The effects of the Covid-19 pandemic will affect management consulting trends in 2021. COVID-19’s influence has echoed throughout the world. Driving businesses to digitalize internal processes, customize consumer interactions, and alter supply chains are expected to see significant acceleration. Disruptive technologies have had a significant impact on this. As a result, we’re witnessing a surge in demand for consultants who can assist bridge digital talent gaps, boost innovation, and establish long-term, ethical plans for new technology. In this article, we have briefly covered 5 consulting trends to look out for in 2021. Read the whole article to know what’s inside.
1. Results that can be measured:
Despite the predicted industrial slowdown brought on by the rare mix of a pandemic and a financial meltdown, many firms will still seek consulting services. While the move toward value-based performance isn’t new, the present environment has exacerbated it.
In 2021, companies hiring consultants will demand to see a return on their investment, putting an end to fee-generating methods like “land and grow.” Instead of emphasizing pricey diagnoses, consultants will be required to deliver cost-effective alternatives. They’ll have to make sure that their plans are in line with the real world and that their clients can quantify their results.
2. Strategic partnerships:
In 2021, clients will continue to pay for consultants to work on contingency planning, strategy development, and company strategy due to the unpredictability of the times. Many clients, on the other hand, may want to share risk by forming strategic alliances with consultants, such as LevaData’s new strategic collaboration with Bain & Company to provide manufacturers with next-generation supply management technologies.
As a result of these collaborations, consultancies will need to pivot their own business model. Building on a trend that began in 2020, consultants will continue to seek out specialist businesses to form collaborations, such as Boston Consulting Group’s collaboration with Microsoft to create the powerful data workbench Catalyst Cloud. Clients will benefit from more flexible and personalized services as a result of these agreements.
3. Remote consulting:
Consultants are accustomed to working remotely, with many currently spending 80 percent of their time away from home, and this trend will continue through 2021. Working with remote-working companies, on the other hand, will demand a new strategy, and virtual consulting platforms will most likely become commonplace in 2021.
Due to the epidemic, Australian consulting business Bendelta has accelerated the launch of its virtual consulting platform. According to them, 100 percent of virtual and digital services can achieve the same results as physical consulting and training.
4. Expert in everything:
Previously, management consulting companies would recruit generalists and assign them to a variety of strategy and operational tasks. Clients will want even more skills and expertise from consultants in 2021. They also want solutions that are tailored to their specific enterprises. Many consultants are likely to specialize in certain areas early in their careers, whereas recruiting will focus on applicants with experience in a certain industry. KPMG UK evaluates its consultants based on a methodology that incorporates “industry expertise.”
To hire people with a ready-made specialization, consulting firms will concentrate a larger focus on hiring from established enterprises. Top companies will hire the finest workers from a variety of industries to function as experts in their industry.
5. Escalation of digital interruption:
Consulting 4.0, with its emphasis on technology advancements and digitization, has been a hot subject in consulting communities for years. The Boston Consulting Group recently highlighted the critical role that digital disruption will play in business resilience. They advised that “businesses should treat investing in digital resilience as a matter of urgency in sectors where both digital disruption and financial distress are high.”
Companies may assess their digital maturity across 27 areas using the firm’s Digital Acceleration Index survey. Digital delivery by consultancies will go beyond virtual meetings and collaboration tools. The new digital methodologies offer emerging technologies like no-code software and AI to alter clients’ core work processes.
The difficulties of the post-pandemic environment are no longer similar to the business as usual. Covid-19’s unpredictability underlined the need for a new consulting paradigm now more than ever. Companies expect consultants to assist organizations to solve their most difficult issues by utilizing the power of disruptive technology.
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