What do Management consultant do ?
Management consultant work with businesses to improve their performance by providing expert advice to solve problems and encourage growth. They work with businesses across a wide range of sectors, including business strategy, finance, HR and marketing. It’s not just private firms – many public institutions use management consulting to improve their practices and efficiency.
In basic terms the role of the consultant is to provide their client with an audit of current procedures, their recommendation for improvement and an action plan for implementation.
Why do businesses use Management consultant?
The management consultant will often be filling in for a skills gap a business has. It can be much cheaper to source external help than hiring new individuals or even a team to manage a project or task.
A consultant is likely to have expertise in a certain area, which a business may not have internally. Plus, they can focus on the project on hand without getting distracted by the day-to-day running of the business. Consultancies range in what they provide, with larger firms offering end-to-end solutions while others may focus their expertise in a specific area.
How does a management consultant project work?
As they are usually providing advice on a specific issue, the work of a strategy consultant tends to involve a lot of data analysis. A project will usually go as follows:
- Problem definition – What problem are we trying to solve?
- Approach – How are we going to investigate this problem?
- Data gathering – Find out everything we can about the issue
- Data Analysis – What does our data show?
- Advice – What is the best solution according to our data and expertise?
- Implementation – Enact positive change based on the recommendations
Who are the main management consultant firms?
There are three companies which are often referred to as the Big Three consulting firms. They include McKinsey & Company, Boston Consulting Group and Bain & Company. They all consult on a variety of projects and specialisms.
The Big Four accountancy firms (PwC, EY, Deloitte and KPMG) also have large management consulting arms, plus there are other firms like CIL Management Consultants and Steer, which specialize in management consulting.
Article Source: brightnetwork