How Data Analytics is Changing the Consulting Industry?

Investment is evenly distributed between developing internal proficiency and expending on external consultants. Top consultancies believe that understanding Big Data no longer gives them an edge over their competitors. Despite an era of digital interference, it is important to their very existence.

The reason is that data analytics consulting companies are not able to generate unique revenue. It has a multifunctional impact, proving essential to strategy, planning, and HR consultants. Hence, data science is now a commodity for both consultancies and their customers.

Muscular analytics
Muscular analytics is an advanced level of interpreting data analytics. The consultancy advice and techniques used must be more advanced than those already utilized by the client so that they remain relevant. This is not basic knowledge acquired through an in-depth weekend crash-course. Rather, it requires a smart overhaul at the professional level. Nowadays, clients are more interested in making their own analytics teams with multifaceted regression, dealing with data sets, hierarchical clustering, and decision trees.

Future consultants
The technology consulting firms have now understood that they have lost their tech edge over their larger competitors and are infusing heavily in human capital to sharpen their strategic offering. On the other hand, there are boutique firms that are enjoying the partnership model to avoid developing their own technology.

The financial services sector is fully making use of AI, machine learning, blockchain, and advanced analytics in their industry. Companies developing artificial intelligence offer AI to consultants so that they can determine and measure huge volumes of data that are bewildering to the human mind, apart from merely assessing data analytics.

Meanwhile, Robotic Process Automation (RPA) systems help in completing mundane tasks that are very time-consuming such as report filing. The time saved by this process can be utilized by consultants to enhance the soft and creative skills that will help them to become the connection between business and software providers or client and machine. The capability to interpret and communicate complicated information to a deeper and wide range of stakeholders will be perhaps the indispensable consulting skill in 2020.

Unlimited potential
Extensive analysis can help to discover and determine business opportunities that were earlier hidden in the data pool. Another important opportunity for consultants who need to make smart prudent decisions and that too based on real-time information is using interactive analysis tools that help in making decisions in the executive meeting rather than waiting for the next round.

Conclusion
Data analytics is all about consultants who interpret the data and leverage the meaningful information which serves as the real asset for their clients. Qualified data scientists, having the ability to combine their data science credentials with strategic perception, to interpret analytics in a layman manner, are still rare.