MANAGEMENT CONSULTING - A NECESSARY FOR EFFECTIVE CORPORATE GOVERNANCE
Management consulting, often referred to as business consulting, is defined as “advisory and /or implementation services to the (senior) management of organisations with the aim of improving the effectiveness of their business strategy, organisational performance and operational processes”. Due to its great diversity in disciplines and differences in required capacities of advisors, management consulting is the broadest area within the consulting industry.
Management consulting’s strategy consulting is the segment that focuses on strategic and board room advisory; while operations consulting focuses on improving the management of organisations and HR consulting is a segment that centers around human capital advisory and/or consulting services aimed at improving the results of the HR function.
Asking yourself what management consultants do?
Management consultants are hired/contracted by decision makers for advice on, among others, strategy and organisational matters. They can be asked to develop a new strategic plan to, for instance, realise more growth, or commissioned advise on innovation or cost reduction strategies. Implementing the proposed solutions also belongs to their tasks, and in practice the execution side of consulting forms the largest market for management consultants. Assignments can vary from improving the efficiency of business processes, the implementation of new IT systems, outsourcing of non-core tasks or optimising the supply chain. Management consultants typically remain involved until change transitions are complete and new ways of working have become part of ‘business as usual’ operations.
Among the services offered under the main services lines of the management consultants include but are not limited to the list below: -
Not only these but many more services are offered only by experienced, competent and qualified Management Consultants.
Management Consulting Services Providers
Since management consulting represents the significant part of the consulting industry, most providers in the market are either specialised management consultancy firms or organisations with a business unit that offers management consulting services. In the case of the latter, it mostly concerns large IT service providers (who often provide implementation support and change management), recruitment firms (that often extend their recruiting and interim services with HR advisory) or temporary employment agencies (who add upscale consulting services to their temp and contracting portfolio). In terms of numbers, a large part of the market consists of freelancers – freelance management consultants what are active as independent advisers or contractors.
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