As we enter the new year, it’s a great time for consultants and advisors to consider what digital-first advisory tools they can build to productise their consulting practice. Augmenting your services with digital products has the potential to create two powerful outcomes: not only do clients get more value, but firms also open up continuous revenue streams.

At Assembler, we’ve helped firms create a range of digital-first advisory tools, including decision support systems, strategic planning tools, and analysis platforms. If you’re looking to change your revenue profile and impress clients this year, it might be worth having a chat with our team.

But you don’t have to take our word for it – the numbers speak for themselves. According to a recent study by McKinsey, 70% of consulting firms are using digital tools to augment their services. And it’s not just the big players – even smaller firms are getting in on the action, with 60% of small consulting businesses using digital tools to deliver value to their clients (source: the Consulting Association).

So why should you consider building a digital-first advisory tool in 2023? There are several reasons. Firstly, it allows you to scale your business more effectively. By offering a digital product, you can reach a wider audience without the need for additional resources. This is particularly valuable for smaller firms, who may not have the capacity to take on a large number of new clients.

Secondly, digital products provide a new revenue stream that can be accessed 24/7. This is in contrast to traditional consulting services, which are usually delivered on a project-by-project basis. By offering a digital product, you can generate passive income that continues to roll in even when you’re not actively working on a project.

Finally, digital products can help to differentiate your business in a crowded market. By offering something that your competitors don’t, you can stand out and attract new clients. This is particularly important in the consulting industry, where there is often a lot of competition.

Of course, building a digital-first advisory tool is not without its challenges. It requires a significant investment of time and resources, and there is always the risk that the product may not be successful. However, the potential benefits far outweigh the risks, and with the right team and support, you can create a product that adds real value for your clients and helps to grow your business.

In conclusion, if you’re a consultant or advisor looking to productise your practice and increase your value to clients, building a digital-first advisory tool is a great way to do it. With more and more consulting firms using digital tools to augment their services, now is the perfect time to get started.