Kevin Modany, an experienced executive consultant, highlights recent trends in the management consulting industry, and showcases how to leverage these trends to maximize success.
As the global business landscape grows increasingly more complex, experts with advanced skill sets may be required to oversee operations and perform other key functions. In addition, onsite experts continue to harness technology to realize enhanced efficiencies and capabilities.
Although often not readily apparent, many of these high achievers aren’t actually company employees. Instead, they are among the rapidly growing cohort of management consultants. While some consultants possess specialized skills, others apply their well-rounded qualifications to each client’s needs.
Kevin Modany is a versatile executive consultant, an elite management consultant with C-suite skills. In fact, many executive consultants previously excelled as CEOs and/or high-level executives. Kevin Modany is among this accomplished group. A previous company owner, and with several years of private equity executive consulting experience under his belt, he recently assumed the CEO role at a portfolio company.
Here, Kevin Modany reviews 2024 management consulting industry trends and discusses the executive consulting sector’s projected expansion. He also highlights five executive consultant skills that can help business clients achieve their targeted goals.
Table of Contents
Snapshot of the Management Consulting Industry in 2024
Today, the global management consulting industry continues its steady growth. During the past year, the industry showed notable aggregate expansion and a $250 billion net worth. The United States and the UK are seeing especially impressive market growth.
Besides large, multinational consulting firms, niche consulting businesses serve local clients. In addition, cloud-based companies often deliver subject matter experts in almost every business topic. Management consultants typically accept general consulting, operations and strategy, information technology, human resources, or finance assignments.
To reflect this wide-ranging market utilization, the 2024 management consulting (and analysis) job growth rate is 14 percent. For perspective, this figure is considerably higher than the average job growth projection.
Key Management Consulting Industry Initiatives
The 21st-century business landscape has become decidedly digital in nature. Many companies regularly use automation, artificial intelligence (or AI), and other digital technologies to more efficiently execute their operations. In the professional services arena, clients expect service providers to be cognizant of the latest trends and technologies. Taking it further, clients expect the providers to integrate these capabilities into their client services suite.
A Shift to Digital Technologies
During the past few years, the management consulting industry has been focused on replacing human-driven processes with digitally-driven technologies. This beneficial shift applies to areas such as research and analysis along with process and management. This 21st-century skill set enables management consultants to better serve increasingly sophisticated business clients.
Increased “Big Data” Utilization
Industries with huge (and diverse) information sets, and large-scale processing functions, are increasingly relying on “big data” to streamline their operations. To illustrate, the healthcare industry uses “big data” technologies and business automation to process large volumes of information. To keep pace with other sectors’ proactive “big data” adoption, the management consulting industry has recently embraced this methodology.
Continuing Consultant Education
In any industry, staying current with the latest advances is important. In today’s technology-fueled business environment, management consultants should have a well-rounded skill set that extends well beyond their defined discipline. To illustrate, a data-focused consultant might complete courses in data strategy, data analysis, and data mining, among other specialties.
The Executive Consulting Industry in 2024
As companies experience increased needs for C-suite business consultants, the executive consulting sector continues to expand. In fact, from 2018 to 2028 the aggregate executive consultant demand is expected to grow by an impressive 10 percent. This heightened need for executive consultants reflects companies’ growing need for high-level operations and specialized expertise.
5 Skills Executive Consultants Bring to the Table
Executive consultant Kevin Modany recently assumed a Chief Executive Officer role. He previously excelled in this position, a testament to his well-rounded executive skill set. Here, Kevin Modany discusses five attributes executive consultants bring to each assignment.
High-Level Communications Expertise
Effective communication forms the foundation for all business achievements. This interaction can occur between two senior executives, between employees engaged in a project, or between a sales associate and a client. Conversations with investors, vendors, government agencies, and community members are also important. In every situation, when both parties are on the same page, the stage is set for a positive outcome.
Honesty, respect, and transparency are also key to good communication. In addition, avoiding jargon and focusing on the issue at hand will always promote “win-win” engagements. In turn, this serves as the basis for productive action and results.
Executive consultant Kevin Modany integrates these attributes into every conversation. “If you ask me a question, you’ve got to be careful because I will give you an answer, and I don’t believe in anything other than being honest and forthright. Sometimes, it’s painful, but you’ve got to be truthful. That’s the way I am, and that’s the way I’ve always been,” Kevin Modany remarked.
Mission-Driven Leadership Skills
Executive consultants possess exceptional leadership skills. First, these high-achieving executives are known for their ability to effectively oversee a portfolio company’s operations. In addition, they often have the talent needed to motivate employees toward superior job performance.
In every interaction, the executive uses a collaborative approach, recognizing the needs and goals of everyone involved. From this perspective, they formulate a plan that achieves the desired goal while respecting each participant’s role. Kevin Modany says leaders who adopt this approach have nearly twice the success rate as leaders who operate from an authoritarian view.
Kevin Modany highlights the dynamics of effective leadership. “The objective of a leader should be to get the people motivated, that they want to run through a wall for you. You get them to be motivated to want to work with you and accomplish objectives. A component of that is being honest and transparent and truthful,” Kevin Modany emphasized.
Data-Derived, Decision-Making Framework
In the 21st-century business landscape, many CEOs perform targeted data analyses before making strategic decisions. Executive consultant Kevin Modany has long taken the data-driven decision approach. Regardless of the scenario, he prefers to rely on empirical data rather than intuition or hunches.
Longer-Term Strategic Planning Capabilities
Growing companies regularly engage in strategic planning activities. A 3-to-5-year strategic plan is common, as it outlines a business’ overarching goals and strategies while allowing enough time to achieve them. However, this interval is short enough that the company can dramatically change course if necessary. In contrast, a rapidly growing company may focus on a one-year strategic plan.
Larger and/or multifaceted organizations may utilize a 10-year strategic plan. This time frame may be ideal for a large corporation that projects a major expansion or organizational restructuring program. Large universities and government agencies also adopt 10-year strategic plans. This time frame allows for steady growth while making gradual improvements.
Regardless of the strategic plan time frame, an executive consultant can help the firm’s CEO and senior executives develop and implement the plan. The consultant may assist in setting goals, formulating budgets, preparing sales forecasts, and other tasks that support the plan’s completion.
Finally, strategic plans don’t operate in a vacuum. An executive consultant can help refine a strategic plan to reflect an evolving business environment and/or other significant changes in the company’s operation.
Cultural Transformation Leadership
Each organization has its own distinctive culture. The company’s core values, along with its vision and mission, are key cultural pillars. The firm’s support of employees and the surrounding community are also important cultural components. Collectively, these practices provide a supportive business setting and a solid foundation for ongoing growth and transformation.
The executive consultant may become the guardian of the firm’s company culture. In the midst of business growth and change, the consultant ensures that this foundation remains secure. In addition, the executive consultant is well-positioned to integrate appropriate cultural components into short- and long-term planning activities.
Executive Consultants Remain a Valuable Asset
In an increasingly challenging business operating environment, a skilled executive consultant possesses the ability to solve problems and recognize opportunities. Kevin Modany is confident that these capable business partners will continue to play a key role in many companies’ growth.
