The traditional pyramid model of a consulting firm’s approach to conducting business is changing. Increasingly, number-crunching conducted by junior consultants, no matter their capability, may not be sufficient in meeting the market’s ever-changing demands.

For many consulting firms, the current trends reflect a need for greater input from senior management. The use of technology in the accounting department to support research and overall project execution is similarly becoming increasingly important. Firms are looking to analytics-based technology to help with budget allocation, while forecasting is now an important factor in determining demand and minimising revenue leakage.

National Technology News and Sage surveyed 102 finance professionals to examine how consulting firms are maintaining the integrity of their data and growing at a time when many firms are cutting spending on external expertise. The results offer a representative snapshot of the key challenges and drivers for consultancies as they look to support overall business goals and maximise value by investing in technology.