The consulting industry has reorganized and diversified its activities, entering into the fields of engineering, marketing, advertising and designing. To keep up with the consulting industry trends, an increasing number of consultants are automating their processes to improve project management, client engagement, internal reporting, and finance and human resource management. Considering the changing needs, they extensively use emerging technology to streamline their internal operations. As a result, consultants can now quickly scale, connect and manage their processes to gain increased returns.
That being said, the integration of emerging technology has also posed a few threats to consulting operations. Here, let us shed some light on the impact of automation on the consulting industry and understand how emerging technology has disrupted the industry.
Impact of technology on the consulting industry
As far as the consulting industry is concerned, emerging technology has introduced digital transformation to change the face of consultancy. Consultants actively embrace technologies such as robotics, IoT, automation and artificial intelligence to stay ahead of the competition and serve their clients better. Consultants who are able to keep up with the latest consulting industry trends remain at the forefront of success and development.
Besides that, the growing acceptance of emerging technology in the it has brought together traditional and contemporary consulting work. With technology at the core of all consulting performance, consultants now deliver more digital work and extend their services to non-consulting work. They can now develop strategies and intelligent systems more efficiently.
Disruptions caused by technology in the consulting industry
Since consulting firms have access to technology to make their processes more accessible and faster, they need to reorganise their services to include more activities within their realm. Clients now expect them to enter the fields of designing, engineering, marketing, etc. It has drastically changed the way consultants spend their regular days. The profession is no longer limited to ‘narrow’ consultancy jobs since they need to diversify their services to become more digital-savvy like their competitors. Earlier, consultants had to work hard to serve their clients and become their partners. However, the consultancy industry has now diversified with a broader range of aspirations and beliefs.
Now that their expectations have changed, consultants have a more challenging time maintaining their work-life balance. They now want to shift their focus from being partners to freelancing. Consequently, consultants’ work and value are constantly scrutinised by clients. While global consulting firms are in the process of reorganisation, emerging technology plays a significant role in their transition.
Clients’ demands are increasing, due to which it is essential for consultants to add value with a critical approach. They must keep an eye on the purpose and sustainability to support social evolution. Emerging technology has given birth to a talent war among consulting firms with higher employment levels.
Automation in the consulting industry
The increased use of emerging technology in the consulting industry is expected to replace the consulting jobs, rather than changing them. Automation might make several consultancy processes redundant, and clients may prefer automated technology over human consultants for accurate results. Some jobs that consultants may automate include regular or repetitive data entry and analysis jobs, process analysis, strategy work, and algorithm and modeling work. They may also use automation to uncover consulting industry trends and patterns, using large sets of available data.
While emerging technology may make some tasks less critical, it is designed to augment and support the consulting industry, adding value and reducing labour in consultancy firms. Although it may solve tedious tasks or outsource them to robots, the consulting industry will always need human intelligence for success.
Over the last few years, the consulting industry has significantly grown to become a dynamic service industry worldwide. This growth results from drastic economical changes, strong IT development and increasing globalisation. Emerging technology facilitates new consulting models, including online networks, flexible access and top talent with a few clicks. With the correct combination of research, technology and expertise, consultants receive technology-supported data points to make informed decisions for their clients. The transition that technology has brought about in the consulting industry has impacted it significantly and brought changes in almost every firm out there. With the help of cloud technology, higher speeds and improved deliverables, consulting firms are now focusing more on customer needs, thereby changing the consulting industry trends with each passing day.