Digital transformation consulting: Find your ideal partner
Innovation often comes from an outside agency. The reason is that it can take an impartial observer to see your culture for what it is, along with its strengths and weaknesses and how it can improve as part of an exciting new digital vision.
Enter digital transformation consulting firms. These firms help guide your company to digital transformation success in a way that maintains staff well-being and employee retention.
They are significant in 2023, as Gartner predicts worldwide digital transformation spending will reach USD 4.6 trillion by the end of 2023.
To avoid this investment being wasted, consultants also show you the best digital transformation strategy to convince your workforce that change is necessary and will help them in their role, helping the organization gain a competitive advantage.
To show you everything you need to know about digital transformation consulting, this article includes:
- What does a digital transformation consulting company do?
- Why is digital transformation consulting vital in 2023?
- What should you look for in a digital transformation consultant firm?
- How do you choose a digital transformation consultant?
What does a digital transformation consulting company do?
Digital transformation consulting companies help businesses with their digital projects. They look at the company’s current tools, suggest better ones, and help transform, utilize, and get used to new digital technologies.
Digital transformation consulting services include analyzing the company’s current processes and suggesting replacements for legacy tools.
They also assist with migrating, implementing, and adopting new technologies to optimize human and technical capabilities as staff transfer from the existing technology stack to the new one.
If you are a visual learner, please see the short video below on the functions of digital transformation consulting.
DIGITAL TRANSFORMATION CONSULTING : is it for you? Everything you need to know!
Why is digital transformation consulting vital in 2023?
Digital transformations are more essential in 2023 than ever, as the pace of technology increases with industry demand and becomes a more significant part of every successful company’s digital vision.
Difficult to predict disruption, such as the collapse of Silicon Valley Bank and Credit Suisse in 2023, also means that digital transformation is needed to create resilience to maintain financial sustainability.
While your in-house staff, such as C-suite and IT staff, will have much relevant knowledge to help you make digital transformation investments, it’s often necessary to bring an external perspective as part of your digital transformation efforts.
Because transformation is all about change, a digital transformation consultant can help you view your current technologies more objectively to optimize your business processes and build digital resilience into your company culture.
They can then use the data they collect on your existing technologies, needs, and business goals to help you succeed. They use their experience of what has worked for other companies as part of a digital strategy they design to fit your needs according to each business process.
What should you look for in a digital transformation consulting firm?
Before shopping for digital transformation consultants, consider the following factors to help you find the best partner to make your digital transition, beginning with the prestige level.
Prestige Level
Prestige shows how successful a company is at delivering its products and services and is based on surveys from employees at enterprises.
Criteria for calculating prestige include working conditions, benefits, pay, and other factors influencing a company’s success against how well staff feel they are treated.
Prestige should not be the only factor you use to choose a consulting firm, but it can give some idea of how a firm will treat your staff and their projection for success.
Business Value Proposition
A business value proposition is a brief statement that explains what area of digital transformation the consulting firm will support you with.
The types of business value propositions in digital transformation consulting are:
- Band/status
- Innovation
- Customization
- Convenience
- Performance
Consider why you need a digital transformation consultancy and its value proposition before investing.
Experience and Expertise
Organizations must ensure that the consultants they hire possess the appropriate technical, process-specific, and industry expertise to add value to their digital transformation projects.
A DAP (digital adoption platform) is the key to success for any digital transformation strategy is a DAP (digital adoption platform), as it is the best way to implement employee training for staff to learn and reduce resistance to change.
Look for the experience and expertise of DAPs in your potential consulting partner to ensure their skills are relevant to their role.
Payment model
Consultants for digital transformation receive various types of payment. They can be paid hourly or set their compensation based on the results they achieve. In order to make the best choice for their needs, organizations must carefully assess the revenue models of different consultancies.
Cultural alignment
To find the right consulting firm for your business needs and ensure a smooth transition with cultural alignment, connecting with individuals who work in these large firms and understanding their values are essential. Being transparent in these interviews will significantly improve your chances of success.
What’s the ROI?
To successfully drive your digital transformation projects, you might consider hiring a digital transformation consultant. However, this extra expense can add to the already high cost of digital transformation.
Conducting a cost-benefit analysis and ensuring you’re getting a high-quality service that justifies the additional expense as you add to your existing digital capabilities is essential.
What are the top ten most prestigious consulting companies?
The best prestige rating for consulting firms is devised and implemented by Vault.com, a website that surveys thousands of employees, asking them to rate the level of prestige of a company on a scale of 1-10, where 1 is the lowest.
The results may surprise some, as the most prominent companies are not always the highest on the list, meaning that higher revenue doesn’t always equal the best staff well-being or most successful digital transformations.
McKinsey
Prestige Level: 9.058
Value propositions: Innovation, brand/status.
Employees: 38,000
Location: New York, United States
Overview:
Along with Gartner, McKinsey is one of the world’s best-known and highly regarded consulting firms.
McKinsey has global offices in more than 110 locations, serving 80% of the world’s largest companies and many non-profits and governments. Additionally, many former and current CEOs of Fortune 500 companies are graduates of McKinsey, including Sheryl Sandberg of Facebook, Sundar Pichai of Google, and James Gorman of Morgan Stanley.
BCG (Boston Consulting Group)
Prestige Level: 8.948
Value propositions: Convenience, customization, performance, brand/status.
Employees: 25,000
Location: Boston, United States
Overview:
BCG has a program that simplifies things by using a three-step process to empower its clients. First, they identify the necessary skills and abilities for success.
Then, they improve managers’ skills by providing them with technical and managerial training. Finally, they enhance business platforms to optimize manager performance.
They create tailored programs with specific curriculums for different managers and cohorts. An example is their “lean curriculum,” which has 24 modules that can be used in various combinations. The company’s enablement program includes client customization options in the second step.
Bain & Company
Prestige Level: 8.903
Value propositions: Innovation, performance, brand/status.
Employees: 13,000
Location: Boston, United States
Overview:
Due to its impressive track record, the company has built a strong brand. It is a top management consulting firm worldwide, having 53 offices in 34 countries. The firm serves over 4,600 multinational corporations, including most of the Global 500 and private equity funds representing 75% of global equity capital.
Deloitte
Prestige Level: 7.173
Value propositions: Accessibility, innovation, brand/status.
Employees: 415,000
Location: New York, United States
Overview:
The company’s success has helped it build a strong brand. It is part of the “Big Four” accounting firms, which includes EY, PwC, and KPMG, and has the second-largest professional services network by revenue worldwide.
The company has over 225,400 employees and operates in over 150 countries and territories. It serves 80% of the companies on the Fortune 500 list. It worked in 20 different industries and earned $35.2 billion in revenue in 2015.
EY Parthenon
Prestige Level: 7.013
Value propositions: Undisclosed.
Employees: 9,000
Location: Boston, United States
Overview:
EY Parthenon has 9,000 EY-Parthenon professionals in 120 countries backed by 365,000 EY professionals.
EY-Parthenon teams bring together professionals from different sectors and disciplines, leveraging their collective experience and other professionals in the broader EY ecosystem. They aim to provide practical solutions that deliver tangible results to their clients.
EY-Parthenon teams use a range of perspectives and technologies to provide strategic solutions for clients facing challenges such as commercial, financial, operational, legal, risk, regulatory, or tax issues.
PwC/ Strategy&
Prestige Level: 6.798
Value propositions: Innovation, performance, brand/status
Employees: 328,000/ 2,900
Location: New York, United States
Overview:
The company has succeeded and become a top professional services firm globally. It belongs to the “Big Four” accounting firms alongside EY, Deloitte, and KPMG.
Over 100,000 businesses and entrepreneurs use its services. In previous years, it served 418 Fortune Global 500 and 443 members of the FT Global 500.
Booz Allen Hamilton
Prestige Level: 6.627
Value propositions: Innovation.
Employees: 29,000
Location: Mc Lean, United States
Overview:
Booz Allen Hamilton sells and provides services through their consulting and service personnel. These employees are organized by service line, which includes management consulting, technology, engineering, strategic innovation, and product-related services.
The employees work from the Company’s international offices in 32 US states, Washington DC, and several countries such as United Arab Emirates, Saudi Arabia, Egypt, South Korea, Russia, Indonesia, and Singapore.
Accenture
Prestige Level: 6.623
Value propositions: Accessibility, customization, innovation, brand/status
Employees: 738,000
Location: Dublin, Ireland
Overview:
The company has improved accessibility by providing various options and investing $2.5 billion in emerging technologies and acquisitions.
The company has offices in more than 120 countries, allowing for local execution and relevance in each location.
Additionally, they have a presence in over 40 sectors, with more than half of their staff having certified industry skills or being aligned with a specific market. This enables them to offer highly personalized guidance.
Ernst & Young (Consulting Practice) NA
Prestige Level: 6.620
Value propositions: Brand/status.
Employees: 365,000
Location: London, United Kingdom
Overview:
Due to its success, the company has built a strong brand and is now the third-largest professional services firm worldwide, generating $28.7 billion in revenue in 2015. It is part of the “Big Four” audit firms, which include KPMG, Deloitte, and PwC. With over 230,000 employees, the company operates in over 700 offices across 150 countries.
Oliver Wyman
Prestige Level: 6.611
Value propositions: Customization, accessibility, and brand/status
Employees: 5,000
Location: New York, United States
Overview:
Oliver Wyman operates in 26 countries, with over 4,000 professionals working from over 50 offices.
The company has several clients from the Global 1000. It has employed notable individuals such as Richard Lui, a news anchor for MSNBC, and J. Randolph Babbitt, a former administrator with the Federal Aviation Administration.
Leverage your digital transformation consulting partnership with a DAP
Digital transformation consulting can provide a much higher success rate than attempting a digital technology strategy driven by internal staff only.
But it’s crucial to consider many factors before selecting a consulting partner to support you on your digital transformation journey, such as the prestige rating and the value propositions of the consulting firm.
Another aspect to consider is integrating a DAP into your digital transformation consulting approach, as it allows you to enhance the adoption and utilization of new technologies, optimize workflows, and empower employees to embrace digital tools.
A DAP provides users with real-time guidance, contextual support, and personalized training, ensuring a smooth transition and maximum utilization of digital solutions. By leveraging a DAP, your consulting partnership can deliver tangible results, improve overall efficiency, and enable organizations to stay ahead in the digital age for every digital transformation initiative.
