On Friday, the consulting firm Accenture reported revenue of $17.7 billion for the quarter that ended May 31. Shares of the company fell 3.6% in premarket trading after it said new bookings decreased 6% in the third quarter. This comes as the consulting industry is being challenged more broadly.

It’s dealing with reduced spending by the federal government, as well as by companies trying to figure out exactly how much money they want put towards problem-solving these days.

​During the pandemic, a lot of companies were turning to consultants to figure out just how to deal. 

“So it was a really big boom of spending. It was abnormal,” said Bryan Bergin, an equity analyst with TD Cowen.

Nowadays, companies are dealing with economic uncertainty and a trade war. While some are turning to consultants to help them cut costs, others are less interested in paying outsiders to tell them what to do.

“You may not know what your supply chain is going to look like in six, 12, months from now,” Bergin said. “For you to then say, ‘OK, I'm going to make this multi-year strategic decision,’ it's very difficult.”

Meanwhile, more companies are trying a DIY approach to problem-solving, according to Harvard Business School professor Sunil Gupta.

“So they're saying, ‘Well, this is our job. Why should we outsource it to somebody else? We should be thinking about strategy anyway,’” he said.

TD Cowen analyst Bryan Bergin also points out that companies have been spending a lot on artificial intelligence. That leaves less room in the budget for advice from humans.