Last year, the global consulting market was worth more than $250 billion, with one company alone making $37 billion. Some companies shy away from pulling on consultancies, reasoning that they should be able to solve their problems internally or that consultants will have conflicts of interest that won't play out in their favor.
But the continued rate of use of these consultancies indicates that others reject that mindset to gain access to new perspectives and additional skill sets, particularly in areas they're less familiar with. One area in which many growing companies struggle is implementing technology -- 63 percent of managers feel their organizations adopt new technology too slowly.
That represents a real struggle for these brands, which know that technology can help them solve problems, increase their productivity, and raise the bar on their growth goals. They may, however, not always know the best approach or have the in-house tech talent to make that happen. As frustrating as it may be, many companies falter in the execution stage -- they can identify the problem, but they can't carry out a solution that will make the problem go away.
When execution is the problem, a second set of eyes can create alignment and find a way forward. Here are six examples of companies that are helping entrepreneurs and others learn more about technology and the arenas that are building momentum as "hot" areas for modernizing companies.
1. Silicon Valley Software Group
Silicon Valley Software Group is a digital technology consulting company whose technology modernization includes navigating challenges in microservices, RPA, machine learning, AI, and supercomputing. These areas are becoming more and more important to companies that are needing to increase efficiency or get a leg up in competitive industries. There are more resources and tools popping up daily, so check out the company's blog or other industry-related content around those topics to stay informed.
Praxent helps companies disrupt their niche industry or business segment through innovative software development. One of the biggest issues with companies using development shops in the past was that the cost ended up being substantially off the original scope. Praxent has taken a more trustworthy route of scoping a project so that the uncertainty of the ultimate cost is lower. In a recent blog post, the company described the development costs of apps and explained what you should know if you're planning to build one in the future.
Catalant is shaking up the consulting industry by adding technology that provides companies with on-demand business experts. The future of work is evolving, and Catalant is investing in the technology platform that it believes could fuel that future. It's also capitalizing on companies "projectizing" their workstreams and utilizing the principles of an on-demand marketplace to engage both internal and external talent. The future of work is something that companies will have to stay on top of to remain competitive, so pay close attention to content around the future of work to find out how it could help you prepare for trends related to talent and growing verticals.
SalsaMobi is a company fluent in full-stack mobile development, but it's recently become better known for helping companies modernize their technology through innovations in blockchain. As blockchain grows in use, knowledge around this area will become more valuable -- both competitively and financially -- for companies looking to evolve. Inc. is starting to publish a lot more content about blockchain and how it affects leaders and their companies, so pay attention to stay on top of blockchain's growth.
Citrusbyte assists startups, as well as multinational enterprises, with new applications, software, apps, and platforms. The company calls its service Full Stack Innovation™, and it helps companies do everything from brainstorm on whiteboards to maintain long-term support. "Thinking like a startup" is something that this firm maintains as a focal point, reminding larger companies that if they want to evolve, they need to think differently.
With 63 percent of companies adopting new technology too slowly, a big advantage looms for those who push their businesses forward into unfamiliar territory. Finding a way to implement technology successfully will have a sure payoff today and in the years to come, making it vital that growing organizations examine every option available -- and consider ditching some of their long-held assumptions.