Consulting during Covid-19
The Covid-19 pandemic marks a major blow to the industry worldwide. Mainstays like oil and gas were at a virtual standstill as industries and travel were in a lockdown globally. This coupled with the precipitous drop in oil prices was a double blow for the region. Even the stable travel and tourism sector was completely shut-down due to social distancing norms and visa bans.
Impact of Covid-19 on Consulting by Industry
According to a forecast conducted by Source Global Research, there are four industries in particular that will face the greatest impact of the Covid-19 pandemic.
The industries facing the major impact include, the services sector (that includes leisure and aviation), energy & resources, healthcare, and the public sector. On the other hand, if we talk about financial services and technology sector, they are likely to fare better than the others.
Taking the technology sector in UAE in particular, there has been a heightened demand for advanced technology consultancy services amid the pandemic. The authorities in the United Arab Emirates have used technologies including artificial intelligence (AI), big data and internet-connected devices in response to the Covid-19 crisis. Government has been working closely with tech start-ups and consultancies. This has helped technology consultants in UAE stay buoyant in such tumultuous times.
While the Covid-19 pandemic has brought has major disruptions, it has also brought some opportunities. Many companies are wondering how to deal with the economic situations, this is where the role of consultants come in. Covid-19 has required companies to look at aggressive cost-cutting and restructuring programmes. Not to forget how the pandemic has put some major strains on businesses in terms of human capital. So, businesses will be looking forward to seeking help from HR consultants specializing in employee benefits.
Talking about M&A, coronavirus is making companies cheaper to buy. This means dealmakers will call upon consultants which have domain expertise. Meanwhile, in today’s rapidly digitizing world, business leaders will be looking forward to the adoption of new technologies and automation in their business. The fact that digital is key for any business to survive in a post Covid world, cannot be disregarded. Digitization and business process automation is likely to emerge as the largest business drivers of consulting spend.
Feel free to consult RSM UAE to discuss your financial and budgeting concerns. RSM is one of the world's leading audit, tax and advisory service network, recognized for innovative solutions across the globe. RSM professionals can help your company undertake granular analysis required for a comprehensive forecasting and budgeting exercise.