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Category TOP. By creating solutions at the intersection of big data, data analytics, the cloud, cognitive computing, visualization, and cross platform anytime access, these firms provide a glimpse into the type of automated, scalable data gathering, insights, and decision-making made possible by next generation technology. The first to feel the detrimental effects of disruption will likely be the large research and advisory firms such as Gartner, Forrester, and IDC.
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With models that rely on armies of analysts, PDF reports that become outdated the moment they're published, and significant annual subscription fees, these firms embody the most significant vulnerabilities of the larger consulting industry. And this is just the tip of the iceberg. Just about any consultant or firm that conducts primary or secondary research will see the value of these offerings -- and clients' willingness to pay for them -- diminish significantly. While many consultants and consulting firms have established practices advising clients on strategies to leverage disruptive trends and technologies, few apply this to themselves.
Investing in the technological innovations and next generation business models is a fundamentally paradoxical concept in an industry driven by billable hours, billable days, and closely held best practices in the form of "knowledge capital. In , I wrote an article in the first issue of Consulting to Management C2M about the importance of creating "knowledge assets" as a strategy to scale professional services offerings.
The article described the importance of capturing and codifying intellectual capital in the form of process methodologies, tools, and templates. Many firms do that quite successfully today. Repeatable processes, models and tools are indeed important for efficiency, scalability, and profitability.
Yet the physical delivery of these staples of the trade remain chained to an entrenched business model. A new approach is needed if the management consulting industry -- let alone individual firms and consultants -- will have the chance to unlock the next phase of its evolution and value, before some dramatic external threat forces the issue.
Many clients hire consultants to tap into strategic thinking -- seeing the big picture, identifying scenarios, choosing options, and creating game plans. Yet a conspicuous void exists when it comes to addressing strategic questions by and for the industry itself. Here is a set of questions that can help jump start new business models for management consulting:.
In the field of business strategy, the "tyranny of success" is a well-known dynamic: what led to today's success will ultimately lead to tomorrow's failure. Individual consultants and consulting firms that recognize the limitations of their existing business model while exploring opportunities that tap into emerging technologies and new delivery models will have the best chance of thriving in the fast-approaching disruptive future.
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Labor intensive. Most consulting services rely on humans as the fundamental source of research, analysis, recommendations, process definition, process management, and facilitation. Business experts have a number of tools at hand to analyze company performance. Here are six frameworks that consultants and business analysts use, and that you might consider adding to your own set of tools.
Benchmarking is the process of comparing your company metrics to the metrics of your industry competitors or to those of innovative companies outside the industry. Why Consultants Value the Balanced Scorecard. The balanced scorecard is a framework for tracking important aspects of company strategy and for facilitating organizational improvement or change. It measures metrics beyond typical financial metrics to help companies keep long-term strategic goals in focus and spot trouble before it appears in the financial statements.
The scorecard is a comprehensive and quantitative set of objectives that can be measured over time.
Related Essential Tools for Management Consulting: Tools, Models and Approaches for Clients and Consultants
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