Why are Business Strategy Consulting Firms Becoming so Popular?
There are more than 700,000 business strategy consulting firms worldwide, and the number is expected to increase. What has led to this boom in business consulting? Here are three possible reasons:
More consulting firms are using data analytics to accurately identify industry pain points;
Advanced firms use offshore technology to maximize existing resources and infrastructures; and
The best consultants focus on sustainable long-term strategies.
Now is perhaps the best time to hire a business strategy consulting firm to help your business reach its full potential. Whether you need help understanding your pain points or you want expert guidance on how to make the best use of your resources, consulting firms use modern technology to make it possible.
Business Strategy Consulting Firms Understand Your Pain Points
Do you know what your pain points are? Business owners not only need to understand the problems their companies face internally, but they also need to know what issues their customers deal with as well.
Generally, most business owners already have some idea of what their company and customers’ pain points are. However, some are more difficult to spot than others.
For example, some common issues that modern banks face include:
Implementing user-friendly online banking systems for customers;
Switching from batch processing or mainframe computing to faster, more modern cloud-based technologies; and
Securing customer information in the cloud.
Additionally, a banking customer’s pain points usually include:
Navigating complicated online banking services or user interfaces;
Receiving financial services that they don’t need; and
Wanting additional financial services that the bank doesn’t provide.
Every bank will also have challenges unique to its customer base.
Business strategy consulting firms help banks and other industries identify these specific pain points using services like advanced data analytics and Business Intelligence (BI) technology. They help you find patterns in data and analyze whether your business is operating at peak efficiency.
Consultation firms use exploratory data analysis to get an accurate sense of what your customers’ pain points are—even the pain points they may not realize they have. For example, demographic analysis may lead to the discovery of a new banking service that many of your customers need and that no other bank in the area provides.
Likewise, consulting firms can perform a thorough BI assessment, gathering all of your existing data, analyzing it, and gleaning important insights from it. This may lead to changes in your internal business strategy, improving the efficiency of your daily operations.
Without advanced data analysis and BI assessments, it’s impossible to accurately identify all of the pain points that your company and your customers face. Modern business strategy consulting firms perform this vital analysis for you, saving you time and money while improving the quality of your services.
Consulting Firms Work with Your Infrastructure and Resources
Another reason why more industries are hiring business strategy consulting firms is because they work with the company’s existing infrastructure and resources. In other words, you won’t necessarily be required to install any new hardware or purchase licenses for expensive software.
Today’s best business strategy consulting firms usually perform data analysis and BI assessments offshore. This means that the firm licenses all necessary software, maintains the hardware, and hires technology experts to process data properly. This factor is especially important for small or mid-sized business owners who don’t have the space, time, resources, or budget to overhaul existing systems.
You’ll get a customized business plan that takes into account the staff, technology, and current technological expertise. For example, an experienced consultation firm won’t require your employees to learn how to analyze data by hand or navigate a confusing BI portal. Instead, the best consulting firms will minimize the learning curve and come up with a clear business strategy that is both easy to implement and maintain long-term.
Experienced Firms Focus on Sustainable Long-Term Solutions
One of the greatest challenges that business owners face when they come up with an effective business strategy is that it’s difficult to know which ones will have a lasting impact. You might come up with a strategy that works well now. However, as technology evolves, that strategy could become obsolete.
In banking, batch processing used to be standard. However, many modern banks are moving to faster transaction technology in order to provide better services to their customers. As these cloud-based transactional technologies become more secure and reliable, more banks will need to make this transition in order to stay competitive.
Business strategy consulting firms can help businesses identify similarly important advances in technology. They can also help business owners decide which technologies will have a long-term impact on the industry and which will be short-lived.
Banks are often slow to change because moving to a new business strategy can be expensive and time-consuming. There are many costs associated with implementing a new technology, hiring and training staff who understand it, and creating a new user-friendly interface for customers. It’s important to choose a strategy that is sustainable and forward-thinking.
Experienced business strategy consulting firms have knowledgeable technology experts on staff. They can help you create a plan to address your current pain points while leaving room for progress. Their experts will make your business more flexible, allowing you to integrate new technologies without compromising your bottom line or core strategy.
How to Find the Best Business Strategy Consulting Firm
Although business strategy consulting firms can help your business immensely, they’re not all created equal. After all, there are hundreds of thousands of companies worldwide that provide these services, and not all of them will be the right fit for your needs.
Look for firms that understand your industry’s specific pain points, are willing to work within your infrastructure and that offer effective long-term solutions. Additionally, top-quality consulting firms provide all of the technology and IT staffing for you. They offer you a clear business roadmap based on real data gathered from your customers and operations.