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Evolution of Consulting

In a post-covid world, what are the big changes in consulting at present and expected to accelerate further in the future, compared to say 10 years back-- i.e. the classic management consulting setup? A couple I could think of are:

- Less client travel and more meetings via digital medium

- More breadth and specialized services such as analytics, digital, product development

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Top answer
Moritz
Coach
edited on Jul 26, 2022
ex-McKinsey EM & Interviewer | 7/8 offer rate for 4+ sessions | High impact sessions + FREE materials & exercises

Hi there,

It’s indeed an interesting question and I look at it from two ways:

  • What is going to (have to) change to stay relevant for clients? A higher degree of specialization is likely going to be part of the future value prop. There will be more experts either directly as part of CSTs or working in the back office to develop client solutions. Those specializations aren’t just restricted to digital, which is a terrible buzzword. It’s going to cover all areas of science, technology, and the humanities e.g. chemistry, medicine, neuroscience, data science, agriculture, geology, mining, psychology – whatever comes to mind!
  • What is going to (have to) change to continue attracting and retaining the best talent? MBB are facing a major challenge. They’re currently trying to address this but not very successfully, as evidenced by increasingly high churn rate. In order to really compete for the best talent, a fundamental shift has to take place, which is going to take time. That’s because the entire culture of consulting will have to change, which is very difficult to do. It remains to be seen what MBB of the future looks like as a place to work, but probably very different from today.

Curious to see other’s thoughts on this!

on Jul 28, 2022
your point on talent is a good one especially since at the core management consulting meant hiring really smart people to solve complex problems- smarts alone will not suffice as you need application as well.
Ian
Coach
on Jul 25, 2022
Top US BCG / MBB Coach - 5,000 sessions |Tech, Platinion, Big 4 | 9/9 personal interviews passed | 95% candidate success

Hi there,

Are you talking direct impacts from covid? Or just general trends.

Most trends that you'll see pan out in 10 years were already occurring pre-covid. That is, more implementation work (like digital transformations), more digital/tech work, more sustainability work, etc.

I'd say the jury is still out on less client travel. it's possible a hybrid model takes hold, but it's also possible we “revert” back to constant client travel. Facetime is absolutely critical to getting buy-in, getting a “feel” for the politics/environment at the client, selling additional work, etc. I wouldn't call it just yet!

Anonymous A
on Jul 26, 2022
I did have general trends in mind but they could be covid-induced and be resilient in long-term. Client travel is undoubtedly going to be curtailed for select industries simply because the for several firms, WFH/Hybrid is the new norm
on Jul 26, 2022
#1 Coach for Sessions (4.500+) | 1.500+ 5-Star Reviews | Proven Success: ➡ interviewoffers.com | Ex BCG | 10Y+ Coaching
Anonymous A
on Jul 26, 2022
Thank you. It looks quite comprehensive
Deleted user
edited on Jul 28, 2022

That's a great question!

I personally agree with you on both points. I think we will see more of a pivot to a more hybrid work environment, as the industry has had time to pinpoint which parts of the work can be done remotely more efficiently. I also think there will be many new developments of specialized services driven by client interests, as you point out. I would also like to see more work on global accountability and sustainability, given the global nature of the pandemic and response, and increased conversation around issues such as security and climate change. I thought Moritz's point about attracting the best talent was also quite interesting.

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