Consulting Best Practices

Strategy Consulting: Reasons for Failure

As online interactions continue to grow, the needs of a large proportion of clients are changing. The prevalence of data has changed clients’ needs. Clients are now looking for insightful analysis to identify market trends and potential drivers of future change. They no longer need strategic consultants to advise them; instead, they want consultants to put technologies and products in place that give them a competitive edge. In this article at Forbes, Jeroen Kraaijenbrink explains why strategy consulting must change.

The Changing Client Needs

Today, companies have more in-house skills and tools. They are becoming more effective in using their data. This is enabling organizations to continually iterate and evolve. Furthermore, clients face more budget constraints than before due to the threat of recession and low GDP growth levels. Therefore, clients are looking for more flexible deployment models that can be delivered at a lower cost.

Why does Strategic Consulting Fail?

No Growth or Innovation

If a strategic consultant does not focus on a product’s growth, it would undoubtedly lead to failure. Many strategic consulting firms failed due to a lack of relevance, innovation, and growth-related approach. Therefore, as a consultant, you must constantly adapt to evolving industry standards.

Lack of Flexibility

If you are static and forcing your clients to follow what you say, your strategies will not prove fruitful. Flexibility in strategic consulting makes a huge difference. Determine if there are new technologies in the market that could help you serve your cause in a better way and adopt them.

Measuring Your Success

Understanding if your strategy is working is a step away from determining what works and what does not. Ensure that your strategies are well-planned and organized to improve your clients’ growth and success rate. Measure these key factors to know where your strategy is heading.

Being a strategy consultant demands a lot of hard work. To be the best strategy consultant, you must possess an industry-oriented skill set combined with flexibility and real-time experience working projects. To read the original article, click on https://www.forbes.com/sites/jeroenkraaijenbrink/2020/02/13/strategy-consulting-needs-to-change-and-this-is-how/?sh=63b7298c8675.

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