What is Management Consulting?
Management consulting is the practice of helping businesses, companies, and organizations with the purpose of organizational effectiveness. Management Consultants are engaged for a number of reasons, such as acquiring the consultants’ specialized expertise, and gaining an external and objective advice.
What do Management Consultants do?
Typically, Management Consultants work along with businesses to provide problem solving expert advice to help them achieve results that can improve their performance and enhance growth. The Management Consultant provides the client with an audit of existing practices and processes, recommendation(s) for improvement, and a plan for implementation.
The areas of consulting work includes business strategy, finance, IT, human resources and marketing. In various parts of the world, it is common that both private and public organizations use management consulting to improve their practices and efficiency.
Management Consultants play two major roles: (1) knowledge transfer; and (2) critical analysis of internal activities. In the first, the Consultants provide update of crucial information (such as industry best practices) about what is going on in other firms that could possibly benefit the client organization. In the other role, the Consultants assist by offering valuable feedback to management, helping management in the decision-making process during uncertain conditions. Sometimes Consultants are also brought in to review actions which had been taken by management.
Why do companies use Management Consultants?
Management Consultants are engaged by businesses for their functional expertise and objective opinion.
One of the common engagement of Management Consultants are to help businesses improve their performance and grow by solving problems and finding new and better ways of doing things. Most qualified Management Consultants have built up critical expertise in key areas. Thus, when companies face critical challenges or problems that require that expertise, an effective and efficient way to resolve the issue can be to engage with a Management Consultant.
Another reason is that Management Consultant will often be filling in for a gap in skills in a business. A Management Consultant is likely to have expertise in a certain area, which a business may lack internally. Furthermore, the Consultant can focus on the project on hand without distractions from the day-to-day operations of the business. Consultancy firms range in what they provide, with larger firms offering end-to-end solutions, and others focus their expertise in a specific area.
By engaging a Management Consultant as an external help, the business can have cost savings as compared to employing a permanent staff or a team to manage a task or project. The business also can retain its existing structure and talent base.
Management Consultants can be engaged to advise senior management on a specific project, or more broadly on the structure, operational processes, and practices of a firm. The Management Consultant can also provide the business with objective, third-party opinion, thus reducing or eliminating blind spots while making a major decision.
Do you have a business problem to solve? Our Management Consultants are certified and qualified to help you. Contact us to arrange for a free, non-obligatory consultation session.