Does the word consulting scare you? Not to worry ...It is no more about advice

The Management consulting services global market was valued at US$146 billion in the year 2020. Thats huge in terms of numbers! but consulting isn’t what it used to mean earlier. The rules of the game have completely changed. The very definition of consulting has been evolving over the years.

Pre-Internet era, strategy consultants would support their clients with strategic decision making. Their service was limited to providing a strategy and an execution plan. And as we all know, things don’t always go as per plan. 

?There were essentially four problems with this model that traditional consultants did not address: 

• No guarantee of sustainable results
• Not tailored to specific industry need
• No clarity on remuneration against service provided
• Not enough skin in the game

The main value proposition for traditional consulting was information. Today just selling knowledge isn’t enough. There are endless tests, diagnostics and information freely available on the Internet. However, businesses still seek Strategy but with proper assistance to implement and execute. Going from thoughts to action needs specialisation.

There are seven major features of the new and evolved Strategy consulting: 

1. Tailor-made solutions:

Strategies are made keeping in mind the operational realities and are adapted to industry, function and customer.

2. Collaborative approach:

The process of strategising is a collaboration of designers, product developers, technologists and strategists etc. Not only are they from different backgrounds but also different geographies, owing to applications like Zoom, Google Drive etc., enabling collaboration free of charge.

3. Agile Strategies:

Today we are constantly evolving and strategies can be irrelevant in no time. For example, a five-year growth plan would have become meaningless today as we endure the Covid-19 crisis. Hence, solutions are fluid to meet changing market dynamics for a short time. 

4. Proof of work:

Consultants today can provide prototypes that can be digital (apps, webpages) or real to test out new ideas. This has made consultants better able to provide clarity on cost savings due to innovation or process efficiency.    

5. Data driven strategies:

Data is being generated by everyone and everything and organisations of all sizes can use data to form fact-based strategies. Technology today can generate reports and dashboards instantly with tools, for example, Power BI, SAAS etc. Consultants still do analysis but it refers to the implementation of systems and equipping the clients to do the analytical tasks.  

6.Extensive industry knowledge:

New technologies are becoming industry-specific leading to a demand for industry expert consultants. As experience enables consultants to better position technology and builds them into a business strategy. Better understanding = Better results.

7. Risk sharing:

Clients today are more interested in sharing the risk of the changes suggested by the consultants. This makes consultants build a value-oriented business than one with quick wins.

As the markets become more complex, the gap between idea and execution widens. Even though the technology exists to equip the clients with the right information, it still requires a level of expertise to decode. The new and evolved strategy consulting uses a result-oriented approach which focuses on strategy and action. Whether it's setting up a new business or expanding the existing one, the consultancies today can provide you with the right expertise and the strategic tools you require to fulfil your aspirations. They work as an extended team. They not only strategise with you but also deliver the results with you.

Be it handholding your team through the implementation, building a new team for you, or executing the project they are IN IT to WIN IT together.

So, if you are looking at the right way to get things done efficiently and effectively, don't shy away from associating with experts who can drive results faster and bring together a whole bunch of experts together.

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