Is Management Consulting a Growing Field?

The management consulting industry is in a constant state of flux, adapting to the ever-changing business models, digitalization, freelancers, and the influx of SMEs into a crowded market. Kaizen principles have become commonplace in today's manufacturing lines, and the management consulting industry is no exception. It has adopted relevant parts of these principles to keep up with the increasing automation and changes in business models and operations. MBA graduates are the main contributors to consulting firms. Multicontracting is a popular practice, with large generalist firms partnering with small specialists in specific niches; management consulting firms collaborating with consultants outside their sector; and consultancies teaming up with academics, digital agencies, and technology companies.

Consulting services are no longer solely reliant on human beings for research, analysis, processes, management, and facilitation. Retention is becoming an issue for consulting firms, so they are shifting their focus from people to products. Experienced management consultants have a lot to offer companies of various types, and their skills and experience can be transferred to a variety of leadership roles. Multicontracting can take many forms, such as large generalist companies partnering with specialists from smaller niches; management consulting firms collaborating with consultants from outside their sector; and consultancies teaming up with academic institutions, digital agencies, and technology companies. These collaborations are similar to collaborative consulting firms - a disruptive business model that allows customers to gradually hire specialized companies or independent contractors that quickly provide them with the necessary products and services with little or no overhead costs. However, they differ from them in that they are not based on a flat rate system.

For example, if you're a first-year consultant, some companies might internally refer to that consultant as C1 and a second-year consultant as C2. The management consulting industry is continuing to evolve in order to keep up with the changing times. As automation increases and business models shift, consultancies will need to adapt their practices accordingly. This trend will transform consulting from its current business model of billable, time-based hours to a flat rate system.