Top Emerging Trends impacting Global Management Consulting Services_v3

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Top Emerging Trends impacting Global Management Consulting Services With technology advancing in an unprecedented manner there are emerging trends that are impacting all kinds of services. One such service is the Global Management Consulting Services. Here are some of the top trends that are affecting the market and contributing to its next growth wave. ● Role of market research firms In the recent past the industry has witnessed an increase in the collaboration of market research firms such as Gartner and Forrester with top consulting companies like BCG and McKinsey. The need for such collaboration is to improve the turnaround times associated with compiling and analyzing vast amounts of data and providing valuable actionable insights. This trend to engage with specific service providers to get quick and flexible solutions is a crucial one that can impact Management Consulting Services. ● Technology automation is key Domain expertise of consultants is critical but new technologies that can help automate functions like researching modeling and analysis to complement them need to be leveraged. An example is of asset-based consulting which is a technology-driven innovative measure that helps shorten the project lead times while providing a higher degree of functionality at low costs. The emergence of cloud-based software has helped automate the financial and accounting sector at economical prices. ● Online collaboration has seen a rise Innovation is a crucial aspect of any service. The ultimate objective of any consulting service is to ensure that the customer gets the maximum benefit. Today there is an increase in the number of online consulting options that guarantee innovative solutions. Management Consulting Services is focusing on providing online solutions to the manufacturing and service industries for strategic challenges they may have. The most significant beneficiaries of this emerging trend are SMEs all over the world. ● Preference of commoditization of services One must concede that the margin of profit is becoming narrower day by day. Therefore it is becoming increasingly difficult for businesses to rely on traditional consulting services. Standard consulting services are like long-term partnerships. Today the trend is that of companies preferring to seek freelance and transaction-based consulting services over conventional long-term consulting. One of the shining examples of the emergence of this trend is the partnership of Deloitte with Gig walk to enhance on-location visibility and deliver results across different sectors. ● Performance-based billing Today there is great emphasis on generating more profits. Hence there is accountability in almost every sector. The consulting sector is no different in this regard. Clients like to extract the best services from their consultants and would love to pay according to the quality of service they get. Thus consulting services that can provide services of better quality stand a chance to gain in such a scenario. The onus is on the consultants to deliver the goods that matter to earn their profits. These are the five emerging trends that are impacting the Global Management Consulting services all over the world. One can see that the shift is towards ensuring better performance

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from consultants. One must be on top of their game and embrace the latest technologies to provide better ROI in every field.

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