The consulting space is massive. Even if it were to shrink by 50%, there would still be money for the people who know how to do it. That remark, though not particularly insightful, will always be correct and evergreen. India has been globally recognised for its speedy development, leading to an extensive expansion in the consulting sector. The future of consulting is all about resilience and start up. The future of consultancies in India based on the current and future prospects of the various sectors; will have critical success factors.
Increased demand for consulting services by domestic and foreign firms sector in India is consistently growing. Today, nearly all industries are undergoing massive change. Rising opportunities due to booming economy and growing demand for consultancy services are key factor for growth. The total market growth might slow down a bit, but there will be considerable shifts amongst the market segments. Traditional management consulting will stagnate and nearly merge with IT consulting. In general, there will be a shift from traditional advice to implementation. This implies that clients will express the wish that their consultants share more risks of the projects.
In a world of growing complexities, it is critical to ensure sufficient distribution of the existing knowledge throughout the company. Large consultants will face structural problems. This would limit their ability to raise capital and slow down decisions and changes. Some might even consider going public due to enormous management incapacities. This would be an opportunity for other players to enter some poorly serviced fields. Also, small firms are consistently thriving by becoming exquisitely specialized. They could network to fulfil complex needs which would enable them to become medium sized consultancy on project basis.
Other changes will occur through new entrants. Attracted by the impressive market growth, many non-consultancies will establish consultancy-divisions. An entry of sole practitioners and small consultancies is expected. This wave of new entries will have dual effects. An increase in the competition would be evident, leading to mergers and acquisitions or breakdowns. And, since there are no legal regulations as to who can call himself a consultant; there will be quality problems in some cases which could damage the reputation of the whole industry.
Faisal Amin
The co-founder of Fruitbowl Digital. Faisal was recognised as 50 Best Digital Marketing Professionals in the country. Faisal is also responsible for strategic direction and business development strategy of Fruitbowl Digital. He strongly believes that the future of marketing lies in integrating offline and online for an enriched user experience.
Website : www.fruitbowldigital.com