In an exclusive interview with The Catalyst, Deepak Narayanan, Founder & CEO at Practus shares insights into their mission to transform consulting by aligning technology with organizational goals. He emphasized the importance of data-driven strategies and customized solutions that help businesses enhance performance, streamline operations, and achieve sustainable growth. The firm announced last year its notable goal to hit a $1 billion valuation by 2030.
How do you see technology reshaping client-consultant relationships in the future?
Technology is fundamentally redefining the client-consultant dynamic. The days of static recommendations are over; today, clients expect real-time, data-driven solutions that evolve with their needs. At Practus, technology empowers us to go beyond strategy, ensuring execution is backed by analytics and actionable insights. Tools like AI and IoT allow us to address challenges proactively, creating relationships built on continuous collaboration rather than transactional engagements. For us, technology bridges the gap between advising and delivering measurable outcomes.
What industries in the Middle East are seeing the most demand for management consulting services, and how does Practus tailor its offerings for these sectors?
Dubai’s diverse economy drives consulting demand across industries like real estate, financial services, healthcare, and logistics. Practus tailors its offerings by diving deep into the unique challenges of each sector. For example, in healthcare, we focus on optimizing cash flow and improving operational efficiency, while in logistics, we emphasize digitization and supply chain resilience. Our ROI-driven approach ensures that every engagement delivers tangible, industry-specific results, which resonates strongly with the region’s growth mindset.
How important is it to ensure the seamless integration of strategy and implementation at Practus?
At Practus, we believe strategy without implementation is just an idea. Our philosophy is rooted in bridging this gap. While many firms stop at advising, we pride ourselves on seeing the plan through to execution. This approach is embedded in our DNA and reflected in our ROI-focused engagements. Whether it’s driving cost optimization, enhancing profitability, or streamlining operations, we don’t just deliver reports; we deliver results.
The finance industry is becoming increasingly digitized. In what ways does Practus assist clients in adopting digital tools to streamline processes, improve forecasting accuracy, and enhance decision-making capabilities?
Digitization is at the heart of the modern finance function, and Practus is committed to helping clients embrace it. From implementing cutting-edge financial tools to leveraging AI for predictive analytics, we enable clients to streamline processes, reduce manual interventions, and enhance decision-making. Our solutions improve forecasting accuracy, provide real-time financial visibility, and ensure that CFOs can pivot swiftly in a dynamic business environment.
What steps does your firm take to ensure AI recommendations are adaptable to different business cultures and environments?
AI thrives on data, but its effectiveness hinges on cultural and contextual alignment. At Practus, we don’t believe in one-size-fits-all solutions. Our AI-driven recommendations are always tailored to a client’s business culture and operational nuances. By working closely with stakeholders, we ensure that AI models are trained on relevant data and adjusted to reflect regional and industry-specific dynamics, resulting in actionable insights that are practical and adaptable.
Please share insights on the role of data and technology play in Practus’ approach to identifying new growth opportunities for clients?
Data and technology are integral to Practus’ approach. By leveraging advanced analytics and predictive models, we uncover hidden patterns and opportunities for growth. For instance, in one engagement, we used IoT data to optimize asset utilization, leading to significant cost savings and improved productivity. Our solutions go beyond surface-level insights, driving strategies that deliver measurable outcomes and long-term value for clients.
How do you foresee new technologies shaping the future of consulting and which ones are poised to drive the most significant changes?
The consulting industry is on the cusp of a technological revolution. AI, IoT, blockchain, and digital twins are poised to drive the most significant changes, enabling consultants to move from reactive to proactive problem-solving. At Practus, we are particularly excited about the potential of AI and predictive analytics to deliver real-time, actionable insights. These technologies are not just reshaping how consultants operate but also setting new standards for accountability and results.
Technology is revolutionizing the consultancy business by streamlining client servicing, enabling faster decision-making, and enhancing personalized solutions through data analytics and automation. The crux of consulting lies in driving meaningful and impactful change. Practus stands out by delivering measurable results tailored to the unique needs of diverse organizations.
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