Many people believe that technological innovation occurs naturally through R&D teams, competition, and random sparks of creativity. What this ignores, however, is the huge role that tech consulting firms play.
These companies act as catalysts, and sometimes chaperones, in helping businesses adopt new technologies and transform their operations.
Identifying Emerging Technologies
Top consulting firms are the ones that excel at spotting and evaluating new technologies before they become mainstream. They employ teams of researchers and analysts to track developments across sectors. But, it’s just as much a skill about avoiding baseless hype that will not improve productivity or efficiency. One example is McKinsey’s Technology Trends Outlook of 2023 which highlighted generative AI as a key trend with major business impact.
Early identification of promising technologies gives firms an edge, because they can establish this into their operations, or as a product, before competitors. Consultancies also assess the potential risks of new technologies, so a full cost-benefit analysis can be done.
The ability to identify emerging tech enables companies to:
- Get ahead of industry disruption
- Discover new growth opportunities
- Improve efficiency and cut costs
- Improve products and services
Leading Tech Consulting Firms Shaping the Future
Accenture: Global leader in tech consulting and implementation across industries. Recently partnered with AWS to simplify generative AI integration.
Making Sense: Specialises in custom software development and digital transformation. With over 15 years of experience and more than 100 completed projects, they focus on future-proofing organisations
Deloitte: Offers a wide range of tech and digital transformation services. Known for its annual Tech Trends report.
McKinsey: Provides strategic tech advice to top companies worldwide. Its Digital arm focuses on analytics, design and tech.
These firms shape the future by:
- Advising on tech strategy and roadmaps
- Putting forward cutting-edge solutions
- Researching emerging trends
- Developing proofs of concept
- Training client teams on new technologies
Bridging the Gap Between Business and Technology
Tech consultants help in translating complex tech concepts into actionable business strategies. Businesses aren’t concerned about concepts, they want practical, tangible implementation. So, they essentially help companies understand how new technologies can solve specific problems.
A McKinsey survey of 2,500 business leaders found that two-thirds believe their organisations are overly complex, rendering them inefficient. This highlights the need for consultants to bridge the gap between tech capabilities and business needs.
Effective consultants:
- Speak both “tech” and “business” languages
- Align tech initiatives with overall business goals
- Demonstrate the ROI of tech investments
- Help leaders understand and manage tech risks
- Guide change management for tech adoption
Strategic Planning and Operational Efficiency
Tech consultants do more than point to tech trends, they guide companies through the entire process of strategic planning and implementation.
The result, after implementation, is to boost operational efficiency through the smart use of technology. They identify areas where automation, data analytics or new software can streamline processes and cut costs.
For example, at CES 2024, Goodyear showcased “intelligent” tyres with advanced safety and performance features. This was done in collaboration with TNO, a Dutch research firm, meaning it was a good demonstration in how consulting can lead to efficiency gains. It was also a win for positive externalities and social responsibility, as the new tech resulted in cutting breaking distances by 1.75m when travelling at 80km/h. This could save many lives.
Consultants improve efficiency by:
- Automating repetitive tasks
- Implementing data-driven decision making
- Optimising supply chains and logistics
- Enhancing customer service through AI and chatbots
- Improving collaboration with cloud-based tools
Risk Management and Security
As companies adopt new technologies, they face increased cybersecurity and data privacy risks. Tech consultants also play a role here in helping firms stay compliant and keep data safe.
McKinsey research shows that leaders in fast-moving organisations report 2.1 times higher operational resilience compared to peers in slow-moving companies. This is particularly important for cybersecurity because the threats are constantly evolving.
Typically, consultants can help with conducting security audits and risk assessments, as well as developing cybersecurity strategies. Expertise in upcoming technological developments helps in both identifying risk, but also deploying the latest defenses. Training employees in the latest best practices is also going to be a part of whatever strategy is agreed on.
They also advise on broader technology-related risks, such as over-reliance on specific vendors (because if they become vulnerable, so do you) or potential disruptions from emerging competitors.
Top tech consultants recognise that, beyond staff training, there needs to be a culture built that embraces change and encourages creative thinking. Not just for defence, but attack.
Strategies to promote innovation culture may include setting up incubators, encouraging cross-functional collaboration, and rewarding experimentation (and learning from that failure).
Conclusion
Tech consulting firms are at the heart of shaping our future innovations. If they’re not directly involved in them, they’re reporting on them. By identifying trends and bridging these gaps, they ultimately help companies stay competitive in a fast-paced world, where innovation is exponential.
