Empowering Knowledge & Course of Acceleration: Consulting Industry of 21st Century

Meetu Bhasin, Director - Strategy & Planning, Ken ResearchHeadquartered in Gurgaon, Ken Research is a global market research firm offering a suite market intelligence services. Meetu is an innovative statistician with over 10 years’ of expertise in research modeling, analysis, project execution, facilitating client services and strategically planning and execution.

At present, every second industry engages its chores into research and development. A crucial step of this upgrading performance passes through the stage of consultancy. With technological upgradation and automisation in line, the responsiveness of investment into newer lines of mechanistic developments, market research firms play a pivotal role. This is a major push up for business consulting forums. The audience is often barbed by the question-what do these consultancies do? After industrial revolution, there is a new kind of revolution that marks the progress of the agricultural,industrial and tertiary sector industries, which is professionalism. These consulting firms, Ken Research being one such, provide their superior expertise to help various companies improvise on specific stage stuck developments, in investments into diversifies product lines and to cease problematic production advances. This is done by hitting at the right hotspots, precisely,

• Correct technological improvement - suggestion and implementation
• Operational improvisations-adaptation techniques
• Strategy planning - futuristic research building

The most basic question that pops is, this can be done within the endogenous frameworks of an industry;so why to seek help from an exogenous source revealing all the clandestine information? The most prompt answer is that it makes work competent and productive. Resultantly, there is a wide rainbow of industry market research sector, booming at an alarming rate. The employment provided by this industry is a billion-touching mark point. The working consultants have high internal synchronization, need-based skill, motive, company trajectory and most crucially economies of scale. With the rise in MNC culture, information technology is seen as latent source encroachment. The industry-wide changes, including capital and cost structure changes are adopted in and for a long run thus are produced at lower costs when data is collected across continents and
countries. This is a source of derived demand for modern consulting firms. Bridging informational loop holes, visualising time-efficient and cost-efficient strategies to fill these industry specific manholes,consulting industry with threshold on technological development has had its proceeds in the 21st century.

"Smart investment is required not just in capitalistic methodologies but by employing a smarter and a more responsible human resource"

Specialisation into future-rendering services and growing investment gives rise to a new type of competition among industry known as business leadership shareholding. There are broadly two ranges of consultancies prevailing in this industry. The smaller ones known as boutique organizations specialise in limited fields for advisory. The big business consultancies have equipped tools spread across human resource, operational management, strategic management, technology consultation and others. There is no astonishment if many of these consultancies intermerge for effective returns. The essential concept that leads to the acceptance of the industry in modern era is the translation of equipped future based on the futuristic language the company speaks with the help of professional advisory. These consulting tycoons decode the future language paving high risk/high return corporate cultures. Industry attracts fresh talent with its enigmatic pays and superior business ethics, dure to its every emerging development.

The shear focus within the industry has been on two new arenas that mushroomed recently. Starting with Information technology (IT) consulting firms which overcast major electronic advances including hardware/software designing, adaptation of improvised IT performances and practises,training employees on how to use these softwares comprehensively, handling social media market and help resolve IT related issues. Next in line are the Human resources/ staffing consulting firms which have become the right hand in bringing about changes in output and organization. Smart investment is required not just in capitalistic methodologies but by employing a smarter and a more responsible human resource. HR consultancies play their ace card to help companies manage the benefit and compensation dues, advisory on staff policies, recruitment processes, hire-fire workers, and in organising leadership training workshops. Firms assert to moral suasions and other methods for the same.

India realised the potential of this industry soon after the advent of the Liberalisation, privatisation and globalisation policy came into being. With the surge of globalisation, Indian companies led by the Birla’s asked foreign advisory for Hindustan Motors. Soon, magnetised by the success of this decision, many other Indian firms wanted to expand into the lines of business advisory since 1990s. Now, Indian consultants, particularly those in the IT world, are most sought after, not only in India but also by world powers, for developing their global businesses. TCS, Infosys, Wipro,Tech Mahindra, HCL Technologies, Genpact, Mphasis, and Mindtree are some of the leaders that have paved way across the globe for IT and outsourcing consultancies. Out of 10,000 big and small consulting firms in India, 6,000 of them are in the four metros of Delhi, Mumbai, Chennai, and Kolkata and are running with fruitful returns.

Although the dazzling side shines excessively bright, this industry too faces its dims eventually. One major issue that revolves is the distress caused to the workers. 60-80 hours of work a week is not uncommon. Conflict of interest guidance, policies, or procedures for consulting firms, the ability to participate in other roles, project phases, or contracts. Conflict of interest identification, disclosure, mitigation plans, procedures, and many more haunt the future of this diamond industry. At the least, technology is unsettling not every industry and consultancy stands out.