Impact Of COVID-19 On The Business Consulting Industry
The COVID-19 pandemic has caused much crisis and distress in the global economy and just like every other industry, the business consulting services also faced a severe blow. As per the research done by Consultancy.org, the global consulting industry is set to lose up to a revenue of a massive $30 billion by the end of 2020. The net worth of global consulting industry in 2019 was around $160 billion and needless to mention, the corona pandemic has resulted in massive project cancellations and further delay of many lucrative plans which could have boosted the revenue of consulting industry in 2020 to a whole new level.
Very recently, Source Global Research collected the views and perspectives of consulting firms from all over the world and as per that report, it was concluded that COVID-19 could potentially reduce the size of the consulting industry by a staggering 19% which will result in the downfall of consulting industry’s worth from $160 billion to $130 billion as of 2020. Being working as a business consultant in Kolkata and as a business incubator, I can actually feel the losses suffered by the consulting industry. But with this negative impact, the pandemic has also brought some opportunities for consultants. This is absolutely known to everyone that plethora of startups as well as established businesses all over the world have been adversely affected and are wondering how to effectively and efficiently deal with this situation and the economic consequences, that is the reason why business strategy consultants and startup incubators are still in demand. Businesses and startups need business consulting services and startup incubators in order to sustain this pandemic.
Just like every other business, independent consultants have already started adapting to this new normal. It is true that almost all the consultants have to work from different parts of the world for their projects but the current trend of digitalization and technologies is the key factor which is helping business to survive and sustain during this time of crisis. Technologies have definitely made the job of consultants much easier by bringing their clients and work-life much closer to them. Digitally helping the clients is the new mantra which all the consultants around the world have adopted. This is the time when businesses and companies need consultants more than ever and business development consultants help those businesses and companies by advising them on how they can restructure their activities and on which fields they can apply cost-cutting.
This digitally centred approach is definitely going to be a long term thing and this can also help to consult firms offer their services while eliminating their travelling and other expenses. Being a business consultant in Kolkata, I understand that the collapse of the economy has definitely disrupted the process of working but with digitalization, we can surely overcome this situation.