Interesting article on the key strategic challenges facing UK consulting firms, although most of these are also relevant for other professional service firms. Call me old fashioned but, for me, attracting/retaining the right talent and becoming/remaining a trusted adviser remain the top priorities in an ever-changing and more competitive world. With these in place, although not guaranteed, the rest should become more achievable.
There’s no question that firms need to act, though. A firm that tries to keep charging high rates for what’s now seen as “commodity” consulting will find its clients drifting away to lower-cost providers. At the same time, if they don’t pay close attention to how demand is changing, firms risk missing out on big opportunities to consult around risk, regulatory change and digital transformation. Firms must keep a close eye on which services are popular and adapt their fees and expertise in line with changing client demands.