In so many ways we are living through a transition period, going through quarantines from pre-COVID times to post-COVID times. Not only has this impacted and permanently changed the way billions of people around the world currently live, but it will also impact how business are run, clients are engaged, and how the economy functions in the long term.
Overall, executives seem to have a positive long-term outlook. Many analysts are predicting that when a vaccine is created or as treatments become more efficient and effective, we will see signs of recovery. This could be a prime moment to call in the management consultants to develop predictive models and create plans for when the market reopens. How, though, have consulting practices changed in these past few months?
With the meteoric growth of Zoom as a communication device, consultants are learning to leverage technology better than ever. Though it is more challenging to build trust through these platforms, consultants have been finding innovative ways to go about their work.
For example, in strategic consulting services, holding focus groups to dive deeply into consumer sentiment can now be done cheaply, efficiently, and remotely. Finding participants no longer requires travel, and more geographically diverse consumers can be sampled, recorded and analyzed. This isn’t even considering the number of product-specific tools available to annotate discussions and organize a meeting.
This same socially-distant atmosphere can pose major challenges as well, as any research or client-specific information needs to become cloud-based. Access to this information is key for any consultant team to produce valuable recommendations on their projects, and cybersecurity on these devices and platforms will need to be kept tight. System vulnerabilities need to be eliminated now more than ever due to these multiple access points. Out of dozens of potential connections to sensitive data, if just one workspace is compromised, information could be lost for the entire team. Luckily, companies like Falcn Lab can help develop safe and secure applications and software.
Even after overcoming all these challenges, wider market factors need to be assessed and considered by organizations. Due to coronavirus, merger and acquisition activity, a key revenue driver for financial and accounting consultants, has dropped by about a third. Supply chain disruptions are making strategic decision making far more difficult than it has ever been for businesses in many industries. Consultants need to assess their long-term planning, and find new ways to create distant value. Some have found ways to expand the reach of their products through promotions, while others have launched virtual sessions to help clients’ teams stay focused and connected through this times.
These effective additions can increase the impact of your consulting service to your clients through quarantine, and strengthen business relationships in the future. Consultants need to play the long game right now in order to survive and position themselves for major success when economic recovery comes. Leveraging new video technology can be a simple and easily adoptable way to find current success in consulting and strengthen present relationships with clientele. Developing your current capabilities and products for your clients can be one of the most net-positive investments when considering recovery and post-COVID growth.
Falcn Lab can help build your products and technologies and find ways to better leverage the technology you may have to reach your long-term goals. Whether it is through informational database development, application and interface design, or mobile app development, Falcn Lab can become your preferred technology partner, even during these socially-distant times.