Growing consultancies are faced with the challenge of staying successful in a highly competitive market. To meet this challenge, they have adopted a focused approach to knowledge management and sharing.
Here are several reasons why this approach is critical to their success:
- Knowledge and expertise are the core assets of professional services companies and must be managed effectively and shared across the organization. According to Deloitte's Global Human Capital Trends study, 75% of surveyed organizations recognized the importance of creating and preserving knowledge in their success over the next 12 to 18 months.
- Clients prefer firms that can demonstrate their expertise and references, making it imperative that commercial teams have early access to internal expertise in the sales process.
- Operational and delivery efficiency are improved when consultants and delivery teams can reuse best practices, reducing the impact on margins, deadlines, delivery schedules, and budgets.
- Innovation is a key aspect of success in the consulting industry, and new trends and technologies must be quickly and efficiently disseminated throughout the organization.
- Talent retention is improved by providing new employees with access to procedural and operational information as well as a deeper understanding of the organization's references and expertise.
- In the war for talent, making sure employees can work efficiently and reuse best practices enhances their work and attracts the right talent, helping to build a strong employer brand.
In conclusion, growing consultancies that adopt a focused approach to knowledge management and sharing will be better equipped to stay successful and meet the challenges of a rapidly evolving market.
November 2022
