Technology impacted few industries the way it transformed the business consulting industry. It was a complete overhaul that changed not just how the consulting industry operated, but also blurred the lines between the different consulting categories.
Organizational consultant Tom Kalous is the founder of TDK Consulting located in Westminster, Colorado. He had also worked with organizations as a consultant, conducted training, and adult education programs on how to apply psychology to leadership. When faced with declining revenues, he says, many traditional consulting agencies had to incorporate technology-focused work and robust digital practices to survive in a changing market.
A Shift In Strategy
Digital technology created seismic shifts in the economy and how businesses were run in a way that the business consulting industry couldn’t ignore. The industry had to reinvent itself to keep up with technological advances. The transformation was more than just for optics, however.
According to Tom Kalous, when you’re consulting for an organization that has technology at the core of its operations, you can’t resort to traditional consultancy to draft your reports and recommendations. In the age of the cloud, you need to harness the power of data to redefine business processes, restructure business models, and offer insights that are in lockstep with the digital age we live in.
Keeping Up With The Times
The embrace of technology paid off as far as the business consultancy industry was concerned. For one thing, many clients were also going through a technology transformation and needed all the help they could get. So, in a way, embracing technology not only kept the proverbial lights on for the consultancy industry, but it helped it prosper as well.
The way Tom Kalous sees it, many businesses were struggling with updating their legacy systems and introducing new technology products into their infrastructures. That’s when developers, not MBA degree holders, became the backbone of many consulting agencies.
Client expectations were changing as well. Businesses were looking for innovative solutions and insights that the traditional consultancy methodology couldn’t provide. When your client needs a consultant that helps them implement new technologies or build applications, you need to have the right credentials and qualifications for the job.
Tom Kalous On Future Challenges
One of the biggest challenges that the business consultancy industry is facing these days is the ever-evolving nature of technology. Ironically, digital technology, which has propelled the recent boom in the consultancy industry, is revealing a side to it, many consultants had not suspected. Many new technologies become obsolete in record times. So, business consultants have to stay up to date with new technology tools and trends.
Another challenge that many consultancy agencies have to grapple with is the gap between technology and strategy. With so many technology products and services out there, consultants need to pick the right tools and create a blend or a package that combines the advances in technology with the best business strategies to satisfy a demanding market. Judging from its past, one can predict that the business consultancy industry will not only meet these challenges head-on but also find a way to thrive and prosper as it has done many times over.
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