Technology consulting firms help businesses integrate new technologies and optimize existing systems. Services include cost assessments, guidance on integrating e-commerce, and advice on reducing IT costs. Fees vary by region and consultants may charge hourly or per-project rates.
A technology consulting firm supports an enterprise client through technology change. Technology advances frequently, and companies across multiple industries, from finance to retail, often need assistance with upgrades, integration, or other business transformations. Consultants identify the challenges a company faces in integrating or adapting to such changes. They walk a client through these hurdles and will ultimately typically provide a written report chronicling the experience for the length of time the technology consultancy has been maintained.
Some of the services that technology consulting firms might provide include instruction on how to integrate cutting-edge technologies into a client’s operations in ways that can help control costs and also increase revenues. For example, the proliferation of the Internet has introduced electronic commerce to many businesses that once depended on brick-and-mortar stores. A technology consultant could guide a business through how to move entirely to the internet or use it to complement an existing physical facility.
Other services might include an assessment of a company’s information technology (IT) costs. When a business is forced to reduce an IT budget, it must decide which services are expendable. This could be especially true in the case of a merger or acquisition, when companies are forced to eliminate layoffs between the two firms. Technology consulting firms can help recognize the signs of overspending and offer suggestions on how to reduce technology costs while focusing on efficiency and optimizing systems worth keeping.
When global exchanges began migrating from an open protest system, where they relied on trading specialists to execute orders, to automated trading, it was new territory for many of them. Technology consulting firms advised exchanges on how to integrate and optimize new technology systems and capabilities. Since then, technology consultancies dedicated solely to automated trading have emerged, and other ventures have been forged. In 2007, the New York Stock Exchange and the Tokyo Stock Exchange Group entered into a cross-border partnership to serve as technology advisors and capitalize on opportunities in trading systems and technology.
The fees charged by technology consulting firms vary by region. Many IT consultants charge an hourly rate and may work on a client’s premises for a period of time to provide support and ensure changes are implemented accurately. More sophisticated technology consultants with a larger role might charge on a per-project basis. Technology consultants are often required to travel.
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