siliconindia | | November 20189ups are adopting digital technologies for bringing innovative services to its clientele, the well-established busi-nesses are switching to AI, Robotics, and Machine-Learning technology for transforming their business culture and bring agility into their organiza-tions. For serving the counseling or-ganizations, the consultancy firms first have to adopt the disruptive change themselves and train their workforce enabling them to provide quick, prof-itable, and smart solutions to the cli-ents. AI and automation significantly boost the productivity of the consul-tants and the customer experience. For example, with the Robot-ic Process Automation Devices, the consultants can keep the mundane admin activities like creating invoic-es, matching payments with the cor-rect invoice, keeping daily records. With AI-powered systems, they can make better strategic and data-driven decisions and thus, propose result-ori-ented solutions. Usage of AI-like technologies can enhance the firm's business processes as well as bring innovation to the services promis-ing them the higher growth. But, the budget, implementation, and training issues will be a great challenge for the consultancies. Gig EconomyGig economy or open talent econo-my reshapes the way how business works. Because on-demand talent costs cheaper than a traditional coun-terpart and is specifically hired for working on a specific project, the or-ganizations, especially the consulting firms are embracing the system of gig economy. For consulting firms, it is one of the best ways to tap on the right talent specialized in a particu-lar area bringing to their clients the much-needed skill set and experience. However, quality of work, immedi-ate availability, the efficiency of the non-permanent staff is a concern for the HR managers. The revenue generation for the consulting firms depends on the strat-egies and services developed by the consultants in close interaction and collaboration with the clients. They might even require field-tests for which many on-demand or freelance employees are not ready. Also, the consulting firms have started going digital with intuitive platforms and software for which they have to pay a hefty subscription amount. Misuse or exploitation of such paid tools and software and the manipulation with data meant to be kept confidential is a threat for the consulting firms. Unlike traditional employees, the consulting firms have to face a tough time while grooming the flexible workforce and encouraging them to take a proactive approach to project completion. Performance-based Billing System Moreover, the consulting industry has also witnessed the emergence of fees based on outcomes or perfor-mance-based billing. In such a pricing system, the work hours of the consul-tant are not considered at the time of billing, instead, to which extent does the consultant achieve the objectives and targets given by the client matters. Not only such pricing style saves the client from paying extra bucks to the consulting firms based on the lengthy hours taken by the sluggish consul-tants, but also provides the consultant firms a benchmark to attain in order to prove their worth. However, the small-scale consulting firms lag be-hind when it comes to implementation of this performance-based billing sys-tem. Many a time, the client does not agree to change the tentative amount proposed to him earlier after the con-sultant achieves success. The effec-tive implementation of the perfor-mance-based billing totally depends on the sophistication of both consult-ing firm and the clients entering into the contract.Moreover, one of the biggest nightmares the consulting firms have is by the time a consultant prepares a research report or any strategic plan for the client after collecting data, analyzing it, and pilot testing, those trends and issues become outdated and are replaced with the new emerg-ing disruptive forces. Such vulnera-bilities affect the revenues of small-scale consulting firms which do not have an easy access to Big Data, Data Analytics, Cloud, and other cognitive technologies. However, the consult-ing giants who are the early adopt-ers of dynamic next-gen technology dominate the market leveraging the relevant insights, automation devic-es, and scalable data gathering. They are better able to advise clients on the seamless implementation of disrup-tive technology as they themselves harness the potential. AI and automation significantly boost the productivity of the consultants and the customer experienceLalit Khanna
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