Business Consulting: A Partner for Growth

Around four billion dollars (around 12 billion riyals) are spent year on consulting services in the Kingdom. 

The "Financial Times" reported that Source Global Research estimates that the consulting market expanded by 18.2 percent in Saudi Arabia, compared to a growth of 13 percent throughout the Gulf and only 3.5 percent worldwide.

Customized solutions are provided by business consultancy to assist companies in reaching their objectives. Consultants offer experience to assist businesses overcome difficult obstacles and realize their full potential, from strategy creation to implementation.

According to a recent specialist consulting conference, there are over 10,000 Saudi consulting firms operating in a variety of consulting sectors. However, these Saudi businesses, offices, and individual consultants confront a number of difficulties, including:

- The lack of a reference authority 

- The lack of a database ( information, statistics, previous studies and researches), 

- The weak confidence of the private and non-profit sectors. 

- The weak competitiveness of national offices with foreign ones, 

- The competition from unlicensed entities and individuals, 

- The scarcity of qualified national human resources in this sector.

Overview of the Global Consulting Industry Through the purchase of tech companies, the impact of automation and artificial intelligence has surpassed the plans of international consulting organizations. Here are two instances:

The Bain Company and Ashling Partners, an automation-focused consulting and implementation services company, formed a strategic alliance in May 2023.

Furthermore, Bain is directly investing in Ashling Partners in order to strengthen their partnership within Bain's Digital Vector business. Through faster and more efficient development, construction, and scaling of automation programs, customers will be able to realize the full value and potential of these initiatives.

McKinsey & business announced in January 2023 that it will be acquiring Iguazio, a machine learning and artificial intelligence business.

Through this acquisition, McKinsey gains access to a staff of over 70 data and AI experts in addition to Iguazio's technologies. Consequently, McKinsey may generate higher effect for its clients by significantly accelerating and scaling AI projects.

Similar to this, Saudi consulting firms and individual consultants alike should apply and make use of technology for both work and communications in order to improve the caliber of their job and meet current and upcoming difficulties.

* Farhan Hassan Al Shammari

Twitter: @farhan_939

E-mail: fhshasn@gmail.com