How can technology help consultants develop a sustainable business?
Introduction
Consulting firms advise their clients on how best to harness technology to improve their business and performance, but consulting firms themselves sometimes struggle to implement digital transformation to improve their own day-to-day working environment.
Professional services operations require cumbersome processes such as time and expense tracking, resource planning, sometimes complex billing processes, on-site and remote working. These operations, if not addressed with the right technology, can generate inefficiencies and frustration within teams. It is essential for professional services organizations to be equipped with the right technology to improve operations, increase profitability and improve delivery times.
According to a study conducted by the Zigurat business school, most consultants cited innovation and business model change as one of the benefits. Another interesting benefit of digital transformation is improved customer experience.
The definition of consulting is evolving rapidly. The difference between management consulting and technology consulting is now blurred. More and more companies are trying to integrate management and technology to create a new digital approach. The approach to problem-solving is now data-driven. The evaluation of the business model and the customer journey is quantified in order to bring value to customers.
How can AI and automation help consulting firms?
If the technology is properly exploited, consulting firms can obtain information that can help them grow.
Consultancy firms such as Tata Consultancy and KPMG have used technology to improve all their services.
Collecting data
The biggest advantage is the ease with which data can be analyzed. AI has made it possible to analyze massive amounts of data faster than humans. The insights provided by this data help consulting firms to give valuable advice on improving their customers' sales, supply chain and operations, etc.
This data analysis enables them to provide a variety of different services to their customers and increase their return on investment. AI and automation help consulting companies and create value for their customers.
Case study: Deloitte helps Yamaha boost customer engagement
Yamaha is known for selling high-end musical instruments. It relies on Salesforce to provide customer support worldwide. The problem Yamaha faced was that it didn't know how to use the data generated by Salesforce to improve its customer service.
Deloitte stepped in to help the company create a 7-week transformation plan to shorten the customer journey. Deloitte helped Yamaha create a social media-like platform to access all relevant information for each customer. This improved customer service efficiency.
Yamaha was able to access customers' social activity, up-to-date customer information and other information from the social platform. The company also set up a peer-to-peer communication service to speed up response times and satisfy customers without delay.
Automation of administrative tasks
The most tedious part of a consultant's job is managing the paperwork (customer invoices, payslips, etc.). It's also time-consuming, and forces consultants to take time away from their tasks. Thanks to process automation, ERP software specially designed for consulting companies like Stafiz (add link to website) facilitates a wide range of tasks. Consultants can save time with consulting ERPs that can help them issue invoices, plan projects, draw up reports and more.
High-end AI devices like RPA (robotic process automation) help consultants by making business decisions on their behalf. These devices have the ability to make logical judgments or ensure that regulatory forms are completed without incurring fines for non-compliance.
Increased productivity
Financial ERPs such as Stafiz help consultants to plan meetings and monitor their day-to-day processes and activities. The data presented by Stafiz can be used to improve productivity. There is also a variety of other software such as google drive, mailchimp and zoom to automate their daily operations.
Automated consulting solution
Consulting services are expensive, and SMEs find it hard to afford them. However, thanks to new technological tools, the consulting market is striving to provide automated solutions at lower cost. But this automation comes with challenges. AI loves data and it predicts, makes decisions based on massive data. Real-life data is filled with various variables that allow us to judge a company's profitability in different ways.
Unlike humans, AI lacks the analytical skills needed to evaluate raw data. What's more, AI cannot predict human behavior. This makes it even more difficult to automate advice. The human touch is needed everywhere to judge, analyze and provide solutions in the advisory process.
What is technology consulting and how can it stimulate growth?
This is one of the services offered by most consulting firms. Technology consulting emerged in the consulting field when companies sought to innovate and use technology to achieve their goals. Today, technology consulting is crucial to the development of companies in different sectors, and has created a need for IT consultants and technology advisors.
Technology consultants help companies keep abreast of new tools to increase customer acquisition and engagement. They help companies transform digitally and optimize business processes efficiently.
Adopting these new technologies is a challenge for companies, as they have to rely on their in-house teams to make it happen. Partnering with technology consultants will facilitate the process and improve their operations. Technology consulting firms help their customers integrate new technologies, train their staff and create new channels of communication with their customers. At the same time, they provide a set of tools to analyze data and improve growth.
Final thoughts
Consulting in the digital age has helped consulting firms expand their services and solve their customers' technological problems. This evolution has also changed the consulting model for over a century. This digital transformation is like a double-edged sword: consulting firms and clients are undergoing this transformation together. As part of this trend, consulting firms are focusing more and more on data and strategic technologies. Firms are using this data as oil to drive their clients' business forward.
We'll have to wait and see how consultancies integrate data and technology to engage the workforce, collaborate with customers and partners to solve real-world business problems.
