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📉 As with a lot of large consulting firms this year, Accenture has revised its revenue forecast downwards, reflecting the slowdown in the consulting market. Citing an "uncertain macro environment," the New York-listed group expects growth of 1-3%, a drop from the earlier projected 2-5%. This shift underscores the challenges confronting the consulting sector amid sluggish demand and rising costs. Accenture's CEO Julie Sweet highlighted a tightening of client spending, particularly noticeable as the new year unfolded. This restraint is evidently linked to broader macroeconomic uncertainties. The market responded sharply, with Accenture shares plummeting 8% in early New York trading, the largest dip since the onset of the Covid-19 pandemic. The company also adjusted its earnings per share forecast downwards. Accenture's extensive workforce of 740,000 individuals across 120 countries positions it as a significant player in IT and business strategy consulting. Yet, it, like many peers, faces the challenge of adapting to evolving market dynamics, necessitating adjustments such as the recent job cuts announced. Despite the overall slowdown, Accenture highlights continued demand for generative AI projects, with significant bookings during the quarter. This reflects a persisting interest in transformative technologies even amidst broader market challenges. Deloitte's recent operational overhaul, mirroring Accenture's adjustments, signals a broader acknowledgment within the industry of the need to adapt to changing market conditions. The consulting landscape is evolving, requiring agility and strategic foresight to navigate effectively. As macroeconomic uncertainties persist, firms must remain adaptable to thrive in this shifting environment. #Accenture #Consulting #slowdown #GenAI

The hoped for recovery for the #consulting industry has not come. Interesting article here on Accenture which has cut its revenue forecast for 2024. We will see more articles like this on the larger consulting firms (especially the #big4) as they struggle to adapt and innovate in what is a new and exciting time for #professionalservices. I doubt the current macroeconomic environment is going to significantly change soon - this is what we are planning for at Virtas Partners. Firms that can be nimble and adapt to these market conditions have an opportunity to thrive. #ConsultingBusiness #businessservices #opportunity #strategy

You want to keep up to date with the latest developments in the management consulting industry, then follow 👉#consultingnews👈 Here are the key takeaways of this article:• Accenture cut its annual revenue growth forecast to 1-3%, down from previous 2-5% projection, citing an "uncertain macro environment"• It also lowered its earnings per share guidance range• This signals a slowing in the previously booming consulting market • Accenture rapidly hired during the pandemic to meet demand but laid off 19,000 last year as tech spending slowed• Shares fell almost 7% in pre-market trading after the forecast cut• Major competitor Deloitte recently announced a major reorganization in preparation for the market slowdown #consultingnews#managementconsulting#accenture#jobs https://lnkd.in/gMb26-HU Adrian L.

Accenture’s consulting biz uptick shows sector is key for #IT recovery A rebound in the consulting business of Accenture signals a plausible recovery in discretionary spends by international clients of major Indian IT services companies. But it also exposes a lacuna that makes Indian firms grow slower than those with robust consulting divisions. Read more at: https://lnkd.in/dnagjJZR By Beena Parmar

Consulting firms are cutting projections and tightening their belts as demand for their work slows! Major consulting firms are seeing demand for their services slow. The consulting firm Accenture cut its projected revenue growth for 2024. Deloitte has launched a massive reorganization to cut costs. Times are tough for the consulting business. The professional services firm Accenture has cut its revenue forecast for 2024, according to its quarterly report. The firm previously said it was expecting revenues to grow between 2% and 5% this year but is now expecting a growth rate of about 1% to 3%. In a call, Accenture's chief executive, Julie Sweet, told analysts that clients continue to cut back. "We get visibility into our clients' budgets in January. So as we turned the page [into the new year] what we saw was a further tightening of spending [by] our clients and that affects our services," she said, the Financial Times reported. Accenture said in its quarterly report that consulting revenue for the second fiscal quarter, which ended on February 29, fell by about 3% compared to 2023. Major consulting firms across the board are facing waning client demand. That trend has hit especially hard because some firms swelled their ranks in recent years as companies flocked to them for advice on navigating the pandemic. Now, amid tough macroeconomic conditions, there's not enough work for those new hires. #consulting https://lnkd.in/d9sV9jpC

It great to have your customers and industry analysts rate you as the no.1, the best testimony one can aim for… #accenture https://lnkd.in/gAfx8NZ7 This year, Accenture (https://lnkd.in/geE6Qzqk) led that pack—bumping McKinsey & Company, from the head of the list—with Accenture receiving 26 5-star ratings and one 4-star rating, while McKinsey received 24 5-star ratings and three 4-star ratings.

https://lnkd.in/gJutk3_h Management consulting firms Deloitte, EY, PwC, and KPMG (the Big Four) witnessed impressive growth of 25-30% for all major firms in the past two years. The Big Four boast a combined force of close to 300 partners specializing in strategy, operations, and high-end digital advisory. Their extensive network of 5,500-6,000 consultants drives business development. EY leads the pack with a topline exceeding Rs 1,300 crore from pure management consulting. The major trends are digital focus, Longer Engagements, agility and Performance-Based Fees.

From receiving welcome kits to selecting the compensation plan and tax regime, the first month in corporate gives you a good taste of everything.  As a beginner at corporate, it overexcites and overwhelms you, at the same time. But the best thing about all of this is you get to learn to make your own decisions and trust me these small little steps give a sense of achievement of knowing the realities of professional and independent life.   I am happy to share that I’ve started my corporate journey with Accenture as a Management Consulting Analyst and it’s been a month of this beautiful corporate life. Yes, the challenges have just begun but so have the enormous growth opportunities. Definitely, to the journey of Becoming the Impact I want! #Accstrat #AccentureStrategy #Strategy #Consulting #CFOEV #DFT #FinanceTransformation #NewBeginnings

"𝗥𝗲𝗱𝗲𝗳𝗶𝗻𝗶𝗻𝗴 𝗩𝗮𝗹𝘂𝗲 𝗶𝗻 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: 𝗜𝘀 𝘁𝗵𝗲 𝗧𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗠𝗼𝗱𝗲𝗹 𝗟𝗼𝘀𝗶𝗻𝗴 𝗚𝗿𝗼𝘂𝗻𝗱?" The current landscape in the consulting industry warrants serious reflection. Following EY's recent announcement of cutting jobs and McKinsey's downsizing announcement, there's a palpable sentiment that the perceived value consultants traditionally brought to organisations is eroding swiftly. In my discussions today with a learned colleague, a prevalent notion emerged: consulting firms are facing a growing trend of being "disempowered" by clients. While certain sectors within the consulting market are experiencing sharper declines than others, it's alarming to note the evolving dynamics. In my consulting space - Business Improvement and Management Operating System (MOS) deployment sector, for instance, there's a noteworthy shift. Some companies are bypassing traditional consulting avenues, opting instead to engage contract personnel through labor hire firms at significantly reduced rates—often less than half of the standard daily rate. This raises pivotal questions about the future trajectory of consulting services. Are we witnessing a paradigm shift where the market no longer recognises the value proposition offered by consulting firms and independent consultants? Is it imperative for consulting entities to recalibrate their fee structures to remain competitive and relevant? I invite your perspectives on this pressing issue. What are your insights on the evolving role and value of consulting in today's market? Your thoughts are valuable—please share them below.  #managementconsulting #consulting   

It's great to be recognized in this year's Financial Times ranking of the UK's top leading consulting businesses! A big congratulations to our clients Capgemini and Tata Consultancy Services for also making the list 👏 You can see it in full here: https://hubs.li/Q02mG4bs0 #purposepowersprogress #UKleadingmanagementconsultants