Future of consulting

How technology helps consultants grow a sustainable business?

By March 16, 2020 September 9th, 2020 No Comments

Introduction:

Consulting firms advise their clients how best to leverage technologies to improve their business and performance but consulting firms themselves sometimes struggle with digital transformation to improve their own day-to-day work environment.

Professional services operations require heavy processes such as time and expense tracking, resource planning, sometimes complex billing processes, on-site and remote work. Such operations if not tackled with the right technology can generate under-efficiency and frustration among the teams. It is critical for professional services organizations to be equipped with the right technology to enhance their operations, improve profitability and increase on-time delivery.

How technology helps consultants grow a sustainable business

According to a study conducted by Zigurat business school, most of the consultants mentioned innovation and business model change as one of the benefits. Another interesting benefit involved in digital transformation is improved customer experience.

The definition of consulting is changing rapidly. The difference between management and technology consulting is blurry at the moment. As more and more firms are trying to integrate management and tech to create a new digital approach. The approach of solving problem has become data driven. Evaluating business model, customer journey is quantified to provide value to clients.

How AI and automation helps consulting firms?

If technology is harnessed correctly, consulting firms can gain insights to information that could help them grow. Consulting firms like Tata consultancy, KPMG have used technology to increase their overall services.

Data collection:

The biggest advantage is ease of data analysis. AI has given the ability to analyse massive amounts of data faster than human. The insights provided by this data help consulting firms to provide valuable advice on improving client’s sales, supply chain and operations etc.

This data analysis is providing a variety of different services to their clients and augment their ROI. AI and automation are helping consulting firm’s business and creates value to their clients.

   Case study: Deloitte helping Yamaha to boost their customer engagement

How technology helps consultants grow a sustainable business

Yamaha is known for selling high end musical instruments. They rely on salesforce to provide customer support worldwide. The problem Yamaha faced was, it didn’t know how to utilize the data generated from salesforce to improve their customer service.

Deloitte stepped in to help the company create a 7-week transformation plan to reduce the customer journey. Deloitte assisted Yamaha to create social media like platform to access all the relevant information of each customer. This improved the efficiency of customer service.

Yamaha was able to access the customers social activity, keep up to date information about the customer and other information from the social platform. They also set up a peer to peer communication service for faster answer time and made customers happy without any delays.

Automation of admin tasks:

The dullest part of consulting is dealing with paperwork (client invoice, payrolls, etc). It also takes considerable amount of time and making consultants to deviate from their tasks. With the help of process automation, ERP software’s specially designed for consulting firms like Stafiz (add website link) helps wide range of tasks. Consultant can save time with consulting ERP’s that could help with invoice delivery, project planning, reporting, etc.

High-end AI devices like RPA (robotic process automation) are helping consultants by making business decisions on their behalf. These devices have the capacity to make logical judgement or to make sure the regulatory forms are filled without any non-compliance fines.

Increasing productivity:

Financial ERP’s like Stafiz helps consultant to schedule their meeting, track their day to day process and activities. The data presented by Stafiz can be used to improve productivity. There is also variety of other softwares like google drive, mailchimp and zoom to automate their daily operations.

Automated consulting solution:

Consulting services are expensive and SME’s struggle with that. However, with the new tech tools the consulting market is trying to provide automated solutions at lower cost. But this automation comes with challenges. AI loves data and it predicts, makes decision based on massive data. The real-life data are filled with various variables that leading to various way to judge a business profitability.

Unlike humans AI don’t have the analytical skills to evaluate raw data. Also, AI’s can’t predict the human behaviour. This makes it even harder to automate consulting. The human touch is required everywhere to judge, analyse and provide solution in the consulting process.

What is technology consulting and how it can drive growth?

This is one of the services offered by most consulting firms. Technology consulting entered consulting field as firms were looking for innovation and use of technology to achieve their goals. Today, tech consulting is crucial for business development for different industries and created a need for IT consultants, tech advisors.

Technology consultants help firms to stay updated with new tools to increase the customer acquisition and engagement. They help companies to transform digitally and optimize the business process efficiently.

Adopting this new technology is challenge for firms as they must rely on their internal teams to make it happen. Partnering with tech consultants will ease the process and enhance their operations. Technology consulting firms help their clients to integrate the new technology, train the workforce and create new channels to connect with their customers. At the same time providing set of tools to analyse the data and improve their growth.

Conclusion:

Consulting in digital age has helped consulting firms to expand their services and solving their client’s technological problems. This has also changed the model of consulting over a century. This digital transformation is like a double-edged sword where consulting firms and the clients are undergoing this transformation together. In this trend, consulting firms is concentrating more on data and strategic technology. Firms are using this data as oil to run take their clients business forward. We will have wait to see how consulting firms integrate data and technology to engage workforce, collaborate with clients, partners to solve real life business problems.

References:

https://clutch.co/it-services/resources/case-studies-technology-consulting