The End of Management Consulting as We Know it?

Abstract

The management consulting business model requires new changes in this new era of disruptions. The typical management consulting business mode is based on consultants either training and developing or engaging in actual management consulting. Today, this has been combined due to operational risk management. The reason is that identifying problems and providing solutions to senior managers is not enough today - consultants need to also be able to offer and execute solutions. Artificial Intelligence (AI) has placed consultants in what is known as a dual role. In this article, we examine the challenges of the management consulting business model and provide an alternative way for large consulting companies and those medium to small organizations to re-emerge with sustenance. These challenges were found in our interviews with 81 senior management consultants at McKinsey & Company and Boston Consulting Group, Inc. in the United States, Australia, Hong Kong, and the United Arab Emirates.