With an eye toward EU integration and rapid economic transformation, Georgian companies are navigating a landscape that demands compliance with new regulatory standards, the adoption of digital technologies, and a commitment to sustainable growth. This evolving environment has intensified the need for expert business consultancy services to guide companies in aligning with international standards, modernizing operations, and enhancing competitiveness.
In this context, consultancy services are more critical than ever to support businesses in Georgia as they work to build resilience and succeed in a competitive global market. This need is underscored by Grant Thornton’s October 2024 study on the demand for advisory services, which reveals significant insights into the current market needs. This research analyzed publicly available tenders from platforms like tender.ge, etenders.ge, and procurement.gov.ge, covering data from 2023 to 2024 and highlights the specific advisory services most in demand, offering a clear understanding of market priorities.
The results, visualized in the accompanying chart, indicate that Valuation services dominate the market, representing 45.6% of the demand. Other key areas include Human Capital/Training (14.8%), Strategy/Research (11.2%), Strategy (8.3%), and Internal Audit (7.7%). Financial Management, Business Transformation, IT Audit, Programme Management and Operations Improvement are also notable areas, though they represent smaller portions of the market.
In response to these findings, Grant Thornton has restructured its advisory team to align with the diverse needs of the Georgian market. Our team is equipped with specialized skills and a diverse range of experiences, enabling us to provide tailored services that address the specific demands of our clients. Our experts bring valuable insights gained from extensive experience in both the local Georgian market and the broader European market, ensuring that we can offer solutions grounded in a deep understanding of regional and international best practices. By leveraging this expertise, Grant Thornton is well-positioned to support Georgian companies as they navigate regulatory changes, embrace digital transformation and pursue sustainable growth. Through our comprehensive advisory services, we aim to empower businesses to thrive in a competitive global environment.
Providing Robust Valuation Services for Informed Financial Decisions
In Georgia, demand for accurate valuation services spans multiple sectors and plays a vital role in enabling sound financial decisions. Alongside Grant Thornton’s research, findings from CRRC-Georgia also highlight the importance of transparency and rigor in valuation, underscoring its necessity for both domestic and foreign investment (CRRC-Georgia, 2022). Grant Thornton Georgia’s valuation expertise offers companies reliable and comprehensive valuations for both movable and immovable assets, as well as thorough business valuations. Additionally, our team brings substantial experience and specialized knowledge in delivering Fairness Opinions, ensuring that clients receive precise, transparent assessments aligned with both local and international standards.
Addressing Workforce Challenges with Human Capital Development
A shortage of skilled labor, particularly in technical and managerial roles, presents a major hurdle to Georgia’s economic growth. Recent data from the World Bank reveals that over 40% of Georgian firms identify inadequate workforce education as a significant constraint, a rate that surpasses the regional average. Traditional in-house training often falls short, focusing narrowly on job-specific skills and overlooking essential competencies like leadership, strategic thinking, and communication (World Bank, 2022). To bridge this gap, Grant Thornton Georgia offers Human Capital services designed to cultivate both technical and soft skills through tailored training solutions. By developing a more skilled workforce, we empower Georgian businesses to boost productivity, foster innovation, and contribute to sustainable economic growth.
Driving Digital Transformation and Data Analytics
While Georgia’s IT sector is expanding rapidly, digital adoption across other industries remains limited, and digital illiteracy continues to be a significant challenge in the country. In 2023 alone, the IT sector grew by 27.4%, yet many companies overestimate their digital maturity and lack expertise in areas like data analytics. With Georgia’s EU candidacy amplifying the need for technological advancement, businesses must adapt to remain competitive (World Bank, 2023). By offering Business Transformation and Data Analytics services, Grant Thornton Georgia equips companies to effectively utilize digital tools and embrace data-driven insights. This support enables Georgian firms to enhance productivity, secure a competitive position in the global digital economy, and develop the digital skills necessary to face the challenges of the future.
Optimizing Technology Investments for Sustainable Growth
Georgia’s digital subsectors – e-commerce, fintech, entertainment technology, and software- are attracting considerable investor interest. Many successful Georgian digital businesses favor B2B models, benefiting from lower upfront costs and scalability potential. Technology investments must be strategic and aligned with business objectives (World Bank, 2023). Grant Thornton Georgia’s technology advisory services encompass business intelligence, technology investment optimization, and data management, helping companies streamline processes, enhance technology value, and secure sustainable growth.
Empowering Business Strategy with Research and Market Analysis
Strategic planning and market analysis are essential for businesses seeking to expand, adapt, and optimize their operations in an evolving market. This need is emphasized by the sharply growing demand for research and strategy services, as evidenced by Grant Thornton’s internal research. Nearly 20% of publicly advertised tenders in 2023 and 2024 in the advisory sector were related to these services, particularly in high-potential areas such as tourism and energy. Grant Thornton Georgia’s research and strategy services deliver critical insights through feasibility studies, market analyses, sustainability assessments, and customer experience strategies. These insights enable Georgian companies to make informed decisions, optimize operations, and pursue sustainable growth.
Meeting ESG Standards and Building Stakeholder Trust
With the rise of ESG compliance requirements, Georgian companies are now expected to meet higher standards of transparency and responsibility. The “Accounting, Reporting, and Audit Law” mandates that Public Interest Entities, especially those with over 500 employees, disclose metrics such as environmental impact, social engagement, and anti-corruption measures (National Bank of Georgia, 2023). This alignment with EU norms and National Bank of Georgia guidelines positions businesses to build trust with stakeholders and attract foreign investment -key for Georgia’s economic growth. Grant Thornton Georgia’s ESG advisory services empower companies to comply with these standards and adopt ethical business practices that give them a competitive edge in both local and international markets.
Strengthening Financial Foundations with Comprehensive Financial Management
Structured financial strategies are essential to sustain growth and achieve long-term success in the Georgian market. According to an internal survey by Grant Thornton Georgia, around 10% of publicly advertised tenders focus on financial services, with clients spanning from commercial banks to public transportation authorities. Grant Thornton Georgia’s financial services – including finance transformation, shared services, and cost performance improvement-equip Georgian companies with tools to operate efficiently, remain competitive, and meet regulatory demands. This financial resilience is vital for navigating a dynamic business landscape.
In today’s rapidly evolving business environment, Georgian companies face the dual challenges of aligning with EU standards and preparing for sustainable, competitive growth. As Valuation, digital transformation, skilled workforce development, strategic planning, and ESG compliance become critical pillars for success, Grant Thornton Georgia stands ready to support businesses in navigating these complexities. Our comprehensive services-from data analytics and technology advisory to human capital development and financial management-provide Georgian firms with the tools and insights needed to excel in an increasingly globalized market. By fostering resilience and guiding companies through strategic, informed growth, we help strengthen Georgia’s economic landscape, empowering businesses to thrive now and in the future.
Sources:
World Bank 2022:
World Bank 2023:
https://www.ifc.org/content/dam/ifc/doc/2023/georgia-country-private-sector-diagnostic-en.pdf
Word Bank (n.a.):
https://www.worldbank.org/en/country/georgia/overview#1
CRRC-Georgia 2022:
https://saras.gov.ge/Content/files/WB%20Business%20Report%2026152022_FINAL%20ENG_for%20send.pdf
