The past two years have certainly been challenging. Every business sector was disrupted and negatively affected by the pandemic and its aftermath. Today, companies are desperately seeking strategies to retain customers, rebuild inventories, and restructure operations to fit the new business environment. Companies are also starting to adopt digital tools to streamline daily operations. These are complex challenges that will impact the ability of companies to generate revenue and profit. As a result, companies are turning to consulting firms for assistance on how to rethink and restructure their organisation and workforce.
When we speak of consulting, we are speaking of an industry that has grown significantly over the years and impacted how companies in many industries operate and deliver services to customers. The world is evolving at a rapid speed, which prompts companies to adapt. Companies are constantly revising their policies and procedures, business models, and organisational structures, as well as adopting new technologies. In this context, consulting firms are helping to better prepare their clients for further shocks and disruptions that may occur in the future.
In this article, we will look at some of the ways the consulting industry has changed due to the pandemic.
1. Technology
Consulting firms are aware of the importance of technology and how digital tools are impacting the daily operation of companies. Technology can also play a role in how consultants solve complex problems for their clients. For instance, automation is playing a vital role in conducting research, business analysis, and business modelling. Technology is also influencing decision-making, such as what solutions to consider, when tasks should be completed, and where to allocate resources. The main objective for each project is value-add for the client, and technology can improve both the effectiveness of the solutions offered as well as the efficiency with which those solutions are created.
As an individual working within a consulting firm, it is important to educate yourself about the different technological trends happening in the world today. It is also important to understand new digital tools and how they can impact our daily lives. For example, how we work, the healthcare systems, different ways of commuting and communicating, our social interactions, and the education system.
2. Workplace Flexibility
Anyone who joined consulting during the period of 2020-2022 can attest to how virtual the industry has become. The majority of meetings are now conducted virtually and remote working has become the “new normal”. This new way of working has become so standard that many consultants are reluctant to go back to working from the office or on client site. To accommodate employees, many firms are implementing flexible workspaces. This means that there are a limited number of workstations, and employees have the option to work a certain number of days at the office and spend the other days working from home.
However, workplace flexibility is not a panacea. Some employees have voiced concerns about lack of work-life-balance as many individuals have been working even longer hours than before. There are also concerns about increased employee turnover. Due to long hours many consultants have suffered from burnout, and some firm cultures have turned toxic as managers have been pressed to do whatever it takes to retain existing clients and acquire new ones. Remote working has also fragmented human interaction by reducing opportunities for face-to-face communication and networking. In this environment, it is easy for new hires to lose their voice and become invisible within a large consulting firm.
3. Skilling, Upskilling, and Reskilling
Consulting is an incredibly competitive industry, which means that the pressure to seek new skills is always present. During the pandemic, individuals have had more freedom to manage their time, which has led many individuals to seek new skills or aim to close their personal skill gap. An individual who invests in their skills, either through upskilling or reskilling, can gain a competitive advantage which enables them to maximise their potential in their current role and to be ready for new opportunities within the firm. An individual who invests in their skills not only acquires a wealth of new knowledge, but also gains more ability to be agile and adapt to the changing business environment.
Consulting firms are highly supportive of employees who seek to maximise their skills. Possessing more knowledge and skill enables an individual to be more curious and creative, engage in more thorough analytical thinking, and solve problems more quickly and reliably.
Final thoughts
Covid-19 taught us that we live in a world that is uncertain and constantly changing. The rapid speed of digitization has changed the way consulting firms engage with clients, and has created opportunities to assist companies in adopting new technologies to ensure business continuity and growth. Consulting firms have been assisting companies to redesign and restructure their operations to protect them from potential future shocks. In this context, possessing the latest skills will be crucial for consultants as they support their clients to be agile and adapt to future contingencies that may unfold.
Thanduxolo Love Mtsweni is a Management Consultant Analyst at Accenture in South Africa. She holds a Bachelor of Administration in International Relations and a Post-Graduate Diploma in Management (PDM- Business Administration). She is passionate about empowering the youth, educating and advocating for better youth employment opportunities.
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