Big 4: TechConsulting is the way forward for India

Tech consulting is becoming increasingly popular at the Big Four accounting firms - Deloitte, PwC, EY, and KPMG - as the digitization wave accelerates, reports The Economic Times. The combined number of full-time tech consultants across these four companies has exceeded 36,000, making it the largest and fastest-growing group of professionals among all service lines. The Big Four have experts in technology implementation, cybersecurity, cloud services, data analytics, emerging technologies, and digital transformation.

What's driving this growth? The rising need for upgrading customer engagement, supply chain management, and internal operations due to digitization after the COVID-19 pandemic has resulted in increased mandates from companies. EY's tech consulting business, which has over 13,000 employees and approximately 100 partners, is expected to generate a revenue of ?3,500 crores in FY23. Deloitte has doubled its tech consulting team in the last three years and plans to expand at a similar rate in the near future.

With their large consulting teams in India, the Big Four firms are in direct competition with tech consulting giants such as IBM and Accenture and IT majors like Infosys and Wipro, say experts. How are they creating their niche in an already competitive field? By making investments in areas such as strategy, operations, and technology and providing their expertise in regulatory compliance, risk management, and data analytics at competitive prices, they are becoming an attractive option for clients. The firms have also rapidly scaled up tech services, doubling or tripling their workforce in the last three years, and establishing ecosystems with major tech players to enhance their digital capabilities.

The Economic Times also reports that thanks to the India Stack, a number of BFSIs are rushing to reap its benefits. However, there is a shortage of tech talent, particularly for PSU. Tech consultants, therefore, will become increasingly in-demand as they provide valuable assistance to these projects. This trend is likely to escalate, leading to many consolidations and strategic partnerships across sectors.

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ET: https://economictimes.indiatimes.com/industry/services/consultancy-/-audit/digital-shift-makes-tech-consulting-a-key-area-for-big-4/articleshow/99943846.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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