Management Consultant: Who are they?
What terms constitute Management Consultant?
We start the topic by defining the term management. Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, and all other resources of a company or an organization to reach its goals efficiently and effectively.
Then by defining who is consultant? A person who knows thoroughly about a particular subject and is employed to give advice about it to others in a company.
Who is Management Consultant?
Simply by fusing these words, we can get an idea about who is management consultant? A management consultant, also known as management analyst, helps a company or government entity plan and execute projects with the desired results of becoming more profitable or competitive. To achieve this goal, the consultant may advocate a variety of plan of action to reshape the organization’s structure or operation methods in ways that result in increased profits, better systems, and improved efficacy.
Need of Management Consultancy-
Businesses today face many hindrances, many of which are ruinous to working of company proficiently. With the ever-changing market conditions and the emergence of new technologies, businesses need to continue to expand Companies often need assistance to execute changes mandatory to their economic health. Management consultants provide their expertise to help their clients attain efficiency through the proposed changes.
Qualifications Required for Management Consultant-
• Bachelor’s degree from a top institution
• Well-built core consulting expertise of research, analysis, presentation, and attention to detail
• Inclination to hold new concepts and effectively produce outcomes
• Peculiar problem-solving skills – an analytical, innovative, and creative approach
• Noteworthy written and verbal communication skills
• Ability to be autonomous and be an independent contributor to the team
Job profile of a Management Consultant:
• Fully understanding the workings of the company – this includes looking at company processes and researching competitors, supply chains and other key influences on the organisation’s operations
• Collecting feedback from staff, senior management and any other stakeholders
• Running focus groups
• Collecting data from different areas of the company and analysing it
• Identifying issues and making suggestions for how to resolve them
• Creating proposals for what you plan to do (based on your findings) and presenting them to the client’s management team.
• Implementing your solutions and supporting the organisation in carrying forward your recommendations.
• Managing projects and teams.
Categorisation of major Consulting advices:
Consulting advice encompasses a wide variety of management issues that can be divided into the following categories:
• Strategy Consulting: Offering advice on a project-by-project basis. This might include corporate strategy; business case development; new market entry; growth strategy; due diligence of potential acquisitions/disposals; long-term planning; company reorganisation; rationalisation of services and products; company appraisal.
• Operational Consulting: Cost reduction and productivity; process improvement; production control; colleague incentives; quality control.
• Marketing Consulting: Market research and forecasting; training of the sales team; market positioning and strategy; organisation of retail and wholesale outlets.
• Financial Consulting: Budget control; profit planning; financial administration and technology implementation; cost reduction and efficiencies.
• Human Resources Consulting: Specialist HR advice on talent acquisition and rewards; policy; planning; enrichment; evaluation. Also assisting with organisational design and restructuring.
• Technology Consulting: Development of technology architecture; technology infrastructure; complex programming; defining needs; software provision; systems design and analysis; computer feasibility studies.
• Applications Consulting: Provide advice on issues related to large-scale implementation of data software applications.
• Environmental Consulting: Development planning; economic research; cost-benefit studies; social analysis; physical, economic, sociological and ecological studies.
• Quality Management Consulting: Setting strategy; processes and/or policies; performance measurement; customer satisfaction; people management.
• Outsourcing Consulting: Management of outsourcing projects such as IT, HR or finance.
What do management consultants actually do?
Functional Expertise and Specializations:
Management consultants provide industry counsel, advice and functional expertise in specialized areas such as strategy, mergers, governance, reorganizations, organization design, strategic leadership, operations, finance, risk management, digital transformation, information technology, organizational change management, organization development, human resources, talent management, advertising, and marketing to name a few.
Objective Analyses and Assessments
A management consultant serves as an objective third party to conduct in-depth research and analysis and then provides an unbiased opinion and perspective on difficult matters and complex business problems and issues.
Management consultants work directly with senior leadership and internal project teams to deliver hands-on project management and leadership consulting to include project implementation, execution and measurement.
Different Management Consultancy in India:
KVP Business Solutions
KVP is based in Bangalore and is one of the most exciting new consultancies in India. Founded in 2008, it is already touching 200 employees and an annual revenue of nearly 1 billion INR.
Tata Strategic Management Group
Tata slightly slower recent growth is what stops it from ranking higher. The firm started up Chennai in 1991 and has since enjoyed a meteoric rise. It has a revenue of US$113 billion and over 700,000 employees.
PRTM Management Consultants
Pittiglio Rabin Todd & McGrath (PRTM) is actually now a global management consulting firm. In India, its primary focus is in Bangalore. It has over 20 offices across the Americas, Europe and Asia. It was initially founded in 1976, by ex-pats Pittiglio, Rabin Todd & McGrath (PRTM).
Kantar Health is a leading global healthcare consulting firm and advisor to many of the world’s leading pharmaceutical, biotech, and medical device and diagnostic companies.
Line data was founded in 1998 as the result of a merger of three firms: GSI Division des Banques, Line Data and BDB Participation. It now has over 13,000 employees and has carved out a reasonably sized niche in its specialist area. Line data focuses on financial or transactional consulting. The firm deals with, asset management, lending & leasing, insurance, service & outsourcing, technology. It is especially relevant for aspiring consultants who hope to transition into a financial services career at a later date.
Wipro Ltd. is a leading Information Technology, Consulting and Business company. It delivers innovative solutions to enable its clients do business better. The firm delivers winning business outcomes through its deep industry experience and a 360-degree view of “Business through Technology”. It is currently pulling in nearly $8bn in revenue with its 120,000 employees.
The Big Four are the world’s largest consulting firms, accounting for nearly 40% of the industry’s $150 billion global market. PwC, Deloitte, EY and KPMG are followed by US strategy giants McKinsey & Company and The Boston Consulting Group.