Consultancy figures reveal manufacturing slump
Work from the manufacturing sector is at an all-time low according to the latest major markets survey by our sister publication Management Consultancy.
Work from the manufacturing sector is at an all-time low according to the latest major markets survey by our sister publication Management Consultancy.
Link: To subscribe to Management Consultancy e-edition
Consulting income from manufacturing has dropped by around £150m in three years. Last year it stood at £238m – 12% lower than the £269m earned in 2002. More worryingly, the 2003 figure was found to be more than £100m lower than in 2001.
The study indicates that if the decline were to continue, the manufacturing sector could slip from its current position as the fourth largest source of fees, behind the financial, public and communications sectors, and slump to near the bottom of the chart. However, the decline is aligned with a general 10 to 15-year dip in the manufacturing sector.
Management Consultancy has discovered that only 13 firms had any fee income gain from this sector last year – roughly one third fewer firms than two years ago.
Orbys Consulting made the biggest gains with a huge 760% rise between 2002 and 2003. But Capgemini saw a 60% reversal in its fortunes with fee income slipping from £30m in 2002 to £12m in 2003.
The survey found that the fastest growing area is now the public sector, which comprises both central and local government spending and consulting work.
The public sector is now the second largest UK market for consultancy, with fee income having risen by £125m to a huge £975m or 23% of total fee income.
The previous year, the figure was £855m, or 20% of the total.
The numbers you crunch tell a story. Your expertis...
20yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article