Maximising Consulting Revenue in 2024: The Strategic Role of AI and Open Talent

As the CEO of Gigged.AI, I attend around 50 meetings per month with senior leaders in the tech consulting industry. Amid an economically challenging and volatile landscape, consulting firms are under immense pressure to secure new business while controlling costs. Purely selling harder and responding to more RFPs is not the answer.

In 2023, we’ve seen over a third of UK consultancies enhance their profitability, yet there’s been an overall profit decline from the previous year, signalling a need for strategic cost and operational management​​. The word a senior leader used to describe the 2024 pipeline is “patchy”.

To stay competitive and profitable, tech consulting firms are increasingly investing in AI and digital technologies. As showcased by industry leaders like McKinsey & Company and EY, these investments are focused on future-proofing businesses against an ever-evolving digital landscape.

This underscores the need for firms to adopt resilient business strategies that ensure profitability in challenging times. Here are a few ideas to ensure tech consulting firms can drive revenue in 2024:

AI: The Game-Changer for Efficiency

AI’s role in the consulting sector is becoming increasingly important. Here’s how AI is making a difference:

• Streamlining Operations: Employing advanced AI tools for task automation liberates consultants, enabling a dedicated focus on impactful activities within projects.
• Project Management Precision: AI-driven tools provide meticulous forecasting and resource management, guaranteeing project adherence to timelines and budgetary constraints.
• Enhancing Client Interactions: Harnessing the capabilities of sophisticated AI-powered chatbots and CRM systems facilitates personalised and efficient customer service interactions.

On-Demand Talent Platforms: The Growth Accelerator

Platforms like Gigged.AI (yes I know, I need to say this) are changing how consulting firms approach project staffing. The old contractor PSL/MSP is too slow in this market. If it takes too long to deploy resources then you will be beaten. On-demand workforces allow firms to:

• Stay Lean, Stay Competitive: Access a global talent pool to supplement your bench strength without the fixed costs of full-time employees.
• Rapid Scalability: Quickly adapt to project demands and client needs, ensuring a 98% bench allocation rate.
• Win More Bids: With a broader range of capabilities, your firm can confidently bid on and win more projects, propelling revenue growth. This year we have seen more multi-billion firms use Gigged.AI to win RFP’s.

Customer Advocacy: The Proof is always in the Pudding

Sharing success stories and case studies where AI and talent platforms have driven client success is crucial. It’s not just about stating capabilities; it’s about showcasing outcomes—improved efficiency, cost savings, and enhanced client satisfaction.

There is no point hiding success stories, the more case studies the better as long as it has driven value for the end client.

Conclusion

For tech consulting leaders looking to navigate through 2024 successfully, the combination of AI and open talent platforms isn’t just a survival tactic—it’s a must. Embracing these technologies is not only about adapting to the changing landscape but also about proactively shaping the future of the industry. As we venture into the coming year, the integration of AI and talent platforms will play a pivotal role in determining which firms not only survive but thrive in the dynamic world of tech consulting.