Organizations are exploring multiple avenues and are constantly increasing their efficiency in a bid to remain competitive in the marketplace. They are constantly taking strategic and tactical decisions to tweak functions within an organization in a quest to become the best. However, it cannot be possible for them to possess information relating all industry verticals and business functions. In addition to that, expertise relating to a particular function can lie outside of the organization. Consulting service providers have emerged onto the scene to help such businesses achieve excellence in every field and assist in their decision-making process. For instance, financial consulting services firms employ specialists who work with the company and provide them with professional advice to manage their financial transactions better. The market for consulting services has currently witnessed growth due to major technological advancements that offer more than just a human expertise.
- Portfolio analyzer helps buyers to view a visual representation of their current portfolio and potential portfolio for expansion. This application assists the decision-making process by identifying high-growth and high-profit businesses and suggests the current level of investment in such business units
- Cloud-based CRM solutions help capture all client interactions and helps identify gaps which assist in discovering business opportunities to accelerate growth. For instance, Adams Consulting increased their business by 60% using CRM software to gain new clients and maintain existing ones
- Deloitte Consulting and Accenture are using integrated ERP and professional services automation which can provide real-time insights on problems and notify the user instantly, without having consulting services firm to perform repetitive administration tasks. The ERP suite can reduce the cost base by about 50% and invoicing cost by 25-75%
- Data analytics is increasingly being used across all business functions, and financial consulting is no exception. Data analytics tools can process the large volumes of data produced by finance departments, and relative insights and findings can be communicated to the clients to formulate financial strategies
- Financial data is of a very sensitive nature and makes data protection their top priority as a result. Consulting services firms are using advanced cryptography and PKI tools to protect such confidential data
- Delloite launched iDeal, an integrated system of M&A analytics tools, process, and techniques to extract potential target’s data to deliver real-time insights, which, in turn, increases the efficiency of M&A phase