These are tough times for firms in the business consulting sector, which must embrace change and rapidly adapt to the changing business scenario landscape to retain clients in a fresh digitized world. While competing with an ever-changing business scenario, it is crucial for managers and business owners to follow the new map of innovations, business trends and improved means of doing things. In 2018, we saw a great emphasis on the customer experience, content marketing moved under the limelight, innovation became a buzzword, more and more businesses realised the benefits of using data analytics when forming strategies and selling through social media platforms became more prominent.
The Top business consulting firms in the US has had some interesting developments within the past year. The fresh and emerging trends driving the Global Business Consulting Services in the USA are as a follows:
• Adoption of Cloud-based IT infrastructure
• Emergent environment-friendly technology
• Increase in service offshoring
• High focus on connecting customers to the solution they want
• Growing preference for remote working environments
• Increase in market consolidation
Adoption of Cloud-based IT infrastructure
In the fast-changing digital world and technological environment, few techniques and hardware need to be advanced every year. The companies are gaining more experience in the cloud such as SaaS models and they start to shift more core business functions onto cloud technology. Due to the same reason, we are seeing that cloud technology is considerably more complex than we imagined, primarily in respective to data management, system integration, and the management of multiple cloud providers. Cloud technology is of high concern to companies around the globe, but many are finding high costs to the adoption of cloud computing than they anticipated. Specialist consultants of such firms help purchasers migrate to the new cloud and also certify effective integration of these technologies with existing legacy systems. They help them in the effective management of projects and resources.
Newly emerging environment-friendly technology
Emergent environment-friendly technology and computing can bring down IT barriers to innovation, as can be witnessed from the several promising startups, from the ubiquitous applications to the more focused applications. In the changing technological environment, hardware need to be advanced every few years. Eco-friendly technology makes it simplest for enterprises to scale their services – which are increasingly reliant on precise information. As the computing resources are managed through apps, they can be deployed speedily as new requirements come up. In fact, the goal of environment-friendly technology is to scale resources up or down dynamically without affecting surroundings depending on client load.
Increase in service offshoring
Numerous companies have been launching innovation hubs throughout the globe. Some of the companies are expanding their operations to emerging markets such as Asian countries like India, Vietnam, China, and the Philippines. This is driving the business experts or consultants to demand that can efficiently integrate the Information Technology systems located in these countries with the organisational facilities in distinct areas and regions. This way, companies can save on costs as they can hire experienced staff at lower costs. It also helps integrate Information Technology systems across the globe.
High focus on connecting customers to the solution they want
It is well known that customers are growing and are able to determine a sales ground from a mile away. With outdated sales-focused methods turning people away, companies need to find innovative means to encourage people to buy their services or products. What we have seen in the marketplace is that customers are responding more positively to brand messaging that caters to their specific needs and preferences. Services that connect them to what they want are achieving important cut-through as we well and truly enter into a gig economy built on sharing and connection. This creates breaks for service-based companies to enter the market with less physical assets.
High preference for remote working environments
Remote working environments reduce time and effort for travelling and enable wider collaboration. As a result, companies are more and more adopting remote working environments. Overall, around 50-60% of employees in North America are giving preference to remote working environments.
Increase in market consolidation
Companies with revenues of USD 1 billion or less are resorting to consolidate in order to overcome Business challenges. In 2015, M & A of technology were valued at USD 459.6 billion, 11% higher than the earlier record of 2000. These consolidations have a main influence on the consulting industry, as they allow the integration of Information Technology systems and infrastructure across platforms.
The role of the business consulting firm is changing, driven by employees, clients, and technology. It should be exciting to see what new service platforms bring to the consulting industry.