Consulting start-ups provide tremendous support to companies and assist them across various fields such as business strategy, manufacturing and supply chain, sales and marketing, human resources, and so on. These companies have to tackle many challenges, since they cater to a variety of fields.
A consulting start-up offers its clients a wide variety of services. These start-ups help their clients to formulate business models, reduce costs, predict risks, and innovate products. This, in turn, helps companies to strengthen their processes for managing talent, staying compliant, and recruiting staff.
The prime focus of consulting start-ups is to ensure that their clients stay ahead of the competition and adopt digital technologies or adapt to rapidly transforming geopolitical situations. These consulting start-ups solve every problem of their clients and provide them with the best solution.
These consultancies are in a growing stage; accordingly, they face tremendous challenges. They come across many clients who demand more services at lesser costs; some push back against billable hours and required fees; many others also ask for greater transparency on costs.
In today’s age, any organization has to be innovative and swift so that they can survive in this competitive business environment. Nowadays, clients demand more value and better-quality services at a faster pace and comparatively cheaper rates. Additionally, they also want these consulting start-ups to be transparent and accountable for the services they provide.
Many consulting start-ups are gradually emerging in the horizon. As a result, there is no longer any monopoly on specialized knowledge. Every company has a huge amount of information at their disposal owing to the internet. There are many firms available in the market which provide excellent services at reasonable rates.
Another challenge that consulting start-ups face is of earning healthy profits. Clients have a variety of choice of services at their disposal. Hence, they can demand for greater value of service at cheaper rates. Moreover, if any new consulting start-up enters the market, it creates further competition.
Many new independent consultants are emerging quickly with the assistance of various freelance portals This leads to more competition, while narrowing down the window of profitability.
It is very important for consulting start-ups to remain wary of the growing complexity of project environments. To make sure that they survive in this complex macro ecosystem, they need to provide their best advice. Additionally, since the industry is global in nature, it compels these start-ups to deliver more projects overseas. Hence, they have to join hands with subcontractors, partner companies, and/ or independent service providers. These consulting start-ups must make sure that the project is completed quickly, on tighter budgets, while fulfilling the customers’ requirements.
These start-ups have to take the responsibility of carefully dealing with numerous confidential information of the clients, some of which may include strategic information, commercial and personal data. These crucial data, if fallen into wrong hands, may cause serious threat to companies. Accordingly, these consulting start-ups also must ensure protection from hackers and data breaches.
There are many prominent start-up consultants, who are changing the game of the consultancy business with their dedicated efforts and their innovative manoeuvres. They focus on providing the best services to the clients. They also pay top priority to client security and convenience.
To know more about the leading consultant start-ups, flip through the pages of our latest edition of CIO Look India – 2021’s Best Consulting Startups and enjoy.
– Ananda Kamal Das