We are more interested than ever in expert advice when it comes to a costly expansion or any other process that could have a negative impact on our business.
Let’s look at the forces that are driving this change and determine whether consulting firms are really worth it.
Rapid technological advance
Naturally, the boom in consulting is tied to several technological booms. Information is constantly changing and our relationship with it is no exception. The terms’machine-learning’, dataset’ and cryptocurrency are now used in ways that were unimaginable a decade ago.
No business can expect to manage all this complexity and still maintain a grasp on day-today operations. The right expertise from outside can fill this void.
Globalisation and market expansion
Some experts believe that the globalisation era is ending. It’s safe to say, whether or not the prediction comes true, that cross-border trading is changing. Businesses are spreading out across multiple territories to spread their risk and be more resilient against market shocks such as those caused by global pandemics and wars.
A consultant who is knowledgeable about the local regulations can guide you in this area. Cultural differences between countries must also be taken into account.
Evolving regulatory landscape
The regulation changes over time, not just from one place to another. It’s partly due to technological changes. Regulators began to become interested once businesses were able to collect and store large amounts of data. You can see this in the EU’s General Data Protection Regulation or the UK’s Data Protection Act.
As AI-related technology becomes mainstream, it’s likely that regulators will intervene to maintain things under control. Consultants can also help in this area. Consultants can provide insight into not only the current regulatory landscape but also future changes.
Strategic decision-making
Big data presents many opportunities. It’s not always easy to leverage your data in order to make strategic long-term decisions. It’s possible to draw the wrong conclusions, which could be worse than not drawing any conclusion at all.
A consultant with experience will have seen a variety of situations, and may have a different perspective on the information presented. In the long run, this perspective could be very valuable.