Home – The Consulting Industry through the Lens of News & Business Research

The Consulting Industry through the Lens of News & Business Research

Posted on 05-24-2016 by Janelle Coates

 What industry forecasts and emerging trends are consultants predicting for their own industry this year? We took a closer look to see what could be uncovered in the news.  Interestingly enough, many of the trends that are impacting other industries have materialized as important developments in the consulting field itself. The rise of the “gig” economy, disruptive influences and technology innovations are just a few of the seven predictions we’ve gathered from a sampling of consulting industry experts for 2016. Below is a short recap of each of these predictions.

  1. Multi-Sourcing—Clients are looking to multiple consultancies now to collaborate on projects rather than hiring one large firm to execute a substantial project.

  2. Uberization—The “gig” economy—sometimes referred to as the Uberization of America—may well have a growing impact on the consulting industry as 2016 marches onward. Look for more use of freelance and transactional arrangements for consulting services as companies move away from recruiting the best and brightest, then developing that talent for the long haul.

  3. Healthcare Leads the Way—Experts predict that Healthcare will remain the most attractive vertical market in the industry, with the Energy vertical close behind now that the market is acclimating to new pricing realities.

  4. The Talent War—Finding and retaining the best people will be a top agenda in 2016 for about one in four management consulting firms (24%) according to Business2Community.

  5. Offshoring—Although many firms are looking to balance their costs by pursuing offshoring in lower-cost markets, they will need to do so with their heads on a swivel to avoid the risks associated with any major negative news stories breaking in a U.S. media outlet.

  6. Technology Automation—New technologies that automate some important functions that human beings used to provide will increasingly be viewed as an important complement to the skills of the professional consultants.
     
  7. Disruptive Models—As 2016 progresses, look for innovative business models such as Wikistrat and HourlyNerd to cause disruption in the consulting industry 

Download the full Industry Report here.

Transformational trends impacting some of America’s largest industries are beginning to impact the consulting field as well. The year ahead should offer consulting firms plenty of business challenges to navigate, including the very essence of how they obtain new clients, recruit new professionals and deliver their services.

3 Ways to Apply This Information Now

  1. Download the PDF of our report to read at your convenience or share with colleagues.
  2. Explore how Nexis® can help you access the news, public records and business information you need to drive informed decisions.
  3. Share this blog on LinkedIn to keep the dialogue going with your colleagues and contacts.

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