Consulting in 2050

Shaunak By Shaunak, 4th Jun 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/2aejm3w4/
Posted in Wikinut>Business>Analysis

With increasing complexity in Business, more and more firms are looking for a Consultancy firm to solve their problems and look for new opportunities. Over the years, the consulting industry has come up with the creative and innovative solutions to the ever changing needs of Business. How consulting as a business will shape up in 2050

Consulting in 2050

During the times of Universal deceit, telling the truth becomes the revolutionary act
– George Orwell.

Consulting is a dynamic and rapidly evolving collection of professional services. It is affected by changes in its interacting environment namely information and consulting technology, globalization, liberalization, demographics and many others. So consultancy needs to constantly reinvent itself to keep pace with the changes. In 2050, going by the current trends, complexity in the business will increase many folds. Demand of the clients will increase in the same proportion. They will be demanding real facts and actions rather than complicated analysis.

Consultants are inventors and creators of their own markets and their future.
- Milan Kubir, Management Consultant

1. New Horizons

Consultancy will become both pervasive-touching new horizons in business and invasive- taking business where it has not been taken before. Due to increased complexity and interdependence between the firms, consultants would become more of a partner than outside agents. They would be taking up new roles and would be actively involved with the company round the year. Consultancy would be encompassing all the areas of management.

2. Participative Model

Line between consultancy advice and management action will be blurred. Currently, consultancy is thought as more of an ‘Advice and leave before implementation’ kind of service. However, as Business complexity would increase, clients would not be content with a high analysis report having low practical implementation. They will demand real world results. This would lead to a faster situational analysis, precise assessment procedures and actual implementation of proposed solutions by the consultants.

3. Changed Relationship with the Client

By 2050, there is going to be a difference in demand and supply of the consultants. No of consultancy firms is likely to increase. With this, the clients would be in a better leveraging position to play out consultancies against each other to get the best solution. Clients would pay consultancy by ‘Value added to the intellectual capital’ and ‘Difference made’. On the other hand, due to increased scale, uncertainty and complexity, consultancy would be demanding a more participative and authoritative role. This represents two opposing forces and at equilibrium, consultants would become more of a manger than a consultant and firms would treat them as their internal employee. This would result in much closer relationships and increased loyalty. Additionally, those firms which are willing to and able to partner with clients in the common interest of both the parties will survive.

4. Emerging Economies

As emerging economies of today become developed economies of 2050; Firms, would shift their stance from off-shoring and outsourcing to strategic expansion and in some cases complete shift of operations in these regions. Firms of 2050 would look to establish core functions of their value chains in these regions. Consultancies would have to follow their clients and go to places like India and Brazil. These Countries would then become the core area for Consultancies of the future.

5. Technological changes

Technology is the fastest changing factor in today’s Business environment. By 2050, traditional consulting would give way to eConsulting. Consultancies would use web programs to ensure consistency in processes as well as a tool to communicate messages and information across the client’s organization. Due to advancement in technology and globalization, a consultant would be consulting companies across continents simultaneously. This would expand the work day of a consultant significantly, but would also reduce travel demands significantly creating new set of challenges. Business complexities would force companies to move to Artificial Intelligence. Consultancy firms due to their function and role would have to be on forefront of the technology. Use of Artificial Intelligence based software systems to help customers solve problems that defy traditional approaches. It will enable the client to formulate plans, assess situations, analyze information, make future predictions with increased certainty and increase decision making.

So, this is how Consultancy could shape up in 2050. But all would depend on how they adapt to changes and challenges of the next 3 decades.


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Comments

author avatar ShaneCold
4th Jun 2012 (#)

For securing the future of consulting companies, it’s an essence for companies to invest more in studies and research activities. They have to bench mark their practices and exercises to really prove that consultants are pretty much the part of this Industry and the economy. They have to demonstrate that consultancy really raises the standard and productivity of the economy. Consulting companies need to prove a point that without the consulting firms, the activities like – market analysis, research and solutions will never be at par to what economy demands. great
research

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author avatar Benter Adede
5th Jun 2012 (#)

Very informative. I was thinking of getting into the consultancy business and now I am convinced, I should have started a long time ago. Thank goodness, it is never too late to start.

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author avatar Haylie
5th Jun 2012 (#)

Very informative, thanks for sharing

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author avatar Md Rezaul Karim
7th Jun 2012 (#)

Interesting and well written article. Thank you my friend for sharing.

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