Background

Management Consultancy has mushroomed into a full-fledged industry. Management has taken the front seat and there are such innumerable changes in the philosophy of management that it has become mandatory to adapt to these changes to run a successful business enterprise. Large corporations and business houses function on the tenets of effective management. The present market trend steers a course toward a clear segmentation of management consulting. Management Consultancy business has grown by leaps and bounds during the last three decades. In spite of there being a decline, it has once again picked up its pace and is in huge demand.

An Overview

Management Consultancy firms are considered to be masters, keeping abreast of the best practices and principles of management. It is due to their vast exposure to perceptible changes in management and extensive relationships with organizations that business organizations seek their help. However, problems may occur in transferring principles and practices in an organization, since it is dependent on the situation of the company. In the present scenario, it is not only the private sector, but several governmental, non-governmental and non-profit agencies that are adapting to the changing principles of management. Management consulting has become a trend setter.

Essentially, management consulting encompasses both the rapidly growing industry as well as offering professional advice with the objective of assisting companies to adapt to changes in the ever-changing concepts of management and improve their performance through analyzing the organizational challenges and providing suitable development plans for improvement.

There are a large number of reasons for hiring the services of a management consultant which include external advice which may be presumed to be objective and admittance to the expertise of the consultant.

Scope of Consultancy

There is a vast scope of consultancy services offered by Management Consultants which include help in change management, development of appropriate strategy, implementation of latest technologies and training services Executive and Management level personnel. In general, consulting firms bring in their own systems or framework to identify the existing problems and to become as a source for recommending both effective and efficient methods of performing various tasks.

Generally, management consulting consists of providing business services besides specialized services including human resources, virtual management and information technology consulting services. However, there are very few companies that would offer a complete bouquet to organizations, yet they prove to be worthwhile in the long run.

Focus on Management

The late nineties witnessed a substantial enhancement in what could be considered as a futuristic approach. The stress in this kind of approach is mainly on bringing in line people at all levels in the organization to envision achievement of a common goal and on a common language in use. The fundamental idea is the manner in which people in an organization perform correlates to the way in which world comes up for them and the language of the future paves the path of the future. The changing principles of management are applied in organizations going through a market transition which requires merging of two corporate cultures that are entirely divergent.

Aspects of Management Consultancy

While there have been several advantages that have led to profiteering by large organizations due to management consultancy, there have been widespread criticism of certain disreputable companies that have earned them a notoriety in terms of overcharging, lack of professional advice, non implementation and disappearance from sight.

Suggested References:

Book

• Management consulting: a guide to the profession Milan Kubr, International Labour Office
• Management consulting in practice: award-winning international case studies Fiona Czerniawska, Paul May, Management Consultancies Association

Youtube

https://www.youtube.com/watch?v=x56Yv5tm1tM

 
[lastupdated]