Contemporary Issues in Management: Technology Enablers and Innovations, Industry Analysis

CONTEMPORARY
ISSUES IN
MANAGEMENT

Table of Contents
SECTION 1- INTRODUCTION.....................................................................................................1
SECTION 2- TECHNOLOGY ENABLERS AND INNOVATIONS............................................1
SECTION 3: INDUSTRY ANALYSIS..........................................................................................4
SECTION – 4...................................................................................................................................8
How the changes in the consultancy sector will affect my career..............................................8
The contribution I can make in the company..............................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

SECTION 1- INTRODUCTION
Contemporary issues are referred as problems faced by the firm or even the whole
industry in order to achieve success within the market place. In context of management, the
contemporary issues are related to uncertainty about the future, well-being of employees,
shaping company culture, rules, regulations and compliance, etc. In order to illustrate the
concept regarding contemporary management issues, Professional service industry will be
chosen. This particular industry developed in late 19th century during which various consulting
firms were founded. Initially they are highly focused towards finance and engineering services
but later onwards in early 1960s the industry started to expand in international market as well
(Eke, 2018). For instance, McKinsey & Company had decentralized one quarter of the hundred
largest companies in the UK.
In order to identify the expansion of the industry, it has been evaluated that the market
size of the management consulting industry is constantly expanding in the market space of UK
and most importantly expected to increase around 5% each year (Desbordes, Aymar and
Hautbois, 2019). However, in spite of the growth there are various challenges that has been face
by the industry such as continuous change in client behaviour and preferences, profitability
aspect, new or advanced competitors, project complexity, cyber security issues, etc. In addition
to this, the professional service industry faces huge amount of challenges in context of approach
of new entrants which makes difficult for existing companies to survive within the market. The
companies like McKinsey and EY have a fear from the young blood rise in start up consulting
businesses as they are the ones who provide alternative services at lower price range and highly
capable to affect the existing companies. This report will elaborate the aspects that are being
related to the professional service industry in context of enablers and innovations along with the
discussion over the whole industry through different perspectives such as future of consumption,
enterprise as well as future of work. Furthermore, the report will also discuss about the personal
reviews and feelings of the researcher while competing this whole study which greatly provide
benefits to the firms who comes under this whole industry.
SECTION 2- TECHNOLOGY ENABLERS AND INNOVATIONS
Over the past few decades, the management professional service company has growing
importantly to become one of the most dynamic service industries all across the world. This
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automatically enhances the economic growth and expansion of the overall sector and brings
strong changes into information technology. With the enhancement in this, the globalization also
gets increased that consistently prompt their clients to adopt certain strategies, procedures,
technology and structures. Nowadays companies are getting away from the traditional approach
of management consulting and being accelerated with the help of advanced technology that has
automated much of the research and analysis process which has been traditionally provided by
the professional service providing industry. Due to these types of changes, companies need to
adopt new ways and models through which the whole engagement exists and utilize the
technology in order to complement traditional ways of consultation. Irrespective of having
strong drivers for growth, the consulting industry seen very less amount of innovations in the
previous few decades. But now the trend has completely changed. The traditional management
model of consulting has been accelerated with the help of the latest technology due to which
various research methods are being automated in most efficient manner (Chuang and Graham,
2020). It involves the usage of consulting business models that are facilitated with the help of
technology which involves online network in which flexible accessibility to top talent is
gathered with the help of just few clicks. This provides various benefits to the clients as well in
terms of providing them appropriate valuable services, flexibility and high level of control in
order to select consultants with whom they wish to work.
One more model that is being added into the engagement system that is highly adopted
into the consulting sector such as value added process model which acts as a traditional model
from traditional way of consulting which assist in providing client friendly technology as well as
big data based solutions. In context of McKinsey, it has been evaluated that with the help of
new consulting model, the company is offering tool which is highly based upon technology and
software for data analytics and taking data based decisions that are extremely structured in
nature. Above mentioned both the models were developed by gathering the technology and
understand the ways through which the data can be derived from traditional consulting ways.
One more innovation has been occurred because of the asset based consultancy. In such type of
consulting service, technology utilized in order to add on value and get complete competitive
advantages for consumers by shorten down project lead time along with giving them
functionality at lower costs. Generally consulting companies are adopting dynamic software
resolutions along with get data based reusable assets in conjunction with static usages as well as
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