Why winning consulting firms focus relentlessly on knowledge management

Thomas Struyf

18/10/2022

2 Min Read

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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,...

How do growing consultancies deal with this pressure to stay successful ?

They relentlessly focus on knowledge management and sharing. Here's why:

- In professional services companies, it's all about the knowledge and expertise they have. It's their monetisable asset. So it's truly key to manage it carefully and effectively and to make sure that it's shared across the organisation as much as possible. According to Deloitte's Global Human Capital Trends study, 75% of the surveyed organisations said that creating and preserving knowledge across evolving workforces is important to their success over the next 12 to 18 months.

- Clients choose for firms that can show their expertise and their references. It is important that commercial teams have access to internal expertise early on in the sales process to utilise it.

- Operational and delivery efficiency. Consultants and delivery teams need to be able to quickly reuse the best practices in order not constantly reinventing the wheel. This will have a big impact on margins, deadlines and delivery schedules and budget.

- The aspect of innovation. Continuously exploring new domains, new innovations, new technologies, and so on. Once a new trend catches on in the market, it is important that this knowledge or innovation is efficiently spread throughout the organisation.

- Talent retention. It is important when onboarding new employees that they can quickly get access to all procedural and operational information. But also truly go deeper and understand the context of your organisation, understand the references and expertise that lives within the organisation.

- And then finally, the war for talent. Making sure that people can work efficiently, reuse building blocks and best practices, to ensure that their people can have more impactful and meaningful work. This is important to keep and attract the right talent and build that incredible employer brand.

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