The numbers are encouraging. According to an assessment by the Associated Chambers of Commerce and Industry of India (Assocham), management consulting is expected to grow at a compounded annual growth rate of 30 per cent to become a Rs 27,000-crore industry by 2020. However, with the advent of advanced and newer technologies, management consultants have challenges to tackle. The challenges represent just one side of the door. The other side holds opportunities.
Here is a walk through the challenges and opportunities that consulting firms are already facing and will continue to face in 2019.
The startup invasion
The rapidly emerging trends have given birth to a large number of new startups in the consulting industry. And they know very well, where to tap and how to deliver best. They are players who are adept at creating solutions through proper use of data analytics, cloud services, cognitive computing and many other advances that are bringing transition.
These newbies come with a deep understanding of such new technologies and know how to adopt them faster in order to deliver better results to their clients. The existing firms should learn from them. For them, it’s both a challenge and opportunity.
The digital outburst
Digital is taking every sector by storm.
Consulting is no different. With emerging technologies like AI, machine learning and Big Data, it has become crucial for management consultants to adopt these technologies for delivering quick solutions to sporadic issues faced by their clients. On the other hand, these technologies are also opportunities for consultants and consulting firms to come out with the best innovative solutions.
Adopting such tech changes will not only save time but also help consultants deliver apt solutions instantly.
The gig economy
Today’s professionals are very comfortable in the freelancing eco-system, where they work with various clients on a contract or project basis. Although this kind of job doesn’t provide specific benefits, for instance, pension scheme or paid leave as compared to a permanent salaried job, freshers still prefer such roles for the freedom and other benefits they offer. Here, you can work from home. And when it comes to consulting firms, gig economy has emerged as one of the best platforms to tap into the right talent. This is again an opportunity and challenge. Here is the challenge: there have been cases of consulting firms having to spend considerable time on training such freelance professionals, followed by other issues like data theft or misuse of paid tools given by the consulting firm to the freelance employee.
(Lalit Khanna is founder and managing director of SL Consultants)
