sharing the rewards and the risks equally with the clients only proves beneficial for the consultants while outlining and delivering the results of the project taken on hand. This would inflate their market value and help them entail higher pricing in future.

Transformation is the need of the hour for any consulting firm operational today, as the market changes. It is significant to comprehend and embrace what lies ahead to contest the digitally transforming generation. Cooperation and collaborating with stakeholders, who value the prominence of a long term professional relationship through highs and lows of the field is inevitable to grow, it will help make the delivery of services better and polish the brand further to sparkle among the rest.

Discussions brought on the table for consulting firms have sufficiently until date been about giant ventures taking up a massive chunk of office space and imputing life-altering decisions for the company. However, that was only until recently everything changed with a tsunami of freelancers barging into the market.

Now, for over a decade, freelancers have been successful in collaborating with consulting firms. They have added their subject-specific expertise to a project, making the client’s life easy by useful insights and solutions to literally and virtually any field. Having said that, the field experts say that in the coming years’ freelancers would be ruling the market and companies would be looking for more such solution providers rather than the giant fishes.

We are surviving through an era where mostly all the industries are going through a considerable change and the market is booming for all. Moreover, India, with its dominating economy has only seen an increase in the demand for consultants, not just domestically but internationally. The space and opportunities for consultants are huge and moving towards a critical success rate today.

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