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According to a CMap and Consultancy BenchPress survey (i), over 80% of consulting companies are operated employing spreadsheets or an assortment of independent applications, while only 17% employ a professional services automation (PSA) platform.
Regardless of this, the investigation found that consulting firms that use a PSA system endure substantial growth, greater utilisation, more accurate margin accessibility, and a boost in revenue per partnership, with PSA consumers producing a 7% greater utilisation compared to those that primarily use spreadsheets.
According to the study, more than a third of non-PSA users are projected to embrace a PSA system during the next three years, whereas the PSA marketplace is anticipated to quadruple in an identical amount of time. Prior PSA system converters highlighted the ineffectiveness of their instruments and solutions as their main explanation for why they decided to switch.
In the world of business today, consultancies must be receptive to innovations in technology in order to stay competitive while significantly increasing their profitability. With the PSA industry expected to more than quadruple in the years to come, this is an ideal moment for consultants to explore the advantages of deploying a PSA system.
Although many consultancies continue to utilise traditional tools and techniques to operate their businesses, these data illustrate the opportunity for both expansion and productivity improvements for those prepared to use modern technologies. As market demand for PSA systems expands, consultants must evaluate the added advantages that these systems might offer to their operations.
“Consultancies are rapidly realising it’s time to ditch the spreadsheets and start integrating key project and resource management workflows in a Professional Services Automation (PSA) system,” said Jon Stead, Chief Strategy Officer, CMap (ii). “Optimising utilization is consultancies’ single biggest lever for driving profit, and with clear evidence that PSA adopters generate 7% higher utilization vs. spreadsheets, it is little surprise that PSA adoption is forecast to double in the next three years.”
Traditionally, consulting businesses have excelled at delivering advice and suggestions, but the future may witness a change towards active implementation. Clients are likely to want partners that can implement ideas and create concrete outcomes, rather than merely advice. This transition will necessitate consulting companies broadening their skill sets and hiring specialists who can not just diagnose but also solve problems.
To succeed in this changing environment, consulting companies should engage in developing implementation capabilities, forging strategic alliances with technology suppliers, and fostering an agile and innovative culture. Successful organisations will differentiate themselves from the competition by being able to bridge the gap between advice and implementation.
Future consulting businesses may need to go beyond individual concerns and take a more holistic approach to problem solutions. Businesses operate in complicated ecosystems where actions in one area can have far-reaching ramifications throughout the organisation. Consulting companies will need to take into consideration these deep linkages and create integrated solutions that take into account the interconnection of multiple corporate activities.
To build a holistic solution, a consulting firm working with a manufacturing company might not just optimise the production process but also address the supply chain, marketing tactics, and staff engagement. This broader view will necessitate consultants with multidisciplinary abilities and the ability to interact successfully across areas.
As businesses adapt to new technologies (iii), strategies, and operational models, consulting firms’ roles will expand to include leading organisations through these changes. Navigating change entails more than just installing new processes; it also entails ensuring that staff are on board, cultural shifts are managed, and possible opposition is addressed.
Prospective consulting businesses will need to thrive on change management by providing customised methods that take into account each client’s specific difficulties and possibilities. This might include developing training programmes, encouraging open communication, and cultivating an adaptable culture.
The future provides enormous prospects for consulting businesses to grow their global operations. As businesses become more intertwined across borders, consulting firms will play a critical role in assisting enterprises in navigating foreign marketplaces, cultural subtleties, and regulatory environments.
Furthermore, in the consulting sector, diversity and inclusion (iv) will take the central stage. As companies see the importance of different viewpoints, consulting firms will be required to match this commitment to diversity in their own teams. A diverse workforce brings a larger set of views and solutions to the table, allowing businesses to serve a broader clientele and better handle the requirements of a changing environment.
The future consulting landscape will also place a heavy focus on sustainability and social responsibility. As the world grapples with environmental concerns and social inequality, consulting companies will play an important role in assisting businesses in aligning their strategy with sustainable practices.
Consultants may advise businesses on implementing eco-friendly procedures, lowering their carbon footprint, and positively contributing to their communities. Companies that prioritise sustainability in their own operations will be in a better position to steer clients towards a more responsible and ethical future.
As consulting organisations adjust to a constantly changing business world, the future holds both great potential and challenges. To remain relevant and impactful, consulting firms can embrace technological disruption, shift from advice to implementation, take a holistic problem-solving approach, focus on change management, expand global operations, and champion sustainability.
Consulting businesses that embrace these changes will not only survive but prosper in the dynamic world of tomorrow. They will play an important role in defining the success of enterprises across industries and contributing to a more affluent and sustainable global economy as they continue to expand and innovate.
(i) https://www.cmap.io/blog/benchpress-press-release
(ii) https://www.cmap.io
(iii) https://www.cio.com/article/413101/the-future-of-consulting.html
(iv) https://blog.namely.com/future-dei-consulting-firms/
