As the world moves towards the end of the first decade of the 21st century, management consulting remains one ofthe growth areas regardless of the industry you are working in. There are lots of reasons for this, past downsizing efforts, an attempt to gain competitive advantage, the search for leading practices and a whole range of other areas.
However, not all areas are created equal and the next 3 - 5 years are going to be particularly booming for certain sectors of the professional services industries. This 5 part list is an attempt to try to see into the future to detect where consultants could be very profitable in the near future.
1. Infrastructure. It aint sexy but it is booming. In almost any country in the world there is a renewed interest in infrastructure consulting and management. From the USA, where the falll of the Mississippi bridge seemed to be the starters pistol, through mature markets of Europe and the UK, through to emerging markets like the Middle East and India.
Best placed here will be management consultants with the ability to offer services in physical asset management, capital spending optimization, project management and commissioning services. Geography is going to be an issue for this area. Unlike technology consulting infrastructure consultancies will need to be local or able to get local.
Steve Bird, Independent Infrastructure Consultant in the UK focuses in on the water industry saying that "identification of appropriate good practice for the water industry with an auditable standard" will be one of the key consulting growth areas in the USA.
2. Learning and development.Leo Irakliotis, a Chicago based educator and consultant believes that "Companies realize the importance of narrowing the gap between the expected skill set and the skill set acquired in college or in previous employment, for new hires.
Strategically planned L&D, with specific methodologies, an in-house team of experts, and a network of proficient consultants and subject-matter experts is a critical growth tool."
As the resource base continues to wane, and recruiting continues to be one of the chief issues facing consultancies, an ongoing approach that includes L&D at its core will become more and more important.
Consultancies with a proven track record in training and employee development will benefit best from this. However, geography will not be an issue with the growth in Internet training technologies and remote consulting techniques.
3. Communication. "There's just so much change going on right now, and every time you turn around, some other company is coming out with something new that needs an explanation...whether that be writing (especially technical but also in such arenas as blogging and copy writing), speaking in front of groups, communicating ideas to a team, or public relations." Thomas "Myerman" Myer, Triple Dog Dare.
4. SaaS. A no brainer in todays market. Consultants will be challenged to engage with this booming area quicker than they are currently. There are a whole host of ideas ion our recent post here. Basically this is a trend that is going to continue, one that SAP and Oracle founder Larry Ellison have already committed themselves to, and one that Salesforce.com has already positioned itself as an early leader in.
Whether it be through business processes, delivery of niche programs, or through the integration layers that always accompany IT advances, there can be no doubt that this is a growing area of revenues for management consultants.
5. Recruitment. Another easy one, but not in the shape it is in today. Finding key skills in todays crowded market place is going to continue to be a skill that will make or break organizations all over the world.
Consultants in this area with a proven advantage will be those who can generate innovative ways of delivering high skilled employees to companies throughout the world. This could be in the form of growing networks such as LinkedIn, through innovative uses of Interim consulting practices, or through provisions of remote services where possible.
The great opportunities offered in this area are already driving the economy of India in particular, even through their own estimates state that 50% of engineers within that country are not fit for international work.
