‘Consulting’ is a ‘one size - fits all’ term that generally includes giving advice in the business world. The ‘Management Consulting’ includes the specialised advise to the businesses with regard to strategic and operational issues.
Consulting Industry is a highly paid and high profile field of the business world. The management consultants conducts research, collect data (from various resources) and analyse it with using different suitable tools; the ultimate target being an improvement in the client’s business.
FORMS OF MANAGEMENT CONSULTING
Based on the offerings, the consulting industry may be divided into six categories:
1. Industry Elite:
These are the rich and famous consultancies; concentrating on providing innovative strategy and
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Big Five:
Big Five’s provide the advice similar to Industry Elites however they emphasize on implementation part, in particular in the IT sector.
This group consists of players such as; Accenture, Deloitte Consulting, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC).
3. Boutiques:
These are often small firms, focused on industrial or functional areas.
This group consists of players such as; MarketBridge (sales), CSC Planmetrics (energy and utility industry), Cluster Consulting (telecommunications and the internet), marchFIRST (financial and strategy), Oliver Wyman (financial services), PRTM (high-tech operations), Strategic Decisions Group (decision analysis), Roland Berger and Partners (strategy and operations), Braun Consulting (strategy), Marakon Associates (strategy), etc.
4. Information Technology (IT):
IT firms generally provide advice with reference to the programming and its implementations, any computer systems issues.
This group consists of players such as; American Management Systems, Computer Sciences Corp., Diamond Technology Partners, IBM, Mondial, etc.
5. Human Resources Specialists:
These consultancies deal with the issues like employee management, evaluation or payroll or compensation programs, pensions, benefits and
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From 2010 to 2013, several firms have tried to acquire Roland Berger.[Beaton Capital]
The future
With knowledge being democratized and information becoming more and more accessible to anyone, the role of management consultants is rapidly changing. Moreover, with more online platforms that connect business executives to relevant consultants, the role of the traditional 'firm' is being questioned. [Harvard Business Review]
Today, the consultants need to get aligned with the latest trends in technology and economy; quicker than their clients; the Consultancies are expected to behaving dynamically with the continuous evolving nature of the global economies.
The globalisation of industries forces the consultancies to be globalised so as to remain in competition and be consistent in providing the services to their clients and client subsidiaries, wherever they are on the globe.
Positive factors
1) The growth in health care expenditures and health care coverage including the need of digital health records;
2) Need of improved cash flow, efficient supply chain and manufacturing
Company stakeholders included the President of the power tool division Mike Wallace, the Chief Executive Officer Robert Bruce, the Chief sales representative John Comyn, Vice President Melvin Gibson and Clay More, the President of the hardware retailer trade association in Polynesia and the consumers.
The Wallace Group, Inc., is a company that consists of three operational groups (Electronics, Plastics and Chemicals) and a corporate support staff. The groups operate independently from one another, but also require the support of each others products on specific contracts. Since the companies are currently working independently the focus and direction is not well defined for the Wallace Group as a whole. The Electronics group is dependant on government contracts and is currently working on projects for the Navy and Air Force for future contracts. The Plastics group is profitable and a solid performer for the products in which it makes. There is also the ability of the Plastics group to expand and seize more of the share in the market. The Chemical group, which has seen a satisfactory performance in the past year is not living up to the Wallace Groups expectations and is in need of reform.
Bateman, T.S. & Snell, S.A. (2009). Management: Leading and Collaborating in The Competitive World, New York, New York: McGraw Hill Companies. (p. 101)
Robbins, S. P., & Coulter. M. (2014). Management (12th ed.). Retrieved from: Colorado Technical University eBook Collection database.
On the surface, the seven-member MGI team which comprised of Henry Tam and Dana Soiman – both current HBS MBA Students, Alex Sartakov – a Berklee College of Music student, Dav Clar – a MIT graduate student, and Alexander (Sasha) Gimpelson, Igor Tkachenko, and Roman Yakub – the MGI founders, seems like an ideal team, with each member bringing different experiences and technical skills to help with the business plan contest at HBS. However, as we will see in this paper, interpersonal dynamics, a lack of clear leadership, resulting in unclear team goals and individual roles, and a lack of healthy group norms, contribute to an ineffective team process at MGI. With the deadline less than three weeks away and the team without even a first draft of the business plan, Henry is certain that the team would not meet the deadline if it continued to function as it had so far.
Paul, Weiss, Rifkind, Wharton & Garrison (Paul, Weiss) and Skadden, Arps, Slate, Meagher & Flom (Skadden Arps) represented Chinese technology giants Tencent and JD.com Inc, respectively, on their $863 million investment in apparel platform Vipshop, which turned to Latham & Watkins for advice.
Globalization has lead to increase in international trade and a greater role for multinational corporations. With the rise of globalization many companies are turning to either off shoring or offshore outsourcing. In India and China, companies like IBM, Microsoft, Hewlett Packard, and Novell choose to get services from sub-contractors in these countries or move their development and support jobs there.
And the group enjoys 25 percentage of the engine market in the world. The Group supplies all the major engine sectors: transport, combat, trainer, and helicopters. There are many layers between the top and the bottom in the group. The top layer set up the policy and decision making.
In this present century the corporate world is moving towards turning into one entity with all the progressions and advancements in the innovation and exchange. The spine to this is been the corporate world, which runs all the organizations ranging from the large companies to small scale with enormous number of its representatives. I firmly accept that achievement of corporates lies in overseeing its representatives for which incredible managerial correspondence expertise is an absolute necessity.
Ensign PC 2004, ‘A resource based view of interrelationships among organizational groups in the diversified firms’, Strategic Change, Vol. 13. pp. 125-137.
Lundine, Susan (1998) Management consultants offer conflict resolution advice. Source: Orlando Business Journal, 01/23/98, Vol. 14 Issue 35, p15, 2p, 1 chart, 3bw. Available: www.wls.lib.ny.us/databases/ebsco.com 06/10/99
other companies providing similar services for specific groups, having good connections at governmental agencies level;
In business, management can be defined as (1) the pursuit of organizational goals efficiently and effectively by (2) integrating the work of people through (3) planning, organizing, leading and controlling the organization's resources. Management is a theory and a way of doing business. It is a process that is exercised in order for an organization to be successful. This process is generally broken down into four established functions: planning, organizing, leading, and controlling. Management is the function that determines how the organizations human, financi...
Initially management consulting was laying directly on areas of strategy in productivity and Technical area and also organisation area. This two concept were inseparable, usually all of the consultant practiced in this areas together. That was more of the simple timers. But now with the modern age, there is a rise in complexity of the business organisations. This in turn have given rise to many different and separate consulting areas. All of this separate has its roots in different methods, knowledge base and delivery models, and each of this are achieving in their own place a different level of
In response to the increasing uncertainty posed by its client demands and its ability to hire key personnel, Cognizant increased the number of divisions and expanded its international locations with development centres in 15 cities across 5 different countries, and sales and marketing offices in the U.S. Europe and Asia (Eccles et al, 2011). The growth in international locations for development centres was in part due to the uncertainty Cognizant faced in hiring key personnel amidst the predicted shortfall in technology resources in India (Eccles et al, 2011). The growth in international locations of sales and marketing offices was a result of an increasing number of clients across different industry sectors and the need (as with the introduction of TIB) to have differentiated departments closer to the core of their cross border client service offerings.