Apr 04, 2022
In Wellness Forum
Anyone in the management consulting industry knows that companies today face a multitude of business challenges, some old and some brand new. The forces driving change are many and varied. Disruptive technologies, the rise of new business models and the pressures of intense global competition are transforming the market. And that is coupled with the monumental disarray introduced by the COVID-19 pandemic. At Hinge, we wanted to develop a focused understanding of the key issues occupying businesses and what this means for the industry as a whole. We have therefore included it in our 2021 high growth study . Dive into research To find the answers, we surveyed nearly 1,300 professional services firms, representing more than $270 billion in combined buy email list revenue and nearly one million employees. The study covered a range of company sizes and industries. Additionally, we surveyed a subset of those companies (more than a third of the full sample) that provide consulting services to understand the challenges and drivers of success in this industry. In one section of the study, respondents discussed their outlook for the industry over the next 3-5 years, as well as how they plan to meet these challenges. This information has allowed us to understand the current state of the professional services landscape as a whole and the management buy email list consulting industry in particular. In the end, we were able to identify both major trends and industry-specific issues. In this article, we examine the business challenges and priorities of management consulting firms. So what are these priorities and what do they mean for the industry? Download the Executive Summary of the 2021 High Growth StudyThe main business challenges The top five business challenges facing management consulting firms paint a stark picture of today's market. Although four of the top five challenges were the same as those in the 2019 study, what's interesting is that in Figure 1, the order of priority has completely changed. Top Challenges for Management Consulting Firms 2021 Figure 1: Top Business Challenges Expected from Consulting FirmsLet's discuss these challenges one by one. 1. Unpredictability in the market These are turbulent times buy email list and almost 49% of respondents agree that market unpredictability is a major business challenge. With a remarkable 30% increase since 2019, respondents have certainly felt the waves of new change spurred by the global COVID-19 pandemic. Nevertheless, unpredictability has been a challenge for management consulting firms for many years now. The consulting market is rapidly changing from a market that relied primarily on people-to-people contacts to develop new business (think networking or personal referrals) to a wide-open online playing field. Increasingly, this is where the game is played and buyers pick the winners. But there's more to fueling the market frenzy than changes in business development.