Management consulting services is the practice of aiding organizations to improve their operations, performance basically through the comprehensive analysis of existing organizations issues and the advancement of strategies for development. Organizations may draw upon the management consultant’s services for various reasons, comprising access to specialized expertise and improving external advice. In terms of geography, North America has one of the largest global manufacturers and export in the Management Consulting Services industry. Likewise Europe stood second sales volume wise in the management consulting services market in 2017.
The number of people involved in management consulting in the US has grown per annum for the past five years. In 2016, there were more than 637,690 management consultants employed in the United States. Despite the growing number of consultants, searching and keeping best employees was one of the major business challenges for the management consulting industry in 2017.
Currently, there are three major types of management consulting services, such as Strategy Advisory, Operations Advisory, and HR Advisory. Among these, the Operations Advisory is one of the most important types of management consulting services, where the Operations Advisory grew a sales value of around USD 74000 million in 2017, with more than 50% of USA sales value.
What does a management consultant do?
Basically, management consultants are employed by decision makers to advice on, amid others, strategy and organizational problems. They can be asked to improve new tactical plans to, realize more growth, or appointed to advice on cost reduction or innovation strategies. Executing the planned solutions also includes to their tasks. Assignments may vary from increasing the efficacy of business processes, the execution of new information technology systems. Management consultants usually remain evolved till change evolutions are complete and innovative ways are working have become the part of ‘business as usual’ processes.
How is the management consultant industry trending?
Over the past few years, the global management consultants industry has risen by 3.4% to grow a revenue of USD 634 billion by 2019. At the same time, the number of businesses has risen by 3.5%, and the number of workforces has grown by almost 4% globally.
Benefits of hiring management consulting services
A number of fast-growing business worldwide always stay a step ahead of the competition by advancing in expert management consultants to lead them about their several industries dynamic markets. While, it may not be the feasible idea for SMEs, hiring such consultants has been the strength of the success that most reputed brands are facing today.
- The growth of your staff
- Strategic Shifts
- Vast Experience
- Analytical Horsepower