Management Consulting - Revision history

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 == See Also ==
-[[IT Strategy (Information Technology Strategy)]]<br />
+*[[IT Strategy (Information Technology Strategy)|IT Strategy]]
-[[E-Strategy]]<br />
+*[[E-Strategy]]
-[[IT Governance]]<br />
+*[[IT Governance]]
-[[Enterprise Architecture]]<br />
+*[[Enterprise Architecture]]
-[[IT Sourcing (Information Technology Sourcing)]]<br />
+*[[IT Sourcing (Information Technology Sourcing)|IT Sourcing]]
-[[IT Strategic Plan (Information Technology Strategic Plan)]]<br />
+*[[IT Strategic Plan (Information Technology Strategic Plan)|IT Strategic Plan]]
-[[IT Operations (Information Technology Operations)]]<br />
+*[[IT Operations (Information Technology Operations)|IT Operations]]
-[[Chief Information Officer (CIO)]]<br />
+*[[Chief Information Officer (CIO)|CIO]]
-[[Leadership]]
+*[[Leadership]]

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 == What is Management Consulting ==
-'''Management Consulting''' is the practice of helping organizations to improve their performance, primarily through the analysis of existing organizational problems and development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise. As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "best practices", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration. Consultancies may also provide organizational [[Change Management|change management]] assistance, development of coaching skills, [[Information Technology Implementation (IT Implementation)|technology implementation]], strategy development, or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.<ref>Definition - What is Management Consulting? [https://www.definitions.net/definition/management+consulting Definitions]</ref>
+'''Management Consulting''' is the practice of helping organizations to improve their performance, primarily through the analysis of existing organizational problems and development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise. As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "best practices", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration. Consultancies may also provide organizational [[Change Management|change management]] assistance, development of coaching skills, technology implementation, strategy development, or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.<ref>Definition - What is Management Consulting? [https://www.definitions.net/definition/management+consulting Definitions]</ref>
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← Older revision		Revision as of 16:23, 10 December 2022
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	== Management Consulting Market<ref>Management Consulting Market [https://www.thebusinessresearchcompany.com/report/management-consulting-market]</ref> ==		== Management Consulting Market<ref>Management Consulting Market [https://www.thebusinessresearchcompany.com/report/management-consulting-market]</ref> ==
−	The management consulting (MC) market consists of the sales of MC services and related goods by entities (Organization\|organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, [[Marketing Strategy\|marketing strategies]], [[Human Resource Management (HRM)\|human resource practices]], administration policies and production and [[Logistics Management\|logistics scheduling]]. Such services include solutions for administrative management issues, [[Strategic Planning\|strategic and organizational planning]], business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, [[Quality Assurance (QA)\|quality assurance]] and ~~[[Quality Control (QC)\|~~quality control]]. Management consulting providers undertake processes where [[Human Capital\|human capital]] is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.	+	The management consulting (MC) market consists of the sales of MC services and related goods by entities (Organization\|organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, [[Marketing Strategy\|marketing strategies]], [[Human Resource Management (HRM)\|human resource practices]], administration policies and production and [[Logistics Management\|logistics scheduling]]. Such services include solutions for administrative management issues, [[Strategic Planning\|strategic and organizational planning]], business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, [[Quality Assurance (QA)\|quality assurance]] and quality control. Management consulting providers undertake processes where [[Human Capital\|human capital]] is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

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 == What is Management Consulting ==
-'''Management Consulting''' is the practice of helping organizations to improve their performance, primarily through the analysis of existing organizational problems and development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise. As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "best practices", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration. Consultancies may also provide organizational [[Change Management|change management]] assistance, development of coaching skills, [[Information Technology Implementation (IT Implementation)|technology implementation]], [[Strategic Planning|strategy development]], or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.<ref>Definition - What is Management Consulting? [https://www.definitions.net/definition/management+consulting Definitions]</ref>
+'''Management Consulting''' is the practice of helping organizations to improve their performance, primarily through the analysis of existing organizational problems and development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise. As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "best practices", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration. Consultancies may also provide organizational [[Change Management|change management]] assistance, development of coaching skills, [[Information Technology Implementation (IT Implementation)|technology implementation]], strategy development, or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.<ref>Definition - What is Management Consulting? [https://www.definitions.net/definition/management+consulting Definitions]</ref>
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 == Management Consulting Objectives<ref>A Hierarchy of Purposes of Management Consulting [https://hbr.org/1982/09/consulting-is-more-than-giving-advice hbr.org]</ref> ==
-Management consulting includes a broad range of activities, and the many firms and their members often define these practices quite differently. One way to categorize the activities is in terms of the professional’s area of expertise (such as [[Competitive Analysis|competitive analysis]], [[Corporate Strategy]], [[Operations Management|operations management]], or human resources). But in practice, as many differences exist within these categories as between them. Another approach is to view the process as a sequence of phases—entry, contracting, diagnosis, data collection, feedback, implementation, and so on. However, these phases are usually less discrete than most consultants admit.
+Management consulting includes a broad range of activities, and the many firms and their members often define these practices quite differently. One way to categorize the activities is in terms of the professional’s area of expertise (such as [[Competitive Analysis]], [[Corporate Strategy]], [[Operations Management]], or human resources). But in practice, as many differences exist within these categories as between them. Another approach is to view the process as a sequence of phases—entry, contracting, diagnosis, data collection, feedback, implementation, and so on. However, these phases are usually less discrete than most consultants admit.
 Perhaps a more useful way of analyzing the process is to consider its purposes; clarity about goals certainly influences an engagement’s success. Here are consulting’s eight fundamental objectives, arranged hierarchically (see the figure below):
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 == Management Consulting Market<ref>Management Consulting Market [https://www.thebusinessresearchcompany.com/report/management-consulting-market]</ref> ==
-The management consulting (MC) market consists of the sales of MC services and related goods by entities (Organization|organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, [[Marketing Strategy|marketing strategies]], [[Human Resource Management (HRM)|human resource practices]], administration policies and production and [[Logistics Management|logistics scheduling]]. Such services include solutions for administrative management issues, [[Strategic Planning|strategic and organizational planning]], [[Business Process Improvement (BPI)|business process improvement]], human resource and personnel policies, developing marketing planning and strategy, [[Productivity|productivity]] improvement, [[Quality Assurance (QA)|quality assurance]] and [[Quality Control (QC)|quality control]]. Management consulting providers undertake processes where [[Human Capital|human capital]] is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
+The management consulting (MC) market consists of the sales of MC services and related goods by entities (Organization|organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, [[Marketing Strategy|marketing strategies]], [[Human Resource Management (HRM)|human resource practices]], administration policies and production and [[Logistics Management|logistics scheduling]]. Such services include solutions for administrative management issues, [[Strategic Planning|strategic and organizational planning]], business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, [[Quality Assurance (QA)|quality assurance]] and [[Quality Control (QC)|quality control]]. Management consulting providers undertake processes where [[Human Capital|human capital]] is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
 ===Management Consulting Market Size===
-The global management consulting market was expected to reach a value of nearly $977.3 billion in 2018, having grown at a [[Compound Annual Growth Rate (CAGR)|compound annual growth rate (CAGR)]] of 8.6% since 2014, and is expected to grow at a CAGR of 10.6% to nearly $1,460.2 billion by 2022. Growth in the historic period resulted from the strong economic growth in [[Emerging Markets|emerging markets]], regulatory reforms in the financial sector, [[Outsourcing|outsourcing]] of back-end operations to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability. Going forward, faster economic growth, the emergence of digital consulting, and the rise of [[Globalization|globalization]] will drive growth. Factors that could hinder the growth of this market in the future include rising costs and decreasing margins, advances of [[Artificial Intelligence (AI)|artificial intelligence]] with a potential to replace management consultants and in-house management consulting teams in big technological companies.
+The global management consulting market was expected to reach a value of nearly $977.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 8.6% since 2014, and is expected to grow at a CAGR of 10.6% to nearly $1,460.2 billion by 2022. Growth in the historic period resulted from the strong economic growth in emerging markets, regulatory reforms in the financial sector, [[Outsourcing|outsourcing]] of back-end operations to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability. Going forward, faster economic growth, the emergence of digital consulting, and the rise of globalization will drive growth. Factors that could hinder the growth of this market in the future include rising costs and decreasing margins, advances of [[Artificial Intelligence (AI)|artificial intelligence]] with a potential to replace management consultants and in-house management consulting teams in big technological companies.
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 Major trends influencing the management consulting market include:
 *Virtual Firms In The Management Consulting Industry – Rapid technology change, increased pressure to reduce costs, and increased use of smartphones are introducing the concept of virtual firms to market players in the management consulting industry. It is expected that a high number of management consulting firms will go virtual and have few permanent offices. By hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices, management consulting firms will be able to cut costs and increase revenues. Companies such as Aepiphanni Business Consulting have already adopted a virtual firm concept and are providing management consulting to their clients online.
-*[[IT Transformation]] In Management Services –With the emergence of [[Information and Communications Technology (ICT)|information communication and technology]], the world is rapidly moving towards the process of [[Digital Disruption|digitalization]]. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to [[Digital Strategy|digitalize their processes and management]]. Management consulting firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising [[Stakeholder|stakeholder]] expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost effective manner. For example, Accenture Consultancy increased its revenues from the communications, media & technology division by 16.6% from 2017 to 2018 due to increased demand for digital transformation for management services.
+*IT Transformation In Management Services –With the emergence of [[Information and Communications Technology (ICT)|information communication and technology]], the world is rapidly moving towards the process of digitalization. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to [[Digital Strategy|digitalize their processes and management]]. Management consulting firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising stakeholder expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost effective manner. For example, Accenture Consultancy increased its revenues from the communications, media & technology division by 16.6% from 2017 to 2018 due to increased demand for digital transformation for management services.

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	===Management Consulting Market Size===		===Management Consulting Market Size===
−	The global management consulting market was expected to reach a [[value]] of nearly $977.3 billion in 2018, having grown at a [[Compound Annual Growth Rate (CAGR)\|compound annual growth rate (CAGR)]] of 8.6% since 2014, and is expected to grow at a CAGR of 10.6% to nearly $1,460.2 billion by 2022. Growth in the historic period resulted from the strong economic growth in [[Emerging Markets\|emerging markets]], regulatory reforms in the financial sector, [[Outsourcing\|outsourcing]] of ~~[[Back-End\|~~back-end operations]] to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability. Going forward, faster economic growth, the emergence of digital consulting, and the rise of [[Globalization\|globalization]] will drive growth. Factors that could hinder the growth of this [[Market\|market]] in the future include rising costs and decreasing margins, advances of [[Artificial Intelligence (AI)\|artificial intelligence]] with a potential to replace management consultants and in-house management consulting teams in big technological companies.	+	The global management consulting market was expected to reach a [[value]] of nearly $977.3 billion in 2018, having grown at a [[Compound Annual Growth Rate (CAGR)\|compound annual growth rate (CAGR)]] of 8.6% since 2014, and is expected to grow at a CAGR of 10.6% to nearly $1,460.2 billion by 2022. Growth in the historic period resulted from the strong economic growth in [[Emerging Markets\|emerging markets]], regulatory reforms in the financial sector, [[Outsourcing\|outsourcing]] of back-end operations to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability. Going forward, faster economic growth, the emergence of digital consulting, and the rise of [[Globalization\|globalization]] will drive growth. Factors that could hinder the growth of this [[Market\|market]] in the future include rising costs and decreasing margins, advances of [[Artificial Intelligence (AI)\|artificial intelligence]] with a potential to replace management consultants and in-house management consulting teams in big technological companies.

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	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 specialise in management consulting.		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 specialise in management consulting.
		+
		+
		+	== Management Consulting Market<ref>Management Consulting Market [https://www.thebusinessresearchcompany.com/report/management-consulting-market]</ref> ==
		+	The management consulting (MC) market consists of the sales of MC services and related goods by entities (Organization\|organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, [[Marketing Strategy\|marketing strategies]], [[Human Resource Management (HRM)\|human resource practices]], administration policies and production and [[Logistics Management\|logistics scheduling]]. Such services include solutions for administrative management issues, [[Strategic Planning\|strategic and organizational planning]], [[Business Process Improvement (BPI)\|business process improvement]], human resource and personnel policies, developing marketing planning and strategy, [[Productivity\|productivity]] improvement, [[Quality Assurance (QA)\|quality assurance]] and [[Quality Control (QC)\|quality control]]. Management consulting providers undertake processes where [[Human Capital\|human capital]] is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
		+
		+
		+	===Management Consulting Market Size===
		+	The global management consulting market was expected to reach a value of nearly $977.3 billion in 2018, having grown at a [[Compound Annual Growth Rate (CAGR)\|compound annual growth rate (CAGR)]] of 8.6% since 2014, and is expected to grow at a CAGR of 10.6% to nearly $1,460.2 billion by 2022. Growth in the historic period resulted from the strong economic growth in [[Emerging Markets\|emerging markets]], regulatory reforms in the financial sector, [[Outsourcing\|outsourcing]] of [[Back-End\|back-end operations]] to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability. Going forward, faster economic growth, the emergence of digital consulting, and the rise of [[Globalization\|globalization]] will drive growth. Factors that could hinder the growth of this [[Market\|market]] in the future include rising costs and decreasing margins, advances of [[Artificial Intelligence (AI)\|artificial intelligence]] with a potential to replace management consultants and in-house management consulting teams in big technological companies.
		+
		+
		+	===Management Consulting Market Drivers===
		+	The key driver of the management consulting market includes:
		+	*Digital Consulting To Drive Growth – Integration of [[Analytics\|analytics]], [[Cloud Computing\|cloud]], media and [[Social Media\|social media]] with business models is expected to drive the management consulting market during the forecast period. Digital consulting services are the fastest growing segment within the consulting industry, and are forecast to increase by more than 60% from 2015 to 2020. This will increase the market for [[Cyber Security\|cyber security]], [[IT Transformation\|IT transformation]] and social media marketing, and boost the digital consulting services market in the forecast period.
		+
		+
		+	===Management Consulting Market Restraints===
		+	The key restraints on the management consulting market include:
		+	*Advances Of Artificial Intelligence – The rise of artificial intelligence (AI) projects in the management consulting field is likely to limit the growth of the management consulting market in the forecast period. It is expected that advanced AI technology in the forecast period will replace some share of management consultants in the industry. For instance, after collaborating with UBS Group AG, a Swiss multinational investment bank and financial services company, Amazon’s Alexa, a virtual assistant developed by Amazon, can answer economic questions for clients of UBS Group AG. A new partnership allows some of UBS’s European wealth-management clients to ask Alexa certain financial and economic questions, which Alexa answers with the information provided by UBS’s chief investment office without any external search online . The offering of business services by AI is likely to expand in the forecast period, restraining the growth of the management consulting market.
		+
		+	===Management Consulting Market Trends===
		+	Major trends influencing the management consulting market include:
		+	*Virtual Firms In The Management Consulting Industry – Rapid technology change, increased pressure to reduce costs, and increased use of smartphones are introducing the concept of virtual firms to market players in the management consulting industry. It is expected that a high number of management consulting firms will go virtual and have few permanent offices. By hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices, management consulting firms will be able to cut costs and increase revenues. Companies such as Aepiphanni Business Consulting have already adopted a virtual firm concept and are providing management consulting to their clients online.
		+	*IT Transformation In Management Services –With the emergence of [[Information and Communications Technology (ICT)\|information communication and technology]], the world is rapidly moving towards the process of [[Digital Disruption\|digitalization]]. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to [[Digital Strategy\|digitalize their processes and management]]. Management consulting firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising [[Stakeholder\|stakeholder]] expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost effective manner. For example, Accenture Consultancy increased its revenues from the communications, media & technology division by 16.6% from 2017 to 2018 due to increased demand for digital transformation for management services.
		+
		+
		+	===Opportunities And Recommendations In The Management Consulting Market===
		+	*Opportunities – The top opportunities in the global management consulting market will arise in the financial advisory segment which will gain $163.34 billion of global annual sales by 2022. The management consulting market size will gain the most in the UK at $57.61 billion. Market-trend-based strategies for the management consulting market include modularization of services, increased focus on technology advisory, and adoption of value-oriented revenue model and others. Player-adopted strategies in the management consulting industry include reinforcing M&A strategies, expansion in other geographies, and expanding advisory services to small and medium social enterprises.
		+	*Recommendations – To take advantage of the opportunities, The Business Research Company recommends the management consulting companies to consider focusing on technology advisory offerings, launching virtual management consulting firms, expanding in emerging markets, focusing on expanding their product portfolio through collaborations, and offering services to pre-retirees, among other strategies.
		+
		+
		+	== See Also ==
		+	[[Management]]<br />
		+	[[14 Principles Of Management]]<br />
		+	[[Management Accounting]]<br />
		+	[[Management Buy-Out]]<br />
		+	[[Management Development]]<br />
		+	[[Management Metaphors]]<br />
		+	[[Management Model]]<br />
		+	[[Management Style]]<br />
		+	[[Management Succession Planning]]<br />
		+	[[Management by Exception (MBE)]]<br />
		+	[[Management by Objectives (MBO)]]<br />
		+	[[Management by Wandering Around (MBWA)]]
		+	[[IT Strategy (Information Technology Strategy)\|IT Strategic Planning]]<br />
		+	[[E-Strategy\|e-Business Strategic Planning]]<br />
		+	[[IT Governance\|Governance of Information Technology (ICT)]]<br />
		+	[[Governance]]<br />
		+	[[Enterprise Architecture\|What is Enterprise Architecture Planning]]<br />
		+	[[IT Sourcing (Information Technology Sourcing)\|Information Technology Sourcing (IT Sourcing)]]<br />
		+	[[IT Strategic Plan (Information Technology Strategic Plan)]]<br />
		+	[[Strategy]]<br />
		+	[[IT Operations (Information Technology Operations)\|Information Technology Operations (IT Operations)]]<br />
		+	[[Chief Information Officer (CIO)\|Chief Information Officer (CIO)]]<br />
		+	[[Leadership\|Leadership]]
		+
		+
		+	== References ==
		+	<references/>

← Older revision		Revision as of 22:07, 5 February 2021
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		+	== What is Management Consulting ==
	'''Management Consulting''' is the practice of helping [[Organization\|organizations]] to improve their performance, primarily through the [[Problem Solving\|analysis of existing organizational problems and development of plans for improvement]]. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise. As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "[[Best Practice\|best practices]]", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration. Consultancies may also provide organizational [[Change Management\|change management]] assistance, development of coaching skills, [[Information Technology Implementation (IT Implementation)\|technology implementation]], [[Strategic Planning\|strategy development]], or operational improvement services. Management consultants often bring their own proprietary [[Methodology\|methodologies]] or [[Framework\|frameworks]] to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.<ref>Definition - What is Management Consulting? [https://www.definitions.net/definition/management+consulting Definitions]</ref>		'''Management Consulting''' is the practice of helping [[Organization\|organizations]] to improve their performance, primarily through the [[Problem Solving\|analysis of existing organizational problems and development of plans for improvement]]. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise. As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "[[Best Practice\|best practices]]", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration. Consultancies may also provide organizational [[Change Management\|change management]] assistance, development of coaching skills, [[Information Technology Implementation (IT Implementation)\|technology implementation]], [[Strategic Planning\|strategy development]], or operational improvement services. Management consultants often bring their own proprietary [[Methodology\|methodologies]] or [[Framework\|frameworks]] to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.<ref>Definition - What is Management Consulting? [https://www.definitions.net/definition/management+consulting Definitions]</ref>
		+
		+	__TOC__
		+
		+
		+	A strong understanding and application of industry best practices is what gives the clients of management consulting firms a [[Competitive Advantage\|strategic advantage over their competition]]. Businesses today are likely dealing with an assortment of issues that involve specific multidisciplinary challenges. It can be a daunting task to seek out consultants who qualify to help in each respective discipline. Today’s complex organizational environment calls for sound [[Business Model\|business models]] that offer [[Agility\|agility]] in the short term and stability in the long. Management consulting firms provide strategic business consulting services that offer uncommon insight into key business problems in their specific industry, delivering clients a new perspective that can lead to a sustainable [[Competitive Advantage\|competitive advantage]]. Management consultants have decades of combined experience building new businesses and innovate new revenue streams in the financial services, global management and varied industries. Management consulting groups are experts in evaluating business [[Risk\|risks]] and opportunities to generate resourceful [[Strategy\|strategies]] which reduce operating costs and cultivate long-term growth for their clients and we’re no different. Advisors can review and analyze a product and/or service delivery model and help fill in the gaps. Management consultants collectively have extensive hands-on experience helping government agencies and businesses accelerate the design and implementation of their transformational process. The primary goal of a management consulting firm’s organizational performance advisory practice is to assist their clients in enhancing some aspect of their overall performance. They offer extensive experience within many industries, providing a range of performance improvement services to their clientele. Their work spans all functional areas of an organization and provides the foundation to prepare an environment for growth, efficiency and increased profitability.<ref>How do Mangement Consulting Firm's help their Clients [https://aboutboulconsulting.com/management-consulting-firms/ Aboutboul & Company]</ref>