5 Consultancy Trends to Watch Out for 2023
Clients will have distinct preferences this year and onto the next. Learn more about how value, reliability, and authenticity can help you get a headstart in the consulting industry in 2023.
With market conditions becoming difficult to grasp and predict, clients are becoming more specific about their requests than ever before. Consulting firms need to step up and provide better value than competitors.
Find out what trends you need to watch out for in 2023 to get a headstart:
1. Increased need for digitization as consumer demand evolves
The pandemic has caused consumers across industries to have different needs, preferences, and priorities— changing buying patterns and making the factors that go into the buying decision unpredictable.
Digitization has become needed more than ever before. Only through digitization can businesses quickly gather data to understand their customers better and provide more personalized service.
Overall, this helps provide more value that is needed to establish customer loyalty and differentiate the brand from competitors.
2. Rise in adoption of cloud technology for changing workflows
The shift to remote working is expected to continue even until 2023. This is why the demand for cloud services remains— which applies not only to consulting firms but also to clients.
Popular consulting firms like Accenture and Deloitte have already made moves to invest in cloud infrastructure. AI-enabled analytics solutions were also integrated into the system to enhance the way consulting firms operate.
3. Expansion of workforce to global levels
Markets all over the world are expected to continuously recover after the pandemic, with businesses across industries scrambling to learn more about the market conditions and business environments. Consulting services will continue to be in demand.
In fact, by 2025, the industry has a projected growth at a CAGR of 9.9%, reaching US$91.38 billion.
4. Retention strategies explored
The surge in demand for consultants sparked competition among consulting firms, especially when it comes to specialists. Retention strategies need to be re-examined and explored to learn more ways to retain top talent.
For example, firms like Deloitte and PwC announced a new flexible working arrangement for their employees. Other long-term policies for staff retention, such as retirement and health packages need to be re-examined and explored as well.
5. More adoption of Environmental, Social, and Governance (ESG) measures
Environmental, Social, and Governance (ESG) measures are those set of standards used to measure a company’s ability to sustainably and ethically operate, taking into consideration, its environmental, social, and political impact.
These standards have been increasing in popularity in recent years, especially with the rising pressure from the consumers themselves for companies to protect the environment or to address existing social issues.
How to Get a Headstart as a Consulting Firm
With these identified trends coming for 2023, there are three things that consulting firms need to prioritize:
- Gather as much market data as possible
- Improve value and impact on customers by providing personalized services
- Use technologies to improve employee experience, engagement, and retention
Learn more about using technologies designed for consulting firms with our experts at Saphyte. Get started by booking a demo here.