Consulting Industry in the Age of Digitalization
With the advancement of technology, everything is reduced to the word ‘now’. We can have cab ‘now’, buy or sell anything ‘now’, transfer and receive funds ‘now learn ‘now’ and even download anything ‘now’. The age of digitalization has already transformed how we see the economy and business and it will continue to grow like this but few business models will remain unchanged. Consulting was unchanged from the last few decades but this technological advancement has begun to change it as well.
Since the arrival of this digital shift, the way consulting companies operate has completely changed. In traditional consulting, the king was the one who had the industry knowledge but in modern management consulting the king is the one who can give insights of relevant businesses using the available data, digital and cloud technologies. The firm having the required data and who can work on different technologies will provide true value to the clients.
The following are the technologies that are going to change the consultancy business.
Consulting firms are flooded with work as the clients require help in transforming their businesses to seize a digital future, understanding of new and better technologies and carry out new techniques to engage customers with their products. This requires a lot of time, energy, effort, and understanding. Many consulting firms who were first hiring MBAs are now focused on hiring more and more developers to execute all digital functions.
The expectation of clients from the consultancy firms has also changed and so the companies are providing values that the client can’t get themselves. They are giving them the data they can’t find on Google. Clients are expecting more innovation, smart moves and also have much higher standards of success than before.
The work of consulting firms has changed now, the client requires skilled people who can build an application, implement the latest technologies to boost sales, develop better products, handle and analyze data and provide steps. The dependency on traditional strategy has decreased; clients require strategic technology instead of the whole strategy.
The technologies like AI and automation have changed the game completely if utilized properly consultancy firms can learn a lot from these new technologies. They can completely change how the firms operate and it will enhance their services as well. These technologies are at a budding stage and there is more development to come.
- Data collection
One of the biggest benefits that technology gives us the ability to operate, handle and analyze a huge amount of data in a much better and easier way than a human. With the help of these technologies,
we can get more accurate and insightful details about the processes of business like production, sales, operation and many more.
This information helps in many ways for a consultancy firm as they can increase their services and price to the clients and it will also increase the client’s ROI. Due to this, both the consultancy and client can increase their respective businesses as both of them will be benefited from this.
Data like the customer’s journey, the behavior of the client, preferred sales channels gives marketers and businesses proper insights so that they can make new and better strategies for their advertising. Overall, this will help in boosting the business if one can use it properly.
- Smoothes the tasks of admin
The dullest part of being a consultant would be the processing of all the paperwork like clients, invoices, progress reports, payrolls and many more. Because of all these works, it requires a huge amount of time and effort to grow a client base and to develop new and better work opportunities.
Technologies like robots can perform daily routine tasks with great efficiency. A technology known as RPA (Robotic process automation) can help companies to automate a wide range of daily admin tasks. With automation of most of the daily tasks like keeping records and other paperwork, admin can have a lot of time to work on more important things. As technology continues to develop, they can even help in decision making as they will have the ability to make a more accurate and logical business decision. They can also keep a check on things that a business should not do or they will face loss.
- Increase business productivity
By making the daily processes smoother with the help of different software or automating daily tasks like recording conversation, schedule a meeting, taking notes and even calling can make the work of junior staff easier as it will reduce their workload. This will allow the employees to work on much more rewarding and exciting tasks which will keep them motivated to do better work.
There are a lot of tools and software that can help a consultant to automate their work to boost their productivity like Google Drive, MailChimp, Gsuit, Zoho and many more.