Why winning consulting firms focus relentlessly on knowledge management

A lot of different trends are putting tremendous pressure on consultancies' margins and growth. Covid, macroeconomics (war, inflation), the war for talent, the increasing demand for consultancy services, the changing demand and behaviour of customers,...

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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.

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