Consulting firms have traditionally employed a business model where they hire smart young talent, groom them and help them build expertise through strong apprenticeship models, and then charge clients fees to utilize that expertise for specific periods of time to help solve critical issues. This has led to the creation of a highly respected USD 450bn industry which has been growing at a rate of approximately 4% annually, significantly higher than global GDP growth rate.
However, despite this strong momentum the consulting industry is undergoing meaningful changes – advancements in technology, data democratization and evolving client expectations are all creating pressures as also opportunities that are enabling new business models to emerge.
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