Reinventing the Consulting Business Model

Some consulting businesses are embracing new business models that challenge the traditional idea of hiring people and charging clients for their expertise per hour or day. EdenMcCallum, a European based consultancy, does not employ consultants, but instead hires senior independent consultants who can be matched to projects based on client preferences. Trend research consultancy PSFK has moved away from staffing projects with people and instead commercializes its knowledge through special reports. McKinsey Solutions offers software and technology based tools that allow for data analytics and data-driven decision-making in various industries. Fahrenheit 212, on the other hand, charges clients for objectives achieved so that the risk for them is reduced. These new business models are based on flexible approaches that minimize costs and risks, and open up new streams of revenue.