An entrepreneur trying to disrupt the traditional consulting industry, meet Rasesh Seth, the Founder of Nextyn. Started in January 2018, Rasesh launched a platform that gives some of the leading Fortune 500 companies access to knowledge and expertise through a virtual panel of thousands of industry leading experts. The aim of the platform is to aid decision making and enable companies, including some of the fastest growing start-ups, take strategic decisions at a more rapid pace. Currently, Nextyn has clients in over 10 countries and experts from across 70 geographies, globally.
The era of entrepreneurship has never been more at its prime, than it is today. One positive thing about the aftermath of the Covid-19 pandemic is that the enthusiasm to build an entrepreneurial career has also played a crucial, even if small, role in the advancement of technology at a faster pace than many predicted. Over the last 18-20 months, a huge number of people have started their own independent ventures, with specialisations varying from illustrations, writers and researchers to construction engineers, architects, events and hospitality organisers among several other categories of professionals and creators.
While there are abundant tech, marketing and management consultants, the last mentioned is a comparatively newer arena. Moreover, freelance management consultants are industry specialists who have opted to work independently, and have enough clout to source business and more than meet their clients’ expectations.
Stories of rapid and stellar success achieved by new entrepreneurs on the business block, which have been cropping up all the time, have become increasingly common in recent times. While some are launching IPOs (Initial Public Offerings), some others are also becoming unicorns. At the same time, the majority of them going bust are not even heard of. Nonetheless, there is no doubting the passion, energy and the outlook for an economy driven by entrepreneurs.
So, how do these entrepreneurs ensure that they stay ahead of the curve? And where do they get all the knowledge and experience from? Well, their management consultants need to be thanked for that.
Today, management consultants no longer need to be a ‘Jack of all trades’, even though knowledge is the key to growth. At the same time, professional expertise is a prerequisite for a management consultant to sustain in the long run.
It’s a very well known fact that management consultants have played an important role in the growth of several companies. Consulting firms such as McKinsey, Bain & BCG created an advisory world, where some of the most respected and successful companies went for their strategic decision making.
Having an unmatched track record, they have been at the forefront of the traditional consulting industry, which has seen little disruption through technology, in the modern world.
We’re Now Living in a Post Pandemic Consulting World
Ironically as it may sound, Covid-19 has, in fact, been a boon for several industries across the globe. There’s not even the slightest doubt that Healthcare of course has been its biggest beneficiary, with e-commerce being debatably the second most aided sector.
While there are countless numbers of industries that have benefitted, there could be an equal list of those who were adversely affected. Being adversely affected can be attributed to a mix of the impact of a pandemic and poor strategic decision making at crucial moments, when the whole world went through a drastic change.
We all know the importance of information in decision making, but have we ever thought about how reliable the information we act on is? Most companies derail from their strategic objectives owing to acting on information that is from a secondary or a source that is less reliable. This is exactly what traditional management consulting companies based their business model on – reliable information and data.
Modern day startups though, haven’t taken well to the idea of traditional consulting, they find it time consuming and expensive, especially when they would look to reinvest most of their
- Experts bring efficiency
Efficient execution needs foresight which only a person with deep knowledge can bring. Expert networks are proving to be convenient sources of bright insightful minds.
- Provides a better perspective
The point of view of an expert is always of great value to a growing company. An expert can often identify the scope of improvement and potential opportunities to leverage, that people within the organisation may not.
- Better ideas
Solving entrepreneurial problems requires a volume of ideas. The oversight of an expert is always valuable in identifying the right ones and weeding out the ineffective ones.
- Brings stability to business
Experts can help to stabilise finance and help bring a sense of safety net which will allow the company to diversify its products and offerings.
- Expertise comes with time
No one becomes an expert overnight. When starting out, founders can lack expertise on multiple fronts. Thus, by delegating to an expert, they can maximise the value of the time they put in.
- Expert network is the need of the hour for companies ―
The micro-consulting industry in India is still at a nascent stage, but has grown rapidly over the last 2 years at an approximate of 15% per year-on-year. Globally, the industry is sized at $1.5 Bn in 2020, and Covid had very little impact on its growth.
In fact, in some developing countries like India, Covid expedited the growth of the micro-consulting industry, taking most consulting activities online, which created a market for Expert Networks.
With expert networks like Nextyn available today, it’s easier than ever for growth focused companies to achieve success. Such easy access to global experts enables them to thrive even in uncertain market conditions.
Today, with Work From Home/Remote being a new norm, it’s no longer necessary for a management consultant to be from the same city as the client. A consultant based anywhere in India can assure services and results at par with any international consultant. And at the same time, an organisation in India can have any international management consultancy firm handle their work.
Additionally, Digitisation has helped several companies and many businesses not just grow, but also grow faster with visible results. Not to forget, digitisation has also facilitated wider and quicker spread and reach of information for the companies to explore new ground and consequently increase revenue.