FUTURE DEVELOPMENTS IN CONSULTING INDUSTRY

FUTURE DEVELOPMENTS IN CONSULTING INDUSTRY
FUTURE DEVELOPMENTS IN CONSULTING INDUSTRY
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1FUTURE DEVELOPMENTS IN CONSULTING INDUSTRY
Introduction
‘Consultancy’ as the term defines is the practise of giving suggestions to other
organizations in order to develop their existing processes and strategize new solutions for the
benefit of the organization itself (Poór et al., 2019). The success of an organization is highly
dependent on the management of the resources, assets as well as the activities. Hence, to
achieve a successful management system and set up an efficient managerial body, the
organizations take help from the consultancy services for gaining an insight about the
existing issues and access to the specialised expertise of the consultants for achieving smart
solutions to them.
Thus, it is the responsibility of the consultancy firms to provide assistance to the
organizations in various sectors such as developing coaching skills, analysing the processes,
develop strategies, and implement technologies and so on (Phelps & Wood, 2018). The
consultancy firms need to be up graded and in order to carry out these processes. Thus, they
are incorporating developments in their own industry and adopting trends to provide smarter
solutions to other organizations. This article will discuss the future developments that will be
acquired by the consulting industry.
Future Developments in Consulting Industry
Digitalization being the global phenomenon nowadays is being incorporated by
various organizations throughout the world. Hence, the consulting firms in order to enhance
their own processes and provide expertise solutions to the other companies need to adapt
digital methodologies and gain experience (Szeiner et al., 2020). They should first digitalize
their intellectual properties in order to start with the digitalization process. Established
consultancy firms such as McKinsey and Company and many more have standard
frameworks that they use repetitively for providing solutions to their clients. If they digitalize

2FUTURE DEVELOPMENTS IN CONSULTING INDUSTRY
their frameworks into digital platforms, they can use those frameworks repeatedly with
minimal effort. In addition, these digitalized frameworks can be shared easily amongst the
clients with consistent outputs. Moreover, consultancy firms tend to modify their frameworks
and solutions for meeting the demands of the clients (Boneva, 2018). Hence, they can in turn
create a library of frameworks that will assist them in analysing and developing innovative
solutions for future purpose.
Moreover, incorporating digitalization in their own firms will help them to improve
on their data security and maintain integrity of their data. Storing data in clouds will help the
firms access their own data from the centralized server making it easier for their accessibility
(Jerónimo, Pereira & Sousa, 2019, June). This will help the firms prevent their data from
malicious attacks and maintain consistency in their data as well as develop their brand name.
The organizations nowadays hardly compromise with the consultancy firms about the time
for the discovery process of the issues. Hence, the consultancy firms can incorporate digital
discovery methods to fasten up the process of identifying the issues. They can implement
digital discovery by survey methods. Although survey methodology incorporates huge
chunks of data and relevant information, it hardly helps the consultants to analyse the data
and gain an in-depth understanding of the data (Nissen, 2017). Again, conducting
personalised interviews within the organizations to understand their issues and detect the
lacking would be time consuming for the consultancy firms. Hence, the firms can incorporate
digital software like the 9Lense’s interview software that will not only conduct the survey
digitally, but also help in filtering the data and analyze them to give optimum services to the
clients from the initial period.
In the era of Big Data, it will be wise of the consultancy firms to adapt software that
will not only digitalize the discovery process but also generate automated analytics to
enhance their processes (Ustundag & Cevikcan, 2017). In case of the flattened organizations,