Something piqued my interest a few days ago. I was looking into current speculation into management consulting as a service, and saw that as of late, there's been two prominent and longstanding secular trends: (1) integration of digital strategy. This comes in many forms, but equates to some use of Data Analytics (or Engineering, Science, Visualization), Product Management, IT/Technology Consulting, and (2) a transition to longer term execution oriented work that has a phased approach typically lasting 0.5-3 years.
With that said, the bigger trend I've seen is the subtle decline in consulting services amid recessionary pressures as many firms look to cut costs. This had me wondering what the future of Consulting will ultimately look like.
These are my questions:
Will the pie be growing or shrinking? xHistorically, these incumbent firms have grown in size and scale, but there's been a rise of smaller specialized firms at lower rates. Will this ultimately cause the overall dollar value of revenue to shrink to lower cost services or will incumbents outright acquire and integrate any specialized/boutique firms as they've done in the past?
Will digital strategy be an assumed skill? There's a plethora of problems in using advanced data analysis in aspects like Transaction Advisory where there are minimal ways to optimize the day to day activities. There are other dedicated Data & Analytics teams (*cough* PwC, BCG *cough*), but not every person will be expected to have the proficiency of the data scientist. So... where will this line in the sand be drawn?
Kind of broadset questions with no definitive answers by any means, but more so curious where everyone thinks this field is going.
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