| First signs that largest market for consulting is bouncing back |
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| | Although spend on
management consulting
has decreased
significantly across
major buyers in the
first half of 2009, the
new
sourceforconsulting.com
Quarterly Trends in
Consultancy Buying
report shows that
financial services,
which collectively
represents almost a
quarter of the UK
market, is showing the
first signs of
increasing its
investment in consulting
services.
The report found that
while spend in the
average major | |
|
| | consultancy-buying
organisation decreased
by more than 25% in the
last six months, a
significant proportion
of financial services
companies said
consulting spend had
increased; some by 5% or
more.
IT spending on the
rise...
Systems integration
work is also ending its
downward trajectory and
growth is returning. It
is predicted that this
growth is being fuelled
by a resurgent banking
sector.
Fiona Czerniawska, | |
| |
| | market as a whole
remains weak. Consulting
firms are continuing to
discount their fees and
are increasingly working
with their clients on a
risk and reward basis.”
The future –
positive news from
financial services
The
sourceforconsulting.com
report also asked major
consultancy buyers how
they expected their
consulting spend to
change over the next six
months. It found that
almost two thirds (57%)
expect ‘no change’ or
‘spend to increase’,
while 43% expect to | |
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| | spend less.
These figures conceal
more positive news from
financial services. The
number of companies
within the financial
services sector
expecting an increase in
spend of more than 50%
is double the figure for
non-financial services
organisations. This
reinforces a similar
message from the
Management Consultancies
Association, whose
recently released survey
of consulting activity
in the first half of
2009 also showed signs
that demand for
consulting in the
financial services | |
|
| | director of
sourceforconsulting.com,
commented: “The
financial services
sector will be the key
driver in the recovery
of the management
consulting industry. A
return of confidence to
the sector has seen a
new wave of consulting
projects. In particular,
the banking sector is
investing in IT and
systems integration
work.
“Despite these more
positive signs, the | |
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