Breaking with the old paradigm of consulting
Today we say that the consulting as we know it is being broken.
Why is this so ?
First of all, the consultants were bringing to the companies two things: information/empirical knowledge and advice. So, what consultants used to offer was information that the companies did not possess and they needed somebody to provide them with it. They needed advice — based on information, knowledge and good analysis.
This was the world before unlimited access to Internet and a magic tool called Google — where the information was not a commodity. Today, the things have changed. We have all the information available almost for free and we can use it in the right way.
In the past century, consulting was a dream job. All the top students were heading to top consulting firms. In XXI century, this is not the case anymore. Today, the consultant can offer his time, but not much more. The information is available for all and the companies just need qualified people to use this information and to make the right analysis.
Soon, there will be no need for consultants in its traditional meaning, as it will be all about finding and possessing the right information. Therefore, today, the accent is rather on the appropriate use of this information.
This new era brings a new paradigm of consulting. Over the next few years, artificial intelligence may exponentially change the way we all gather information, make decisions, and connect with stakeholders. The idea is that we will all benefit from timely, comprehensive, and bias-free insights.
Moreover, we are currently facing what is said to be a disruptive innovation, which is creating a new market and value network and eventually disrupting an existing value network, displacing established market leading firms, products, and alliances.The new start- ups are reducing the costs of their services and increasing efficiency, through technology, streamlined workflow, and alternative staffing models. Nowadays, cost pressures force clients to abandon the easy assumption that price is a proxy for quality and that it should only be relied on big names. Customers want greater speed, responsiveness, and control.
New consulting firms are generally equipped with more experienced consultants who can bring a greater degree of pragmatism and candor to the engagement, and their model assumes much more client control over the approach and outcome. They are using predictive technology and big data analytics to deliver value far faster than any traditional consulting team ever could.
These firms are growing fast, fueled by private equity and venture capital, and are ready to jump into the high-demand market. They offer a context-specific solution, rather that general integrated solutions, which traditional consultancies provide.
Continue reading at https://medium.com/brainsfeed/the-reinvention-of-consulting-1d3947cc372c
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