Predictions from March 30 – May 19, 2020
From technology consulting to risk & regulatory work, there are a number of sectors within the consulting industry. All of which continue to feel the impacts of the Coronavirus crisis.
Consulting professionals everywhere are trying to figure out how to best address current and future challenges. Easier said than done.
The biggest challenge facing the industry boils down to how consultants can offer value and help clients with complex problems. On top of that, there’s a strong likelihood that we’ll see an increase in demand for a “COVID response” consulting solution, which may require certain consultancy models to adjust their servicing model.
– Via Consulting.us (March 30, 2020)
The impact will vary by sector. It’s no surprise that the most impacted services are those where work involves visiting client sites. Other consulting specializations, such as many technology project-based work, face far lower risk since they’re familiar with virtual work.
Large firms are in a position to better weather the storm considering established companies have greater resources to invest in remote work technology for employees, and can cut their rates to win against smaller firms if needed.
While firms adapt to working remotely, it’s important that these organizations are able to continue delivering for clients while simultaneously supporting its own workforce. At the same time, there are some firms that are using this time to build new talent pipelines.
– Via Business Brokerage Press (May 4, 2020)
Within the industry, there’s a sense of fear around not having enough clients during the pandemic. However, industry professionals advise consultants not to feel rushed into taking on new clients. In fact, it’s of the utmost importance that consulting firms are strategic with the clients they choose to take on.
Remote work, smaller budgets, and the demand for contingency plans are viewed as three major trends impacting the industry. Ultimately, the traditional consulting structure needs to adapt in a world where digital solutions dominate.
All industries are facing disruption as a result of this pandemic, but leaders of companies who promote resiliency among their team will be the ones to survive and thrive.