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Consulting firms facing remake as crisis hits demand for their services

Headwinds come even as the industry was dubbed 'inefficient, inflexible and slow to adapt' by market research firm CB Insights

Singapore

CONSULTING firms will have to re-invent themselves amid the Covid-19 pandemic, as demand for traditional offerings dries up, industry watchers have told The Business Times.

Still, firms are expected to benefit if they can roll out new services, as the pandemic accelerates business transformation and digitalisation.

Boh Wai Fong, deputy dean of the College of Business at Nanyang Business School, said: "As companies affected by the pandemic are operating on survival mode, clients are more likely to cut costs by delaying the projects or cancelling them altogether."

KPMG has already seen the volume of advisory services projects fall in the earlier part of 2020, compared with previous years,...

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