Digital transformation in the world of consulting
Digital transformation is the amalgamation of digital technology into all business lines, mitigating how we operate and deliver value to end-users or customers. Organizations need this cultural change to continually challenge the status quo, market competition, experiment and prepare in advance of failure. Digital transformation is a business transformation, where organizations need to evolve to address the ever-evolving business landscapes. Studies say that 40% of all technology spending is seen to go to digital transformations.
“ Around $2 trillion was the total enterprise spending on digital transformations in 2019”
How important is Digital Transformation in the Consulting Business?
The world of consulting is no exception in this regard, and in fact, the consulting industry is one of the rapidly adopting industries to this change. In the near future consulting solutions backed up by technology will become the ultimate winners. This will result in the rise of the importance of IT and associated qualifications, and the war-for-talents in consulting will get even tougher than today. Many consulting firms initiated various, innovative strategies as a source to empower their digital transformation projects, which has undoubtedly introduced change, more keenly in how experts handle modern duties.
Data is an exorbitant resource in the present day. Artificial Intelligence(AI) can process, handle, and analyze a huge pile of data efficiently faster than humans. This is an added advantage to the consultant and it provides accurate information and insights into many areas of business across a variety of verticals namely sales, operations, risk assessment, revenue assurance, supply chain management, etc. Usage of Digital technologies like automation and AI not only enables the companies to improve their business but also helps in delivering accurate and better results to the clients.
“68% of executives believe that collaboration between people and AI will be key to the future of businesses”
The rise in Robotic Process Automation (RPA) is helping companies to eliminate routine designing and maintaining paperwork. RPA allows us to automate routine tasks like administrative tasks, billing, accounting with the help of smart software bots making our business process automation fast, error-free, and intelligent. Consultants can use the very well saved time by automating the creation and delivery of various required records and data. With the help of AI and RPA, devices can make critical business decisions. Sophisticated AI-powered devices can be used in decision-making as they are empowered with high-power logical and decision-making units which can take business decisions at ease and with accuracy. Having lots of data, predictive analysis and forecasting methods can be used to transform massive information into actionable insights for pragmatic decision making and yielding better results.
On an ending note, digital technologies like AI and automation have huge potential in the consulting industry. Even if there’s still much work and research to be done when it comes to automated self-service consulting, all consulting firms should incorporate AI and automation into their processes at some level, in order to grow their client base or increase customer loyalty through increased efficiency.
REFERENCES
[1] “State of the CIO by Beth Stackpole”, [Online]. Available: https://images.idgesg.net/assets/2018/01/state_of_the_cio_01_ciod_winter_final.pdf
[2] “Fujitsu Identifies Six Success Factors for Digital Transformation”, 12 Jul 2018. [Online]. Available: https://mashable.com/2014/01/21/amazon-anticipatory-shipping-patent/.
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