Crowdsourced consulting, a viable alternative for traditional consulting procurers

Abstract

• Consulting industry is overdue for a disruptive change. While traditional consulting has driven the consulting industry so far, crowdsourcedconsulting is beginning to find its feet in the consulting space
• Conservative methods followed by traditional consulting behemoths might not be suitable to predict the future of disruptive technologies such as 3D printing, flying cars or unmanned aerial vehicles
• Crowdsourcing provides a platform for analysts across the globe to engage in gamified simulations to predict future occurrences or scenarios
• Some of the consulting firms such as Deloitte and PwC have already initiated crowdsourcing efforts as part of their consulting portfolio
• This article will provide insightson how crowdsourcing is disrupting the consulting industry and the buyersand what it takes to make it a success

1. How crowdsourcing is changing the consulting landscape?
2. What does crowdsourcing consulting mean for the buyers?
3. What is the need for crowdsourced consulting services and what are the potential benefits?
4. Who are the key suppliers in crowdsourcing space?

Introduction

• While large players hold the major share in the consulting market, therest of the highly fragmented market is left tosmall and niche players
• Consulting industry, whichis highly labor-intensive,is driven by talent and expertiseof individuals. It is because of the quality of their talent pool that large players gain a competitive edge in giving the best to their buyers
• Since the spot light is on the talent onboard, the educational background and the qualification of the individualare given more prominence
• Since employees are their major asset, corporates have to keep themsatisfiedto retain them by all means. However, individuals venture out in the consulting space, giving way for new age consulting such as crowdsourcingandfreelancing.This evolution of “consultants” growing out of the consulting firm can be attributed to the choice of individuals wanting to prefer part-time employment over full-time