In recent years, we have started to see the impact of technology in management consultancy – an industry which has boomed in the past decade, thanks to developments in IT, as well as significant economic change.
But what does this mean for the past, present and future of management consultancy jobs?
In this feature we’ll take a look at the drivers behind the digital transformation of consulting services and its impact on the industry as a whole.
When looking at industry trends, we can see that digital tools have changed many of the traditional approaches in management consulting. Today management consultancy is far more about using automated tools than ever before. For instance, modelling and analysis processes, as well as research is now conducted by emerging technology.
But that’s not all, management consultancy jobs are now advertised on online networks, where consultants can be selected in just a few clicks. Arguably, this has led to greater choice and talent for employers to dip in to, as well as benefitting consultants by opening up options of where they can work too.
As we know from experience, it’s the companies that move with the times, that continue to grow, even in challenging market conditions. And this means in all areas, from using robots to artificial intelligence and automated options. As a result, digital transformation consulting services are now offered to clients, in response to new ways of working, and new services required. You could say that the industry is redefining itself in line with changing needs.
But is this all a consequence of digital advancements?
Perhaps not entirely, since the industry is expanding itself into other industries too such as design, marketing communications, engineering and manufacturing.
Reviewing the Mckinsey digital transformation framework provides an insightful look at the five essential factors for success, which include:
With this in mind, it’s clear that technology alone is not enough. There needs to be digital-savvy leaders that embrace change, and investment in the right tools, and teams. This will also help keep management consultancy jobs within the organisation, and help to reduce labour turnover.
But, there also needs to be an appreciation that management consultancy jobs have changed in recent years too. Traditionally in the profession, consultants worked all hours in the hope of becoming partner. But in today’s diverse society, there are different ambitions and expectations from workers. For instance, in a recent study by Gallup, millennials believe in the importance of a work-life balance as well as corporate wellbeing.
One of the concerns for the future, is how new technology will impact employment opportunities. Industry reports suggest that some areas will be more affected than others, such as those that involve processing data, strategy work or modelling and trend data-sets ; all of which lend themselves to robots.
Reassuringly though, as we’ve seen in the past year through the global pandemic, technology has also supported professionals by freeing them of laborious and administrative duties. This has allowed teams to invest their time elsewhere, removing some of the tedious tasks in management consultancy jobs.
As a final and reassuring point, it’s worth remembering that the consulting sector is one driven by people, relationships and clients. While technology has an important part to play in the delicate balance, there will always been a human side to the business.
Going from an industry of little innovation, to one embracing digital transformation, management consultancy has adopted technology in the best possible way. By using it to enhance and add-value to the profession, without taking away the essential human side.
Going forward, management firms will all need to be able to compete on a level with those pushing boundaries and using tools to streamline business practices for efficiencies and savings in the future.
Author: Geri Pollock
Geri specialises in Digital Transformation and Design Solutions. Call Geri today for expert strategic advice on how to build your dream UX team.