In a world where adoption cycles are shortening, as frequent innovation becomes the new norm, consulting firms are helping companies migrate from the 'Industry era' to the 'Digital era' stopping them from losing ground to newer entrants and to new business models that are poised to disrupt the markets.
Consulting opportunities in the digital era
The boundaries between the digital and physical worlds continue to blur with profound implications in the way we do business. Technologies such as mobile, cloud, big data analytics and AI can speed up activities and lead to cost savings in the company’s current business model. But these gains can be quickly matched by competitors. Instead, to be able to create and capture sustainable value, companies may have to re-think their business models to take advantage of the new opportunities presented by ‘digitalisation’. For example, Hilton took a century to build its portfolio of hotels; Airbnb capitalised on residential housing to build an even larger portfolio in just 5% of the time.
Demonetisation showcased how quickly a new payment model like Paytm was adopted and became mainstream, adding convenience and security, especially amongst millennials. A recent Forrester Consulting research study that asked decision-makers about strategic priorities for their businesses, found that the number one priority was improving customer experience, followed by growing revenues, improving differentiation and reducing costs. In the digital era, companies would have to do these things differently. What is the nature of work being done by consultants in this space? What opportunities do they see evolving? What innovative approaches to running businesses do they foresee? The consulting conclave gave valuable imsights while answering these questions.