Most consulting firms help their clients to adopt digital transformation in its various hues and colors. Yet, consulting firms themselves do not practice what they preach. Rather, they find it difficult to implement digital transformation in the consulting realm. In addition, many consulting firms are yet to adopt digital tools within their operating model and internal processes. In fact, the Harvard Business Review ran a column-piece that explores the phenomenon of consulting firms not adopting digital tools, while helping their clients do the same.
Here are the most important reasons why consulting firms should adopt digital transformation.
1. Enhance growth opportunities and scalability
A study conducted by Source Global Research found that 52% of companies chose to invest in digital transformation because of the growth opportunities it presents. Consulting firms often find it difficult to find new clients and opportunities. Investing in tools like CRM will help your business to not only manage your existing clients better, but also find new business opportunities. In other words, digital transformation directly results in business scalability.
Digital transformation helps you to quickly provide solutions to your clients so that you can take up more work than you previously used to. Digital marketing services such as database preparation and content marketing can quickly help you to find more consulting opportunities.
2. Keep track of technology trends that may disrupt the consulting model
A shocking McKinsey report suggested that between 400 and 800 million jobs will be automated by 2030, across the globe. Disruption in consulting will most likely arise from artificial intelligence and analytics. With this in mind, consulting firms need to adopt technology in order to remain familiar with a rapidly changing digital scene. If you do not begin to adopt digital tools right away, it becomes increasingly difficult to sustain your current consulting model.
It may help you to seek the opinion of digital experts to evaluate which technologies will benefit your consulting business the most.
3. Improve employee productivity and team dynamics
52% of respondents in a study felt digital transformation resulted in worker productivity. The respondents revealed that they have used mobile technologies and AI-assisted processes to improve worker productivity. Automation tools such as implementing ERP or CRM will help your employees to focus on more strategic tasks, rather than manual or repetitive processes that are time-intensive.
Consider implementing tools that enhance productivity and team management such as ERP and CRM, and make sure that technology adoption is perfectly aligned with your unique business requirements.
4. Enhanced client satisfaction with better analytics and insight
62% of respondents felt that digital transformation results in customer satisfaction. In a consulting business, clients often seek answers and solutions to problems they may have been facing for a while. You can take your solution-focused consulting a step ahead if you can identify problems and suggest new directions to your client even before they are aware of it. With advanced data processing and research, you can identify key issues that may cause future problems to your client.
Rich insights derived from various analytical tools will help you to predict both problems and solutions to your clients.
5. Gain a competitive edge over peers
89% of successful enterprises have a digital-first business strategy, which leads one to wonder how it is possible to survive in a competitive world without adopting digital tools. You can envision your rivals quickly adopting technology and leaving your consulting business far behind in the race towards success. To avoid that from happening, you can start adopting digital tools and strategies that are cutting-edge and top-notch.
This way, you can ensure that your consulting firm is at the forefront of digital adoption and remain competitive for a long time to come. In fact, you will be doing competitor analysis a lot better than you previously ever did.
6. Measure consulting performance and related KPIs
58% of companies surveyed revealed that Big Data and Analytics are the top technologies they have implemented. Most businesses use Big Data analytics to predict outcomes and to measure performance. Consulting firms often miss out on measuring their own performance while advocating the same to their clients. There are various KPIs that need to be tracked and measured to ensure that your consulting business is right on track.
Speak to a digital consultant to find out which specific technologies can help you measure your consulting performance and other KPIs.
Become a more productive organization with digital adoption
Certainly, consulting firms have been at the forefront of digital transformation. Yet, they need to work towards adopting the digital ideals they often preach to their clients. This is necessary because it quickly helps consulting firms to:
- Take up more work and scale
- Avoid being outpaced by emerging technologies
- Enhance productivity at work
- Improve client satisfaction
- Future-proof against competition
- Measure consulting performance objectively