Whether business is booming or slumping, management consulting firms remain in high demand around the world. The global market for management consulting services is expected to reach more than $800 billion by 2031, nearly triple the $300 billion in 2021, according to a report by Allied Market Research.
Many industries hire consulting firms to help with projects such as planning a dynamic approach to risk management, upgrading digital tools, and improving cost efficiency.
“Businesses know they need external support, but it seems they need it now more than ever as they grapple with larger goals post-pandemic.” said Fiona Czerniawska, chief executive of Source Global Research, a London-based company. She provides advice to consulting and professional services firms.
Czerniawska says expectations have changed during the pandemic, forcing executives to think more broadly. However, many companies are unable to achieve their vision due to economic instability and difficulty retaining and recruiting employees with the necessary skill sets.
Enter a management consulting firm. and with them forbesA new list of the best in its industry.
To create the second annual ranking of the world’s best management consulting firms. forbes We partnered with market research firm Statista to conduct an online survey of both customers and senior executives at consulting firms. The study population was based on specific industries (e.g., pharmaceuticals and retail) and functional consulting areas (e.g., data analysis and operations management). He awarded five-star ratings to companies with top 10% recommendations. Those who received numerous nominations earned him 4 or 3 stars. The final list includes 229 companies across four continents.
McKinsey & Company received the highest recommendation for the second year in a row, with five-star ratings in all 27 categories. Also, similar to last year, Accenture, Bain & Company, Boston Consulting Group (BCG), Deloitte, KPMG, and PricewaterhouseCoopers (PwC) received stars in all 27 categories (specifically (4 and 5 star ratings), except for Bain, which received two 3-star ratings). Moving up the rankings this year, EY also received stars in every category.
All of the top-rated consulting firms are large organizations, which is not surprising, Czerniawska says. “Part of the reason is that most consulting is acquired by large companies with scale and complexity, which means you need to work with large consulting firms.”
In addition to their ability to scale up, large companies also employ strategies that more niche companies have long used. This means providing our clients with consultants with deep expertise and practical experience in the specific industries they cover. “The days of the generalist are over,” says Czerniawska. “Most large companies aim to become multi-specialist, multidisciplinary companies with many experts in each field.”
Dan Helfrich, chairman and CEO of Deloitte Consulting in the US, agrees that when companies seek major transformation, they “require a combination of strategy, cutting-edge technology, and deep sector and domain expertise. and some would call it interdisciplinary.” ”
Consulting firms are increasingly sought after in two key growth areas: sustainability and digital advancement. Germany-based Roland Berger AG also received stars in 25 out of 27 categories. forbes It was evaluated. Stephan Schaible, Global Managing Partner at Roland Berger, said: “All of our consultants choose their area of expertise from day one, and to date more than a third of our consultants have a specific field of expertise. “I specialize in sustainability issues.”
And, of course, there’s artificial intelligence. Karl Carande, global head of advisory and vice chairman of advisory in the United States at KPMG International, said his firm began developing capabilities in the area 10 years ago. Calland said, “To truly harness the benefits of AI, we rely on high-quality data and an efficient, modern cloud. He recognizes that an architecture that spans AI, data, analytics, and cloud We have made significant investments in client service.”
In doing so, KPMG made generative AI (GenAI) tools available to consultants and provided education across the firm on how to use the technology safely, responsibly and efficiently. “Generative AI, automation, and other data and analytics technologies are freeing up experts’ time to focus on providing valuable insights,” said Carande.
Similarly, at Accenture, much of its strategy is now based on “technology, data and AI,” said Jacques Azaguri, Accenture’s group chief executive officer of strategy and consulting. Both consultants and clients will be leveraging these tools in the future. “There is not a single client discussion that does not include talent shortages, reskilling and skill rotation towards digital and technology,” he says.
Mohamed Khande, PwC’s global advisory leader and co-leader of U.S. consulting solutions, said PwC is also prioritizing growth of the AI framework it has been developing for clients for nearly a decade. This spring, PwC announced a $1 billion investment over the next three years to expand the capabilities of his GenAI.
The next challenge for consulting firms is to marry people skills with technology.
“You can’t use AI to buy strategy,” Czerniawska says. “AI will summarize some data very well, but will it know what to do with it? No, of course not.” , can you help me transform my business?’ “
Therefore, employees remain the most valuable asset for top consulting firms.
Click here for a complete list of the world’s best management consulting firms..
To compile this year’s list of the world’s best management consulting firms, forbes partnered with market research firm Statista to conduct a large-scale online survey of both consulting firm clients and senior executives in 40 countries, including the United States, Germany, France, United Kingdom, Netherlands, Brazil, and Japan. .
Companies were evaluated on their performance in specific industries (e.g., banking, consumer goods, healthcare) and functional consulting areas (e.g., M&A, sales, risk and compliance). Companies with the most recommendations are ranked on a three-point scale: 5 stars for Very Often Recommended, 4 stars for Frequently Recommended, and 3 stars for Recommended. I attached it. The final list includes 229 companies across four continents.
like everything forbes Companies do not pay a participation fee to join the list. For questions regarding this list, please contact listdesk (at) forbes.com.