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Strategy consulting – Analyzing an industry undergoing major change

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January 23, 2020 | Topic:
Strategy consulting – Analyzing an industry undergoing major change

Earlier this month, we published an analysis of the consulting industry. It’s fascinating to examine the fundamental changes taking place. It’s an industry which although talks constantly about change, has in many ways been reluctant to embrace the same change it advocates to its clients. As Clayton Christensen pointed out in the Harvard Business Review a couple of years ago, the current model of consulting has largely “remained unchanged for the past 100 years”.

In the whitepaper we explored how the consulting industry is in the midst of a gut-wrenching change, as it tries to shift its operating model and remain relevant in the digital world. As the technology world evolves rapidly, consultancies are under constant pressure to both acquire, and deliver, the new skill sets that are necessary for businesses to achieve success.

The typical perception of consulting as firms that offer pure strategic advice is actually misleading. The percentage of core strategy work has been in steady decline for several years. This has led consultancies to provide a broader array of services, such as moving into implementation work. Many leading consultancies have invested heavily in building new digital practices to help their clients adjust to the challenges of 2020. However, one challenge is that technology work is not a part of many consultancies’ DNA.

In responding to these challenges, we’re seeing consultancies take three main actions:

  1. Broadening their hiring practices, to bring in the more diverse skill sets that their clients require.
  2. Building re-usable assets and IP as they shift towards offering “asset-based consulting”.
  3. Developing new practice areas and centers of excellence, with a particular focus on digital skills and capabilities.

In the report, we highlight how at Belatrix we partner with leading consulting firms in engagements. We provide the deep technical and software product development expertise that businesses need during this time of digital disruption. For example, together with the world’s foremost consulting organization, Belatrix worked with one of the largest banks in Latin America in its digital transformation.

Find out more about how the consulting industry is changing, and how Belatrix partners with leading consultancies, by downloading your copy of the report.

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