Fintech PR
AI AND DIGITAL TECHNOLOGY EXPECTED TO DRIVE GROWTH IN CONSULTING IN 2024 ACCORDING TO INDEPENDENT NEW SURVEY FROM THE MCA
- Most comprehensive and largest independent research on the consulting sector confirms 11% growth in 2023, 9% growth expected this year and a return to double digits in 2025 (11%)
- Growth in one of Britain’s highest performing sectors returns to more sustainable levels following 20%+ records post pandemic
- AI and digital technology expertise on adaptation and adoption for clients as well as cost efficiency programmes will generate the biggest opportunities this year for consulting firms
- The background of consultants in modern Britain redefined as latest stats show more young consultants have never been to university than have attended Oxbridge
- Seven in 10 consultants are more satisfied with their job due to the widespread adoption of hybrid working
LONDON, Jan. 22, 2024 /PRNewswire/ — A readjustment to more sustainable levels of growth for the consulting sector is expected in the next 12 to 24 months according to the latest survey undertaken by the MCA, the Management Consultancies Association. In the largest piece of research ever conducted by independent research firm Savanta Comres. The report reveals that AI and digital technology expertise is expected to be the area in most demand by clients as well as cost efficiency programmes but that there are concerns from leaders around the performance of the UK economy (41%) and the impact of reduced client spending (43%) as well as the broader global outlook for the economy.
The latest MCA figures show that consulting activity is expected to have grown by 11% in 2023 and 9% growth is expected this year with 11% growth next year, showing a continued strong performance in comparison with the rest of the economy. 73% of consulting leaders say growth met or exceeded expectations last year slightly lower than the previous year (85%) showing that growth is returning to more sustainable levels following an unprecedented period of client demand post pandemic when the sector achieved over 20% growth rates.
Several factors have contributed to the continued demand by clients including the requirement for expertise in specific areas such AI and digital technology and 94% of consultants believe client services related to AI and emerging technology will provide the biggest opportunity for expansion in consulting this year. However, some areas are expected to experience less growth for example in advisory on deals and a quarter of leaders predict consulting in the Retail and Leisure sector is most likely to continue to experience a slowdown in activity. Although still increasing, sustainability services are also predicted to grow at a slower rate as clients face economic challenges and focus more on the day to day running of their businesses.
Over 100,000 management consultants work in the industry in over 350 offices across the UK with 270 locations based outside of London and the survey is the biggest ever conducted of all consultants from leaders to the newest recruits who have joined the profession. The data collected confirms the increased diversity of talent working in the profession with more young consultants now recorded as never having attended university than have been to Oxbridge. The lower number of consultants who attended a Russell Group university also indicates that the industry is increasingly more inclusive attracting a broader pool of talent with firms now very much focused on the importance of social mobility. The percentage of young consultants who attended a Russell Group university has remained consistent with last year at 35% having declined from a peak of 73% in 2011.
Hybrid working continues to have a positive effect on those working in consulting with 69% reporting more satisfaction with their job due to its widespread adoption. It has also helped to make the sector more attractive to work in (72% v 64% in 2023) as firms optimise their remote working processes. It also contributed to a better work-life balance (28%) compared to the previous year with more women saying it has improved (34%) in the last 12 months compared to 26% of men.
Tamzen Isacsson, MCA Chief Executive, said:
“The outlook for our sector looks positive in 2024 and beyond despite the challenging economic conditions at home and abroad which confirms that at times of uncertainty clients rely on trusted advisors and are looking to our sector for specialist expertise on the safe adoption of AI, new technology and for boosting productivity and cost efficiencies. Business confidence however thrives in stable political and economic environments and 2024 is a busy year for elections across the world which could impact the broader economic outlook and growth rates for our sector. As a country we should be proud of our position as a leading centre for professional services in the world and encouraged by the continued growth in one of our highest performing sectors.
“It’s clear that the shift to more hybrid working has made employees happier and the challenge will be to ensure the balance is right for everyone through seizing all the advantages of digital working and its flexibility and at the same time harnessing all the benefits of face to face working and its beneficial impact for learning and development and face to face interaction with clients and teams. As a sector that often leads by example our job will be to find the new positive and more complicated path forward in the world of working.”
The impact of AI features greatly in the results of the MCA Member Survey 2024. Nearly all respondents (94%) believed that client advice and services relating to AI and emerging technologies will increase in the next year while over half (53%) said they were already using AI, including 75% of consultants working in the Big 4 firms. It is most used for searching for information (57%), enabling teams to use AI models (56%) and well as data analysis (54%) with benefits cited around improving time management. Adapting to AI developments (33%) is one of several challenges expected by the management consulting industry alongside reduced spend by clients (43%) and the general slowdown of the UK economy (41%). With a UK General Election expected in the Autumn, the uncertainty around the political landscape (28%) will also be challenging to the sector.
Independent market research agency Savanta partnered with the MCA to collect and analyse member data for the 2024 report. Further information can be found at www.mca.org.uk.
Notes to Editors:
The Management Consultancies Association (MCA):
The MCA is the representative body for the UK’s leading management consulting firms. For over 65 years, the MCA has been the voice of the consulting industry, promoting the value of consulting to business, the public sector, media commentators and the general public. The MCA’s mission is to promote the value of management consultancy for the economy and society as a whole. The MCA’s member companies comprise over 50% of the UK consulting industry work with the vast majority of the top FTSE 100 companies and almost all parts of the public sector. The UK consulting industry is amongst the best in the world and a vital part of the business landscape. Click to see the full list of current MCA members see link.
Compliance with the MCA’s tough entry criteria and adherence to the principles of Consulting Excellence means that MCA member companies are widely acknowledged to provide high quality services to their clients. Many of their achievements are recognised in the annual MCA Awards.
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
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Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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