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5 Business Consulting Industry Trends To Look Out For In 2021

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March 18, 2021

5 Business Consulting Industry Trends To Look Out For In 2021

5 Business Consulting Industry Trends To Look Out For In 2021

The Covid-19 crisis changed the way we see and do things, and as a customer-driven industry, consulting took a big hit – it has yet to integrate big data and go through automatization since this health threat caught most of us unprepared. Related to this still-going-strong crisis, the consulting industry is being reshaped, and a few major trends emerged as both sides were in search of practical solutions.

Major 2021 Consulting Industry Trends

Pursued Digitalization

Growing demand to adjust customer’s needs made the effortful consulting industry do what other industries have been doing for a while – quickly switch to digital response and rely on technology rather than humans for operations like research, analysis, process, and management.

Enrolling New Talents

We’ve been witnessing a positive change during these last few years, and that’s looking past formal education and top-class students and giving everyone a chance to demonstrate the required set of skills. Even though big IT companies like Google, IBM, Facebook, etc., completely ruled out the Bachelor’s degree as a must, most consulting companies still require that entry but are focused on competence instead of top grades and will continue to move from a people to a product point of view.

New Talents

Market Focus

Following the growth of the consulting industry, two market groups have become apparent – one, economical, commoditized sector, and the other, top-quality, specialized consulting sector.

The change is making both sides look into ways to address both markets since digitalization opens that pathway.

Variety of Sources

As previously mentioned, addressing both markets makes consulting companies move into a multi-sourcing model, which means working with niche firms and other similar consultancies. For example, a large generalist firm can collaborate with small specialized companies, and consulting companies in need can look for help in digital agencies or technology companies.

Selection Process

Clients have changed the way they choose a consulting firm. Like everything, this too moved to online interaction where they can research who fits their needs best. Investment in these services is something companies should put as a priority since the speed and time of response, as well as clear information, play a huge role when making a decision. It helps clients rely less on searching for “do you know someone” referrals and more on finding subject matter experts through studying online channels. It also goes over reputation problem, since the smaller specialized niche company has a chance over a bigger generalist well-established company that’s been around for a long time. Another trend connected to this one is forming internal teams of former consultants who eliminate the need for external ones.

Wrapping It Up

Even though most industries today use big data and business automatization processes, this has yet to affect the consulting industry on a large scale. Still, it’s inevitable in order to bloom and grow. Depending on human resources, this branch was able to beat around the bush, but the ongoing crisis made us all think differently, and some changes are bound to happen. As a viral internet meme would declare – Modern problems require modern solutions. We’re here to follow.

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