Management consulting is a service provided by consulting firms to help their clients improve the effectiveness of an organisation's strategy, operational processes and structure.Consultants give advice and solve complex issues. They identify areas where the company could add value, improve business performance and help develop skills within the organisation.They might be commissioned to devise a strategic plan to achieve a specific goal for the company – like boosting growth or actioning a specific project. Or they might advise on cost-saving initiatives or new approaches.On a typical contract, several solutions will be proposed in a large report, which will include forecasts of KPIs for each potential scenario.
A management consultant will make recommendations to help make a company’s operations more streamlined and, in the long run, help the company to boost its productivity and profitability.Organisations enlist the help of a management consultant for a wide variety of reasons. In all cases, they want an unbiased business expert to look at the workings of the company as an outsider, with no prior knowledge of why things are done a certain way.They may also need the expertise of a consultant to help with a specific project, typically because they don’t have an employee in-house who is experienced, knowledgeable or capable enough to take it on.
The main responsibilities of a management consultant are, firstly, to gain an overview of the organisation, then to analyse the organisation and identify areas where improvements could be made.
Finally, (depending on the contract) they will implement new procedures and processes.
Consulting advice encompasses a wide variety of management issues that can be divided into the following categories: