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Agility of Management Consulting Industry: A Post Covid Analysis

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Abstract

The consulting industry is plagued by a stagnant business model ill-suited for today's innovation-driven digital world. Consulting is labor-intensive, revenue is almost entirely based on billable hours, and most knowledgeable in the form of tools and templates have become commodities due to SlideShare and other platforms. Remote work, lean budgets, and the need for contingency plans are three big trends impacting the industry. The study is relevant, given the shifting of attention by the industry leaders towards staffing to meet a new set of clients.
Agility of Management Consulting
Industry: A Post Covid Analysis
Samiha Majumdar
Nusrat Haz
BRAC Business School, BRAC University
Introduction
The management-consulting industry is being disrupted by
various trends like emerging technologies, the commodication of tacit
knowledge, and business models.
The consulting industry is plagued by a stagnant business model ill-suited for
today's innovation-driven digital world. Consulting is labor intensive, revenue
is almost entirely based on billable hours, and most knowledge in the form of
tools and templates have become commodities due to SlideShare and other
platforms. Remote work, lean budgets, and the need for contingency plans
are three big trends impacting the industry. The study is relevant, given the
shifting of attention by the industry leaders towards sta)ng to meet a new
set of clients. To overcome this arduous trial, the directors and top
executives in the upper echelon of the hierarchy must come together with all
the employees and apply some strategies that can benet all the
stakeholders. To ensure smooth production of goods and services, the
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consultants also need to merge with the employees from all levels of the
organogram to make a consensus decision.
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