Read about the 65 fast-growth firms that are disrupting the consulting profession in the latest digital issue of CONSULTING MAGAZINE (November 2018). Be sure to read the practical tips in the “Consultants On Consulting” article (page 78) to help your next technology modernization engagement run smoothly.
Recently, Croixstone Consulting participated in a thought-provoking webinar about the state of the management consulting industry. Hosted by ALM Intelligence, the webinar provided insights into the future of the industry and featured proprietary research and analysis from ALM’s team of analysts. View the webinar (it is an hour-long) to learn answers to the following questions:
- What is the size and growth rates for consulting globally and by region?
- What’s the future of consulting?
- What will the profession look like in the next decade?
- How are client expectations changing the game?
- What will a successful firm look like in 2020?
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.”
It’s a good time to be in the consulting world! According to the recently released Consulting Magazine’s 2018 Executive Outlook report, the theme for the consulting industry this year is “Let the Good Times Roll.”
The positive economic momentum + recent corporate tax cuts equal an “upbeat and bullish forecast” for the consulting industry. As result, the industry remains strong and firms are in the “midst of a hiring frenzy” to get the work done. Below is a high-level overview of the results in the report:
- 97% of leading consulting firms surveyed experienced real revenue growth over the last 12 months.
- 98% of executives are forecasting growth in 2018, and 94% are saying that growth will exceed 6%.
- 95% of firm leaders anticipate net profits will improve, and 62% of the firms predict net profits will be up more than 10% in 2018.
The survey was conducted in the latter part of 2017 with more than 130 Managing Directors, Partners and Vice Presidents participating. To read the full 2018 Executive Outlook, click here.
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So just what do 100 Managing Directors, Partners and Vice Presidents think about the state of the consulting industry?
According to the team at CONSULTING magazine, they are exceptionally positive about the prospects for growth in 2017 and maintain a “pedal to the metal” philosophy. The magazine has just published its annual “executive outlook” for the new year and the CROIXSTONE consulting team noted the following highlights with great interest.
- Consulting industry leaders are “especially giddy about the forecasts for the year ahead” with some having reported sales growth above 20% in 2016.
- The consulting industry is among the first to see signs of an economic slowdown and no such signs are being seen.
- 65% of consulting industry leaders experienced real revenue growth above 10% in 2016.
- 96% of leaders project that net profits will increase in 2017, with 57% forecasting that net profits will be up more than 10% in 2017.
Read the full article here.
So is the gig economy disrupting the traditional consulting industry?
Yes, according to many experts. Back in 2013, Harvard Business Review published a fascinating article entitled “Consulting on the Cusp of Disruption” which predicted the disruption of established consultants as first smaller, then larger, clients start using alternatives to the big brands for all but “a core of critical work”.
In follow-up to this prediction, the Croixstone Consulting leadership team reviewed this week a newly-published article by Andrew Hill, Management Editor of the Financial Times, entitled “When McKinsey Met Uber: The Gig Economy Comes to Consulting” which spotlights the trend of business consultants setting out on their own as a higher-paid, and growing stratum of “gig consultants”.
We found the following factoids from the Financial Times article to be of particular interest:
- 31 percent of management consultants in the UK are self-employed.
- 20 percent of staff at the big consultancies leave every year.
- 59 percent of consultants made a deliberate choice to become independent (with top triggers including the desire for a career change, wanting more control over time and schedule, and wanting to work with clients in a different way).
Read the full article here (subscription may be required).