The consulting sector is dealing with multiple emerging trends such as the commodification of knowledge, evolving technologies and synergistic business models. The pandemic did not spare the sector, which is now undergoing a disruptive transformation.
Stringent budgets, remote working and the need for contingency plans are the new consulting sector trends post-pandemic.
A USD250bn business globally, the sector now faces the challenge of replacing stagnant business models with innovation-driven digital strategic models.
The post-pandemic reality for consulting firms
With most organisations now operating on strict budgets, business managers are investing limited resources in ongoing projects, and consulting has taken a backseat.
The need for consulting varies by sector amid such times of slow economic activity. While the travel sector, for example, sees no need to invest in consulting at the moment, the healthcare sector is looking for experts to help it cope with the increased workload.
Consulting firms are facing revenue cuts after the pandemic, and a number now have fewer projects.
Five ways consulting firms can maintain research capacity
Research is the backbone of any consulting firm, but such firms are now finding it difficult to conduct in-house research in verticals such as sales, customer relationships, market intelligence and innovation.
They could maintain their research capacity in the following ways:
- Doing the groundwork: Consulting firms could try to complete the background research work before a project starts. For example, the research team could spend time understanding the problem, gathering data from the client and assessing the possible causes of the problem. This would make the research effective, timely and result-oriented for the consulting firm and help it grasp the client’s situation better.
- Using knowledge from previous engagements: Consulting firms could use the knowledge, experience and research data from past projects; this would accelerate research work for current projects. The specialised sector information would give the consulting firm a competitive advantage and a unique value proposition.
- Using advanced tools and subject-matter experts: Digital tools could help consulting firms approach the client’s situation in a structured way. They could also look to subject-matter experts for advice, knowledge and insights on a specific sector or engagement type.
- Conducting industry research: If the consulting firm is taking up a project in a new sector, it could review industry research reports before starting work. This would give it industry-specific knowledge in areas such as product offerings, terminology, regulatory issues, competition and environmental considerations. Aggregated data and market research reports could help channel its resources and efforts in the right direction.
- Conducing field research and using online data: Consulting firms may have to conduct field research to collect missing data and intelligence for certain projects. Such real-time data could help them strategise in line with the changed business dynamics. Online tools could be additional data sources.
How Acuity Knowledge Partners supports consulting firms
Acuity Knowledge Partners (Acuity) offers subject-matter expertise and tech-based solutions to consulting firms. One of the best research consulting firms in the industry, Acuity’s services cover a range of solutions such as research for business-unit strategy and tactical opportunities, and due diligence for strategic transformation, providing consulting firms with agility and responsiveness.
Acuity’s research specialists provide customised solutions to consulting firms to help them deliver projects faster and at reduced costs.
Acuity’s expert solutions span the entire consulting value chain and include verticals such as market and sales intelligence, case orientation, due diligence research, client relationship management, information processing, and analysis, and thought leadership and innovation.
Consulting firms could use Acuity’s flexible working models for scalable solutions to achieve higher employee satisfaction, reduced project turnaround time and better margins.
