As a result of the Coronavirus pandemic, the economy has experienced massive effects, resulting in an impact on consulting as well. Covid-19 has had a significant impact on the industry’s growth, but in a new forecast, researchers estimate global consulting might lose $30 billion in 2020 based on the damage.
In the last 12 years following the financial crisis, the global consulting industry has grown significantly. There are now more than $160 billion in consulting revenues on the planet, but with the eruption of the Coronavirus pushing many sluggish economies into recession, clients are delaying projects, reducing their scope or cancelling them altogether. Due to this, consulting revenue is suffering.
Source Global Research gathered opinions from hundreds of consulting firms around the world to understand what impact this is likely to have. In a subsequent analysis, Covid-19 estimated that the consulting industry could shrink by 19% between 2019 and 2020, with the second and third quarters of 2020 projected to be the worst periods for negative growth. There will be large variations among regions, countries, industries and types of firms despite Source predicting a rapid recovery before the end of the year.
The Covid-19 crisis is putting tremendous pressure on public healthcare, so it stands to reason that consulting in health will see a precipitous drop in demand. When the chips are down, clients will not find consultants to be a good use of resources at this time, even though consultants boast of saving resources, improving patient experiences, and doing more with less.
There will be a huge drop in revenue from treating the virus, and whether they recover will be dependent on whether governments reverse their policy of privatizing healthcare systems in the wake of the sudden strain placed on underfunded systems. There may be a lessening need for consultants when health systems are adequately resourced, as there may be less of a need for them to cut and save. Consultants will be called on undoubtedly if the world gets back to business as usual, however, to help hospitals address the severe lack of capacity revealed by Covid-19.
has been helping out a firms deal with the COVID-19 crisis in resolving issues to make their firms more flexible in the future, to prepare for future lockdowns, and measures where they can still operate without being hurt by measure which restrict the economy..
Adapting to tomorrow’s business challenges is paramount for consultants today. A lifetime of experience isn’t enough to keep up with the fast-paced world we live in today. In COVID-19, experts demonstrated that they cannot solve all problems alone – they need partners who understand them, who can step out of the way when necessary, and who can share their experience in an approachable manner. The question is: What are your goals? An understanding partner or someone who is just going through the motions?
CEO of Assuras, Tyler King, states that often the best course of action for addressing a problem begins with breaking it down thoroughly and learning exactly what is going on, which benefits from having a fresh new perspective. Bringing in experts where work is done will eliminate bias stemming from executive involvement, allowing them to work efficiently without getting bogged down by prejudice – implementing proactive strategies before identifying new challenges becomes more difficult.
is known for adhering to strategies that are rare in this world, but these strategies are capable of delivering lasting success. Assuras CEO Tyler King, a graduate of Harvard University’s prestigious leadership program, has been quoted multiple times as saying they do things differently. Assuras uses Lean or Six Sigma methodologies in addition to their own unique blend that has proven to be the most effective.