The ‘World’s Newest Profession’ is no Longer Dispensable; What Does it Mean for Consultancy Firms?

Abstract A major focus for consultants is pipeline. Generating future work is as important as delivering current projects because it provides continuity and hopefully growth of the business. This inherent uncertainty in the sales pipeline is perhaps the consulting firms’ biggest concerns. This paper seeks to demonstrate how management consultancy has actually become widespread and embedded in the economic activity of organisations. The research synthesised in this paper presents client perspectives on how consultants add value. Particular insight is given into the key features which differentiate those firms that are chosen for projects against those that are not. The findings suggest that the industry has transitioned from a dispensable service to an institutionalised one, embedded in client business cycles and operating procedures. This has implications for how individual consultancy firms develop and deliver their services, moving emphasis from market uncertainty to service design and quality.