Trends and Challenges of the Solutions Consulting Industry In 2020
Be it technology or management, transition is imminent in every industry. Consulting is one such industry that must be well aware of the trends to come up in future and stay in the long run for at least 10 years. Consulting firms are platforms where services and processes meet innovation. They are the torchbearers that need to drive some impending challenges to continue the course upward. Another trend that is going to rock the consulting world is Disruption. It has just set its pace and is affecting every firm in the industry and most possibly will be the 'Face of Change' for consulting forever. If there is a lack of transparency in the processes involved, it becomes hard to ascertain the effectiveness of the firm during any phase of the project. This situation gives rise to a discrepancy in understanding the business models applied during the project execution and changes. Industries will never know if the same antiquated business models are being followed and capitalized on. Technology today is melting these barriers and bringing in very much transparency about the services and processes involved.
With the advent of higher speeds, rising deliverables, and cloud technology, the importance now will be on agility, analytics, business process redesign, and customer experience, transforming the entire fabric of consulting firms.
Disruption can be classified into 4 functions in Business or IT Solutions Consulting.
Business intelligence (BI) is a software and services tool that transmutes data into practical insights that inform an organization’s strategic business decisions. BI tools capture and evaluate data sets and present final analytics in reports, summaries, dashboards, graphs, charts and maps to provide customers with precise intelligence about the state of the business. Business intelligence also applies to a set of tools that provide swift, and easy access to an organization's ranking, based on the data available.
The Business Intelligence Strategy:
In the past, IT professionals used to be the first users of BI applications. Modern BI tools, due to innovation, are more intuitive and user-friendly. This makes the latest BI tools, the most in-demand services for 2020.
Types of Business Intelligence:
- Traditional or Classic BI: In traditional BI, IT professionals use in-house transactional data to generate reports. It is based on collections, filters & disk space access. It takes a highly complex set of technologies to support a very old Architecture.
- Modern BI: In modern BI, customers interact with agile, intuitive systems to analyze data more quickly. Unlike traditional, modern BI tools enable a huge employee base to hold large amounts of data for fast, insight-driven decision-making. The people, processes, and technologies that support the platform eventually drive the impact of the system's ability to acquire insights and complete mission objectives.
Business intelligence software and systems:
Diverse and various types of tools fall under the business intelligence category. Some of the most important categories and features can be,
- Data mining
- ETL (extract-transfer-load —A data import tool)
- OLAP (online analytical processing)
Clear insights with a better strategy, technical expertise and business intelligence will help better an organizations transformation into an innovative enterprise driven by advanced analytics and insights. Organizations data is considered as a corporate asset that helps derive valuable insights to improve business outcomes and thrive in a competitive market by enabling real-time intelligence.
Intelligence is the base for a new-age vision. Cognitive neuroscience explains that our brains are functionally specialized, and usually recognize 5 types of Intelligence.
- Emotional Intelligence (EI)
- Cognitive Intelligence (CI)
- Social Intelligence
- Technological Intelligence
- Environmental Intelligence
Planning is just a phase in any technical or business environments. However, effective planning is the much needed criteria for hassle-free execution and high performance. On the other hand, solution execution illuminates on the unresolved criteria, and advancements to be made in the services and processes. As is the industry, the solutions must be uniquely tailored to industrial categories and their processes.
Inspiredge IT Solutions, Enterprise Solution & Technology Consulting Services is unique and one-of-a-kind digital transformation consulting solutions provider to all business industries and their processes. Our approach to designing solutions is completely customized and innovative in strategy. Our technical solutions consultant analyzes your business process and identifies the problems and then delivers a perfect solution that enhances your business value.