Robotic Process Automation (RPA) is the use of a software robot or “bot” that replicates the actions of a human to execute tasks across multiple computer systems. According to a 2015 Accenture report, robotics is predicted to automate or eliminate up to 40% of transactional accounting work by 2020. Read this 2017 newspaper article from the StarTribune in Minneapolis to learn more about how robotic software is sweeping large accounting firms and their clients.
This past summer, Morgan Stanley published research on the growing global gig economy. The study shared that the USA’s freelance workforce has grown three times faster than the overall workforce. Freelancers today represent about 35% of the total U.S. working population, and Morgan Stanley shared that this number could represent more than 50% of the nation’s workforce by 2027. Read a high-level overview of the study to learn more about the drivers behind today’s gig economy.
Croixstone Consulting places a heavy focus on serving the middle market. The middle market represents nearly 20,000 companies across the USA that generate approximately $10 trillion of the $30 trillion of annual gross receipts in the country. Middle market CEOs recently gathered at the annual “CEO Connection Mid-Market Convention” at Wharton to discuss critical mid-market issues and challenges. Read this article from Forbes to understand what’s on the mind of today’s middle market CEOs.
Smart technology is a disruptive force in the business world and promises to impact every industry – including knowledge-based industries like management consulting. MIT Sloan Management Review published a great article last month that highlighted 5 rules that consulting companies should follow to remain relevant in the age of AI and other smart technologies. Read it here.
Many (if not most!) companies view “change” as an extraordinary event that must be dealt with using change management techniques and special skills. A leading management consulting author (Robert Schaffer) offers a compelling argument that this common view of “change” is outdated. He argues that rather than view change as a subspecialty of management, companies should consider the fact that “all management is the management of change.”
We all understand that the amount of data that modern companies use to drive their businesses is growing exponentially. You may know the roles of database administrators, database architects, and data scientists. But are you familiar with the role of the “data artist”?
Valued at $45 billion last year, the US management consulting market relating to healthcare is booming. How so? Well, the healthcare consulting sector is expected to break the $60 billion mark by the end of next year.
The main drivers of growth in the US healthcare management consulting market include:
1. Project management
2. Market analysis
3. Growth strategy
4. Strategic planning
5. Corporate and business unit strategy
6. Program Management Office (PMO) support
7. Product development and launches
8. Supply chain
9. Customer experience and insights
10. Innovation strategy
Like other industries, the consulting industry is being disrupted in many ways. With the rise of artificial intelligence, machine learning, blockchain and advanced analytics, consultants may find themselves working closely with artificially intelligent systems that can analyze huge volumes of data that are incomprehensible to the human mind. Learn more about how data analytics are changing the consulting industry – and what is perhaps the most important consulting skill going into the 2020s.
Read the September 2018 issue of CONSULTING magazine to keep informed of trends in the industry and for ongoing professional development. The Croixstone team recommends that you be certain to read the articles entitled “Workforce Consultants Tackle Future Phobia” and “Mastering the Art of Organizational Change.”