As of 2022, the management consulting industry is massive with a net worth of around $250B. The industry is growing particularly fast in the US and UK (+7%), and it also continues to grow globally.
As the pace of growth continues, many of the industry’s largest entities have yet to truly leverage big data or automate critical processes. Nonetheless, growth continues as companies are able to either buy-out innovative competitors or recruit new talent. To continue with a strong pace of growth, the management consulting industry needs to enhance its effectiveness through digitization.
Top trends in management consulting:
1.) Continued Digitization
We believe that we will see continued digitization of management consulting companies and a focus on more quickly adapting to client needs. Traditionally, companies have operated with a labor-intensive business model, reliant solely on humans. The trend of enhancing value through tech know-how and utilization creates a lasting market-shift.
2.) Agile Business Methodology
Consultancies will adopt more agile work processes that enable them to more rapidly react to changing requirements and/or market dynamics. The industry overall will realize that money and scale alone are not enough to produce meaningful innovation in the consulting business. The future requires specialized & collaborative talent that can think big but also adapt solutions to fit their tenets.
3.) Multi-sourcing
Multi-sourcing references management consulting firms working with niche businesses as well as other like-minded consultancies. Such a practice poses a challenge, and it also presents new and vibrant opportunities.
Consultancies partnering w/tech businesses and academic institutions.
Firms partnering with consultants from outside the industry.
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