Traditional management consulting operating models are being brushed aside by new principles that have firms specializing in a growing number of functional areas. Global firms are actively making acquisitions and specialized hires to expand their expertise. For example, over the last five years, Boston Consulting Group acquired BrightHouse (purpose-driven consulting), Inverto (process and operations), MAYA (digital design), and Penbridge (pensions and investments) to diversify its capabilities. Even the generalist model, where consultants were traditionally hired to work across practices, is shifting to practice- and function-specific hires. McKinsey & Company's job page lists a variety of roles including Data Scientist, Alliances Lead, and BI Analyst. Bain & Company also lists roles for software engineers and product designers.
As a result, consulting firms are growing rapidly, putting pressure on their operations. The strategy shift, along with the quick growth, drives increased competition, cultural changes, and continued employee churn. Ultimately, the dynamic environment creates the need for effective knowledge sharing, leveraging intellectual property to ensure consistently strong client outcomes.
A digital revolution aims to modernize knowledge management
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