Top 10 Trends in Business Consulting Top 10 Trends in Business Consulting Top 10 Trends in Business Consulting Top 10 Tr

1. Top 10 Trends in Business Consulting in 2020 Introduction Introduction The Business Consulting industry is huge and has witnessed a consistent uptrend in growth. Check out the top ten emerging trends in Business Consulting in 2020. 1. 1.Continued digitization Continued digitization The business consulting service has begun to shift from placing reliance on humans to relying on digitization for research, business strategy analysis, management, process, and facilitation. This trend is going to transform the time-based business consulting prototype into a flat-rate system. Digitization will enable the business consulting service to adapt more quickly to client requirements. 2. 2.Market focus Market focus With constant growth, the business consulting services sector is splitting into two market divisions that include a commoditized industry of low cost and a specialized consulting segment of high prices. This trend of division compels the consultancy service to devise methods of addressing both the markets, leading to transformations in the pricing structure, brand architecture, and business model. 3. 3.Fail fast methodology Fail fast methodology Even though digitization is a part of the business growth, the latest trend in business strategy is about the continuous adoption of automation and transformation in business operations and models. 4. 4.Recruitment of new talent Recruitment of new talent The latest trend in business consulting services is to recruit talent by focusing on skill sets. The business consultancy recruitment has shifted from top-tier universities to the specific investigation of skill set. Recruiters of business consulting service discover fresh talent from relevant academic conferences, posters and presentations, and through internships. 5. 5.Crowdsourced talent Crowdsourced talent The crowdsourced strategy is a disruptive business prototype in which the client hires talent from freelancing platforms and niche firms. This business strategy provides quick turnaround of necessary services and products with negligible overhead costs. Crowdsourcing business consulting firms beat the big shots in terms of turnaround time, price, and quality. 6. 6.Digital integration Digital integration Business consulting services continue to deal with issues regarding the use of digital technologies and new business prototypes. The trend of digital integration is for the comprehensive development of digital strategies and revamping of the existent business strategy to connect with C-level shareholders.

2. 7. 7.Multi Multi- -sourcing mode sourcing mode The multi-sourcing mode of business consulting service firms is not only a trend but a challenge too. It refers to the collaboration of business consulting firms with niche firms and similar business consultancies. There are several forms of multi-sourcing, which include big generalist firms partnering with the small specialists in various in specific niches. It also provides management consulting firms in partnerships with business consultants outside the industry and more. 8. 8.Continuation of education Continuation of education Considering the transforming business prototypes, freelancers, digitization, and SMEs in the competitive field, the business consulting services continue to recruit analysts and consultants with current skill sets. The individuals in the area of business consulting services need to adhere to the mindset of continuous upskilling and upgradation in the areas of data mining, big data, data strategy, and data cleansing. 9. 9.Consulting service firm selection process Consulting service firm selection process This trend of the business strategy lies in the method of vetting and selecting the consultants. The recruitment cell uses online services to perform research for the determination of the consultancy that will best serve the needs. The trend is also shifting to the creation of in-house SWAT teams who do away with the need for an external consultant. 10. 10.Legislation shaping business Legislation shaping business The trend of legislation shaping business is prevalent in several parts of the world, including the US and the UK. While Brexit continues to affect the business strategy of consulting firms in the UK, while legal issues regarding intellectual property and work for hire affect work in the US.