The Influence of Innovation on Competitive Advantage in the Management Consultancy Sector

Abstract

Embracing the transformation and changes that innovation can bring is crucial for a business to maintain a sustainable competitive advantage in such a complex, volatile and competitive environment. Ignoring the transformative nature of the business environment and keeping operating with a business model that is outdated and does not move with time, can be extremely detrimental to a company and it may ultimately lead to the cannibalization of the business itself. The business consultancy sector in the UK saw a dramatic increase in the number of firms operating in the field. This brings the need for business consultancies to differentiate through innovation in their entrepreneurial proposition whether in a product or a service, in a new way of operating, in the resolution of an issue or in the implementation of systems, production or quality that will change the way in which a firm creates, delivers, and captures new value.