THE FASTEST GROWTH since the financial crisis has been posted by the management consulting sector, as digital technology drives the industry to previous heights.
The annual figures, released by the Management Consultancies Association (MCA), also show that recruitment has also seen a hike, with 35,000 consultants across MCA member firms - up 16% on a year earlier. The number of consultants focusing on the digital sector is now 8,000 - up 115% on the previous period.
Paul Connolly, director of the MCA Think Tank, and author of the report, said:
"Strong growth in digital and technology highlights how the consulting industry is central to the emergence of digital as a major force in the UK economy. Many businesses are facing a range of digital opportunities, and consultants are providing them with the expert knowledge they need to capitalise on them."
Financial services still represents the largest slice of fee income from the private sector, at a 35% share, although construction/transport, services, and telcos/media grew fastest.
Public sector consulting grew modestly, with revenues up 3%, but spend is around half of what it was before the downturn.
Alan Leaman, CEO of the MCA (pictured), said: "The small rise in public sector consulting is entirely understandable and welcome as it stems from real needs. MCA members would welcome even more of a proper dialogue with the public sector on how this need and its growth can be properly managed."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.