Challenges - Consulting Industry

The Dynamic World of the Consulting Industry

The coronavirus pandemic has had a massive impact on the financial system in general – something which has had a knock-on effect on consulting. To fathom precisely how much of a dent Covid-19 has had on the industry’s increase is extraordinarily difficult, however in a new forecast researchers have attempted to position more than a few to the damage, and feature determined worldwide consulting could lose some $30 billion of value in 2020 i.e. 19% of loss, regional breakdown- 12% is from Asia Pacific. The slowdown is estimated to result in a revenue loss of roughly $30 billion, significantly impacting management consulting organisations.

The consulting industry is a highly dynamic & demanding, client-driven industry and its key asset is its people i.e. the consultants. The consulting firms that make up the sector – adapts fast in terms of services, structure, and operations. Consulting firms play an important role in assisting their clients to achieve business excellence through business intelligence by businesses/cooperate companies. Consultancies assist their clients in many different directions, including helping them develop business models, decrease costs, foresee risk, and invent products, as well as strengthening their talent management, compliance, and recruitment procedures. This has increasingly included assisting clients in staying ahead of the curve when it comes to digital technology adoption or adjusting to quickly changing geopolitical scenarios.  

Consultancies are solution oriented and client specific. All the same, these firms are surrounded by many challenges.The consulting industry in Asia Pacific has reached a snag this year as a result of the pandemic which in turn, has drastically affected the size and growth of the consultancy market.

Challenges are fueled by a variety of factors, disruptive technology, the rise of new business models, and the pressures of strong global competition. Considering the disparities between the Indian home market and the global market, there could be some primary barriers too.

Global Current Times :

The current situation has impacted both the consulting sector and the consultants themselves. Consultants who work remotely are not a new concept. Because consultants must work on projects from all over the world, consulting was the first industry to pioneer remote working. At both the organisational and industrial levels, digital adoption has accelerated dramatically. The present digitalization movement, as well as the use of new technology, has become critical in assisting businesses in surviving in these difficult times which has replaced TRUST with TECHNOLOGY.

Within the Industry

Peer to Peer challenges :

The relationship shared within the industry / organization is extremely close and encouraging. A career in consulting is frequently praised for the demanding conditions it represents, high-impact projects, teamwork, a steep learning curve across several sectors and service areas, and competitive financial advantages. Working in consulting, on the other hand, has its own challenges : Internal competitiveness is one of the biggest factors which creates a constant stress of performing the best. 

Psychological Impact :

There are 2 types of groups seen in this industry; people Centric and Process Driven.  Working against the true nature impacts the emotional needs of any individual. Process Driven individuals are truly on their toes focusing on delivering projects on time. But this does not justify that those individuals are okay by being not around the team. Working from home, away from the team does give rise to the insecurities, less transparency within the team, leading to distress in the present time. Also Collaborative tasks have hugely impacted the productivity of the team.

Business Impact :

Day by day there is an increase in competition driven by many more challenges. Consulting industries are asked to be given timely delivery but are asked to hush about Ad hoc Demands given by the clients. Because the client generally begins a cost-cutting campaign by asking, “How much can we save?” or “How much do we need to cut?” and then delegates the decision on how to accomplish those targets to line management, cost-cutting approaches lose their effectiveness over time. During this uncertain time period, Consulting have no choice but to keep playing on the reduced cost while assuring the best outcome. Because of Pandemic, the global data consulting industry states that the industry would shrink from $160 billion to $130 billion by the end of 2021, representing a 19.0% year-over-year fall and that’s huge.

Consultancy Companies are sadly valued with low cost. Consultancy Industries must collaborate with the same other industries as they certainly have the same goal, vision to deliver. This would enable the industry to spread across the globe in an ease and at the same time, best practices will be served to the clients. 

Antarmanh Consulting being from the consulting industry has worked with middle management lead with more than 500 vibrant established clients where there is a turn key sustainable outcome seen. Antarmanh Consulting has been working across the globe for a decade now.

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