Covid-19 boosts the role of consulting firms in business management

The companies’ race towards excellence to offer every day better results and services to their clients requires a business management in continuous review. The Covid-19 pandemic has only accelerated the pace of this race and has forced companies to make quick decisions in the short term to cope with the new exceptional circumstances. In this unprecedented scenario of enormous volatility, consulting has played a very relevant role in providing knowledge and security to companies.

This was explained by Amado Ramos, head of financial services at Minsait Business Consulting, and Ignacio Mariscal, CEO of Reale Seguros, during a meeting organized by CincoDías and Minsait Business Consulting, the business and digital consulting unit of Minsait, a company of Indra. “At this time of uncertainty, from the point of view of consulting we believe that the key is to guarantee excellence in implementation: we must define the how and not so much the what”, says Ramos. “Management must be guaranteed with great flexibility in two ways: providing technical capabilities and managing workloads,” he adds.

The coronavirus has led companies to maintain tension to be able to react in the short and very short term, which is why they need external help now more than ever. Although not alone. “We are currently in the middle of the perfect storm, but when the new normal arrives, we will have to bring another approach,” warns Ramos. From the point of view of companies, having the solutions of a consulting firm is essential because “it is the window that allows you to see what is happening in the world,” says Mariscal. “Consultants have much more capacity to generate experience more quickly and it gives companies a lot of focus and speed,” he adds.

Boost to digitization

Technology impacts the entire value chain of the industry and a cake so big that cutting needs the help of a consultancy. “It is no longer about being big or small, but about being quick to survive. Either we are capable of moving forward and moving at the same speed that technology is going to move or we will be left behind “, warns the Reale executive, who adds:” The value contribution of a consultancy, at this time more than ever, is fundamental in companies like ours ”.

Ramos agrees and explains the solution that Minsait in particular is capable of offering companies. “Technology is a key enabler and accelerator to manage the current situation; but it must be applied from the knowledge of the business, knowing and knowing in detail the competitive keys that companies face. When you put together business knowledge and technological capabilities, then you can bring end-to-end solutions to your clients. That is what we are doing and it is increasingly in demand from companies, ”says Ramos.

However, technology can also work as a double-edged sword as the perception, behavior and relationship of new digital native customers with businesses has changed. “It is an opportunity for the sector, not a threat, even for us who are an ultra-traditional company,” says Mariscal. “It is true that technology requires you to offer digitally available services that you did not have before and that is our bet for the future.”

In Ramos’s opinion, after the pandemic has passed, it will be necessary to focus on the transformation of the business. “Companies are considering changing their business model more and more, motivated by technology, customer requirements and demands or by changes in regulation itself,” he explains. “Evolving the business means considering new opportunities, opening the ecosystem to collaborate with other companies and expanding the capacity to offer customers,” adds Ramos.

This future arises in a context in which knowledge is shared between the client and the consultancy. Therefore, to add value, advisors must delve further into both technical and industry expertise. “The consultant has to accompany the client in that specialization with a method to be a catalyst for changes in the way and the way in which they work,” Ramos abounds. E indicates the importance of scalability in terms of knowledge. “The greatest asset that a consulting firm can have is knowledge and the ability to collaborate, these are the two keys on which success is sustained,” he says.

The holistic perspective to transform the business

  • Strategic management. The end-to-end perspective is the comprehensive vision, from beginning to end, that a company must have of all its processes to guarantee the fulfillment of its objectives.
  • Shared knowledge. Ramos explains that, unlike what happened in the past, knowledge is now shared between the consultant and the client, so this reality requires that consultants abound in both technical and sector specialization. “The consultant has to work on the method, be an accelerator of change, a catalyst for a new way of working,” he suggests.
  • Differential value. To accelerate digitization, Minsait makes these end-to-end solutions available to its clients, to optimize all departments, processes and resources. “From the design, through the manufacturing and the commissioning of the project, this solution covers everything,” explains Ramos. It is the differential value of the consultancy.

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