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An exploratory prelude to Management Consulting

This article introduces the field of management consulting so that the person who reads would have an open-minded idea about these consultancies. Before beginning the discussion, it would be useful to note that management consultancies compete with investment banks for the mind space of both the industry leaders as well as the management professionals.

As we deliberate subsequently, this has a direct bearing on how the business world works in terms of which firm or investment bank is often hired to consult by these business leaders.

Indeed, both management consultancies and investment banks consult with the industry to ensure that firms derive value from their operations and the difference between their pitches is often to do with the terms of reference. Whereas management consultancies encompass a broader path and realm of operations, investment bankers often focus on the financials as well as the strategies to be put in place to raise capital and ensure that the firms are competitive on this front.

Do Management Consultants always get it Right?

Management consultants are hired to suggest and recommend strategies and ways and means of improving the profitability of firms. This can encompass operations, finance, marketing, strategy, planning, human resources, and the very nature and purpose of the firm. Apart from these, terms such as rebranding, repositioning, restructuring, and rebalancing are all concepts used by management consultants to recommend alternative strategies to their clients

This does not mean that management consultants are always right when they consult with the industry. For instance, in the aftermath of the global financial crisis of 2008, management consultants along with investment bankers drew much criticism either because they failed to see the crisis coming or because they were too much like the Ostrich with its head in the sand to alert the firms about the crisis.

Indeed, if there is a valid criticism against management consultants, it is that they use a lot of jargon and market their suggestions and recommendations in a simplistic and polished manner some of which when the sheen wears off is found to be wanting.

A Balance Assessment of Management Consulting

Having said that, one must not dismiss management consultants that easily. For instance, one of the reasons why many CEOs (Chief Executive Officers) hire them in the first place is because they bring in an outsider’s perspective as well as an approach to solving the problems being faced objectively.

Apart from this, management consultants also bring to the table their expertise and experience whereas they are in a position to recommend alternative strategies because of their deep engagement as well as relevant information and knowledge of business, which enables them to spot trends.

At SKAIK Consulting, we understand the challenges that organizations face and have so far provided a bird’s eye view of what management consulting is all about. Knowledge is power as far as management consulting is concerned, and can therefore enable clients to keep abreast of the changing trends in business.

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