U.S. Consulting Spending Tops $58 billion in 2016

  • Jun 01,2017

A recent article from the Wall Street Journal revealed that U.S. companies increased spending on consulting by 7.1 percent in 2016 as more businesses sought advice on cybersecurity, according to a report by Source Global Research.

Spending on management-consulting reached $58.7 billion last year. The pace of hiring outside advice rose fastest in the pharmaceutical industry, though financial services companies maintained their dominance over the market, with cybersecurity advice as the fastest-growing segment. According to new research from American Express and Dun & Bradstreet, business services are the fastest growing segment in the middle market.

Companies Push for a Return on Investment from Consulting Work

Fiona Czerniawska, director of Source Global Research said about the demand for cybersecurity advice, “I can’t see how it stops.” She also cautioned that consulting firms are often seen as able at optimizing back-office tasks, but are not seen as the people you need to grow your business.

Time Billing Software to Position Your Firm as a Strategic Advisor

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BigTime iPhone and Android app for time tracking and expense reporting.

 

We can see the raised eyebrows. But look at it this way. A strategic advisor is a value-add role. Your expertise is the price of admission. Your breakout ideas will get attention. But your value is associated with your insight. And your insight is based on data – the data you’ve captured with time billing software, starting with online timesheets and expense reporting.

The Value of a Connected Project Management workflow

The time and data you enter are associated with a client project. More than that, time and data are associated with, well, even more data: the project budget, tasks, even sub-tasks and its budgets, billing and invoicing, and finally, real-time reporting.

The Value Added Advisor

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Suddenly you’re the go-to person for valued insight based on real-time data that’s easy to access. When your clients ask, “How’re we doing?” you can do more than answer the question. You can tell your clients how they can grow their business.

Read the WSJ article

 

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BigTime Software delivers real-time, metrics-driven time and billing software for more than 2,000 professional firms, tracking over $2 billion (USD) worth of billable time each year.