Top Digital Transformation Experts are Expensive - Not Anymore

Companies of different sizes engage external experts throughout the year to solve need for expertise that is needed temporarily but not available inside. The popular way to engage are based on the time spent by the consultant, however over the years different kinds of engagements like fixed fee, outcome-based fee is gaining popularity.

Over the last 5 years Independent Consultants offering their expertise in flexible engagement with lower fees are on the rise. However, they face the challenge to access new business for various reasons.

Digital transformation is the need of the hour for SMEs to transform their business and to be relevant in the coming years. However, when they have to engage with consulting firms cost of engagement, product centric approach makes the budget high and limits the SMEs to transform digitally.

Consulting marketplaces address this problem from both sides by connecting experts needing new business to companies looking for experts at an economical and flexible outcome focused engagement.

Traditional Consulting Engagement Models

Companies engage external expertise in specific areas for temporary period of time to help them achieve business objectives. The nature of engagement can vary from formulating corporate strategy to implementing a software. While engaging with the external firms, companies evaluate them based on specific criteria like Brand, Domain expertise, past success history, Firm Size, Engagement Fee and many others. Shortlisting and selection of consulting partner itself takes quite a bit of customer's time from few weeks to few months based on the nature and complexity of initiative. If we boil down the fundamental key question that the client seek an answer while selecting a partner that will be “ Can the partner work with me to deliver successful outcome as per my expectations”

The consulting firm charges based on the time spent with the client or fixed fee. However when engaging with consulting firms the clients need to fee hefty fee irrespective of the type of engagement. Consulting partner provides advisory services, supports implementation and by and large dont have any part in the overall outcome of the initiative. Over a period of many years though consulting needs are standardised, the engagements are still customer specific, having to repeat the same tasks though optimisation is possible.

Digital transformation is fast emerging area where the approach to the initiative should be focused on the business problems to be solved and expected outcome instead of product/solution centric approach. If the engagement models remain the same the ability for both the consultants and customers to work in mutually conducive environments become limited. Hence the customers will chose "wait and watch" approach for adapting transforming their business digitally or pay huge fees for large firms. Consultants will have to satisfy themselves with opportunities from their personal network and never be able to realise their full potential.

Changing Landscape and the evolving needs leads to disruption

Over the last 10 years consulting industry is changing. On one hand standardization and automation leading to creating standard solution approach for consulting engagement to reduce the cost and time of engagements. On the other hand consultants working in leading consulting firms, setup their own business as independent consulting practice giving rise to new source of expertise. Independent consultants eliminate the need to go through complex contract process, hefty fees and fixed engagements models. However the challenge remains that while they are great in their areas of expertise gaining access to new business is elusive.

Customer are more open to work with independent experts who can solve their business challenges without complex contract and long term commitment.

Digital transformation challenge can be address through digitally transforming the way consulting problem is solved.

Consulting Ecosystem are today fragmented. Online platform business model has the ability to build online credibility for the consultants, can solve the problem by connecting accredited consultants to companies looking for external experts. The platform approach brings the best of creative minds at one place where the customers will have the ability to select best brains to solve their complex business challenges. Consultants can enjoy access to new opportunities with more customers connecting them through platform.Platforms can play the role facilitating and governing value delivery of consulting engagements.

Over the years consultants can build solutions of their own to help reach more customers and monetise their expertise in a non-linear model instead of traditional fee for time spent model.

https://nicheBrains.ai is one such curated platform that eliminates the headache for SME leaders to identify the best digital transformation experts globally and help them engage for their growth initiatives. SMEs and Consultants will have access to tools, insights related digital transformation across different industries. Registering on the platform is free for SMEs and Digital transformation experts.

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