- Deltek's Digital Trends: Unlocking Growth for Project-Based Firms report reveals that consulting firms perceive the increased complexity of projects to be the greatest threat to the future of project management
- However, consulting and research firms have bold plans to ramp up digital transformation to meet the increasing complexities, with 94% of consultancies believing that, if they fail to make significant progress in their digital transformation, they will lose market share
- Almost three in four (73%) consultancies plan to increase investment in emerging technologies
LONDON, Nov. 16, 2023 /PRNewswire/ -- A new report from Deltek, the leading global provider of software and solutions for project-based businesses, has revealed that consulting firms perceive the increased complexity of projects to be the greatest threat (58%). Other perceived challenges include development of the right skills and knowledge (55%) and keeping pace with changing client expectations (55%).
Deltek's Digital Trends: Unlocking Growth for Project-Based Firms report found that, with project complexity rising steeply, many consulting firms recognise the transformative potential of technology. As such, many seek to increase investment. Almost three in four (73%) consultancies plan to increase investment in emerging technologies, with almost one third (31%) stating that this would be 'significantly' more than the previous year.
However, challenges are ahead. Deltek's research highlighted inadequate training and support for employees (83%), insufficient resources and budget (67%), inadequate planning and preparation (67%) and a lack of buy-in from stakeholders (50%) as the biggest obstacles to implementation of digital transformation programmes.
Neil Davidson, Group Vice President of the Professional Services Sector at Deltek, said: "Digital transformation is key to overcoming the rising complexity of projects. It's clear that projects are more challenging during a period of high inflation and uncertain geo-political and economic pressures, with two in five (41%) of trading businesses reporting a rise in the price of goods or services and a need to be leaner with budgets. Consultancies recognise the power of emerging technologies in aiding a host of resource management related challenges. There's never been a more important time for firms to enact change programmes across their organisations."
The report also revealed a number of new priorities facing consulting firms. Corporate Social Responsibility (CSR), Employee Wellbeing; Diversity, Equity and Inclusion (DEI), and Environmental, Social and Governance (ESG) are all becoming greater priorities for consultancies. Compared to the start of 2022, 64% of consulting firms are now placing more importance on these issues. Over a quarter (28%) of firms said that they are paying 'significantly more' attention now.
Despite these competing priorities and ongoing concerns, consulting firms believe that 2023 will be a profitable year. Equally, many firms are looking to grow their workforces, casting the net further afield to recruit top talent. One in five (19%) consultancies will significantly increase the size of their workforce this year.
Download the full report.
Methodology
Deltek surveyed decision-makers from consulting, market research and scientific research firms with 25 or more employees about opportunities and challenges, technology trends, monitoring of key performance indicators, corporate strategies and governance and business development. The self-completion online survey was completed between February and March 2023 by senior decision makers such as CEOs, C-suite, and heads of department such as Finance, Operations, Delivery or Projects. Digital Trends: Unlocking Growth for Project-Based Firms focusses on the responses of the 64 consulting firms identifying themselves as based within the UK or Ireland.
About Deltek
Deltek is the leading global provider of enterprise software and information solutions for project-based businesses. More than 30,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. Our industry-focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue. www.deltek.com
Deltek Contact
Deltek Media Relations Team
press@Deltek.com
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