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The coronavirus pandemic has taken a heavy toll on the management-consulting industry.
© Samantha Lee/Business Insider
The coronavirus pandemic has taken a heavy toll on the management-consulting industry. Samantha Lee/Business Insider
The market for consultants has declined this year to an estimated $132 billion from $160 billion because of decreased client demand, according to research platform Statista. The crisis put a strain on corporate budgets, forcing some to cancel or pause projects with major clients. Giant advisory firms including KPMG and Accenture have laid off thousands of workers, and some consultancies like Ernst & Young have deferred promotions and performance bonuses for employees.
COVID-19 forced leading consultancies to cut travel budgets, shut down offices, and collaborate remotely with clients and colleagues.
The novel coronavirus has fundamentally changed the way consultants do business. Business Insider reviewed research and spoke with prominent leaders at major consultancies like PwC, KPMG, and
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BOSTON, Oct. 6, 2020 /PRNewswire/ — According to a new book by three veteran Boston Consulting Group (BCG) senior partners, unprecedented instability and uncertainty are scrambling the traditional playbook that companies have used to compete and succeed in the past 50 years, and a wholesale reimagining is required for sustainable success. Based on firsthand research into more than 50 major global companies, the book, titled BEYOND GREAT: Nine Strategies for Thriving in an Era of Social Tension, Economic Nationalism, and Technological Revolution by Dr. Arindam Bhattacharya, Dr. Nikolaus Lang, and Jim Hemerling, publishes today.
BEYOND GREAT contends that “great is no longer good enough” and reveals foundational new rules for going beyond. It highlights the disruptive forces transforming the global economy: rising discontent with capitalism, increased strain on the natural ecosystem, heightened geopolitical conflict, and technological revolution happening at breakneck speed.
“The range of disruptive