Digital Transformation: The New Frontier for Consulting Firms in an Era of Complex Projects

Deltek Report Unveils How Emerging Technologies are Revolutionizing Consulting Firms Amidst Rising Project Complexities and Shifting Priorities

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Key Takeaways:

  • Rising Complexity of Projects: Consulting firms identify increasing project complexity as their greatest threat, coupled with the need for skill development and adapting to client expectations.
  • Surge in Technology Investment: A substantial 73% of consultancies plan to boost their investment in emerging technologies, signaling a significant shift towards digital transformation.
  • New Corporate Priorities: Consulting firms are placing more emphasis on Corporate Social Responsibility (CSR), Employee Wellbeing, Diversity, Equity and Inclusion (DEI), and Environmental, Social and Governance (ESG) initiatives.

Introduction: Navigating a Transformative Era in Consulting

The consulting industry is at a crossroads, facing heightened project complexities and evolving client expectations. Deltek’s latest report, “Digital Trends: Unlocking Growth for Project-Based Firms,” sheds light on how consulting firms are turning to digital transformation as a strategic solution.

The Challenge of Complex Projects

Perceived Threats to the Consulting Industry

Consulting firms are increasingly perceiving complex project management as a significant challenge. Alongside this, developing the right skills and knowledge and keeping pace with changing client expectations are also seen as critical hurdles.

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Responding to Inflation and Economic Pressures

The current economic landscape, marked by high inflation and geopolitical uncertainties, is further complicating project management, necessitating a leaner approach to budgets and operations.

The Digital Transformation Drive

Increasing Investment in Emerging Technologies

A notable trend in the consulting sector is the surge in investment in technology. With 31% of firms planning a significant increase in their technology budgets, there’s a clear recognition of the transformative potential of digital solutions.

Overcoming Implementation Obstacles

Despite the enthusiasm for technological adoption, firms face considerable challenges, including inadequate training, limited resources, poor planning, and a lack of stakeholder buy-in.

Neil Davidson’s Insights

Neil Davidson, Group Vice President of the Professional Services Sector at Deltek, emphasizes the importance of digital transformation in addressing the growing complexities of projects. He notes the critical role of technology in resource management and organizational change.

Shifting Corporate Priorities

Emphasis on CSR, DEI, and ESG

The consulting industry is witnessing a shift in focus towards CSR, Employee Wellbeing, DEI, and ESG. More than half of the firms surveyed are now placing greater importance on these issues.

The Evolution of Consulting Firms

This shift indicates a broader change in the consulting landscape, with firms increasingly recognizing the value of social responsibility and inclusivity in their operations and corporate culture.

Growth and Profitability Outlook for 2023

A Profitable Year Ahead

Despite the challenges, consulting firms are optimistic about profitability in 2023. This positive outlook is fueling plans for workforce expansion and talent acquisition.

Casting the Net for Global Talent

The industry is set to grow, with many firms looking to significantly increase their workforce sizes, potentially tapping into a global pool of talent to meet their evolving needs.

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Methodology: Unpacking the Survey

Comprehensive Industry Survey

Deltek’s survey, conducted among senior decision-makers from consulting firms, provided valuable insights into industry trends, challenges, technological adoption, and corporate strategies.

About Deltek

Leading the Charge in Enterprise Software

Deltek, a global leader in enterprise software and information solutions, caters to project-based businesses. Its expertise in project intelligence and management is crucial for consulting firms navigating the digital transformation landscape.

Source: https://info.deltek.com/digital-trends-uki-firms?sourceid=11&utm_source=press-release&utm_medium=media&utm_campaign=EMEA-UK-CAR-Missive-Nov-2&partnerref=media_press-release_EMEA-UK-CAR-Missive-Nov-2


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