We recently published this blog post which captured the predictions that top independent consultants see for their industry in 2018, and beyond. And once again, we've asked our independent consultant community to share their insights on the top challenges facing organisations as they move into 2018 and what fundamental shifts will be affecting most business as they gear up for a new economy. We share a few consistent thoughts shared by consultants which emerged from those discussions.
THE WIDER ECOSYSTEM
- “Businesses that have been operating in supply chain silos are going to start to see the value of being entrepreneurial and opening up supply routes to smaller companies”
- “Breaking down functional silos in the Agile Organisation: The need to understand your customer is going to continuously grow. And for those organisations who are not taking the time to get to know their customer throughout, and build their growth strategies around the needs of their customer, they’re at risk of being limited to functional silos.”
- “The landscape is changing drastically, the market is becoming fluid and those who, as little as 4 years ago would have been considered market challengers like the Teslas and Facebooks of this world, today find themselves leading their industries. And in this ever-changing market, finding a balance is critical. We’re only going to see that increase as we move forward.”
- “As the growth of regulatory changes increase, we’ll be seeing the need for company valuation services following suit. We’ll see the birth of new independent advisories while the industry remains firmly in the hands of CPAs and tax consultants.”
- “We’re going to see an increase in the need for financial forensic skills as it becomes more commonplace to verify and check forecasts for plausibility and potential forecasting errors, especially in Europe.”
- “As more and more companies are falling foul of corporate scandals, they are going to want to automate more – to avoid any nasty surprises and ensure consistency in compliance.”
- “The growth of Customer Segmentation: Customer segmentation is another one of those activities we hear all the time. But it’s astonishing to hear how little time organisations actually spend on thinking about how they’re segmenting their customers and building personas. “If done well, and keeping it simple, it can lead to effective marketing and business development plans. If you can segment your customer base simply, it opens your business up to doing things far more effectively – like mapping a customer journey."
GROWTH STRATEGIES & TRANSFORMATION
- “The market itself is transforming rapidly. Companies don’t have as much top line profitability growth anymore – which means that they’re getting their growth from reducing their costs. And for many, that means automation.”
- “In most western economies, we are experiencing an ageing population. As a result, more and more business owners will be looking to define their exit strategies, and potentially sell their businesses in exchange for a comfortable retirement. In the same vein, the amount of inheritance and estates remaining will increase, which makes valuations necessary to determine inheritance tax liabilities. M&A activities will continue to be a main growth driver for a lot of the industry.”
- "High competition in startups: There will continue to be fragmentation of the market due to startup development. There are so many software startups competing for the same customer base and taking customers from the larger organisations. Startups could be the death of a thousand paper cuts for some organisations or what we are more likely to see will be more and more large organisations partnering or investing in the startups. We have seen this with FinTech and large financial services companies.”
- “Reimagined Vision: As we see the in the US, Amazon is invading many different industries. Companies must be looking around the corner and refine their vision for the future. There will be much work in understanding how the rapid technology can reposition them for a better year. There is much work left for organisations to complete their digital transformation.”
- “In the drive for innovation, organisations will be forced to ask, and answer, some very difficult questions. It may mean that you need a complete mindset shift in your business. Your 5-year planning may not work anymore. Your top-down approach may not be appropriate anymore.”
- “What organisations need to do is keep a level head. The businesses that will win are those who have a close eye on what their core is. Everything else is noise – and everything else is something that can be responded to, if their core is right.”
EFFECTIVE DATA UTILISATION
- “Understanding Data is probably one of the biggest challenges that most businesses face. Knowing how to get it, where to get it and what to do with it once you have it, is becoming increasingly important – and as we go into 2018 and beyond, this will probably become one of the biggest subjects to occupy most organisational agendas”.
- “We’re going to continue to see large companies harnessing the power of big data to enhance the customer experience."
- “The big challenge to many businesses at the moment, and as we go into 2018, will be how to draw out their core stories from their masses and masses of data. Understanding their truth and being able to discard the noise will be what most of them need to learn to do.”
“For the world’s largest companies, and even for the smaller companies, their primary focus will be navigating the large economic disruptive technologies in 2018 and beyond. The technology changes are happening at a very rapid pace, and companies are looking to top talent employees and consulting expertise to help them navigate this unprecedented shape-shifting landscape. There are 12 potentially economically disruptive technologies that will impact companies, small and large. These economic disrupters will be from the evolution of the old industries and then new formation and expansion of young industries”. These include:
- Old Industries Experiencing Rebirth
- Resourced Material Advancements and New Material
- Autonomous and near autonomous vehicles
- Next-gen genomics
- Energy Storage
- Automation of “knowledge work”
- Young Industries Experiencing Explosive Growth
- The Internet of Things
- Cloud Technology
- Advanced Robotics
- Renewable Energy
- Mobile Internet
Building a strong future means addressing organisational risk areas today. To get your business ready for a new year, and a new, more disruptive economy, ensure you align yourself with the best skill and resource to help navigate your way through unknown territory. Talmix offers you the best independent talent. It's time for you to talk to us.
About the AuthorMore Content by Katy Roberts