Management consulting deals with a plethora of business challenges from competitive business intelligence to defining the corporate strategy to improving manufacturing& operational excellence. We will explore some of the key steps in the consulting process and also discuss some of the types of consulting assignments Adam Global has expertise on.
Identifying the Right Information
A major challenge in management consulting is to get into the root cause of the business problem identified within an organization. And this makes the Discovery phase which includes identifying the appropriate approach, gathering the data and the synthesis of this information, one of the most important steps in the consulting process. Based on years of experience, we have developed a proprietary business research framework to approach a business challenge.
The first step of the discovery phase is to review the existing business process and related documentation. Once this information is gathered, consultants use their industry experience and their frameworks & tools to qualitatively analyse this data to discover the trends and patterns. The next step is to conduct exhaustive formal and semi-structured qualitative interviews with the key stakeholders including the firm’s customers. It is very important to note that asking the right questions is the crux to gather relevant information consistently focused on the purpose of the project. Other data gathering methods include factual and objective data from the company records and audit statements, surveys, etc.
In a consulting assignment, the prime focus is on identifying what is causing the problem rather than jumping into action plans. One of the most popular methods used to analyse is the “Causal Analysis” which tries to discover variable relationships between the current business conditions and causes for it. As it may identify, there might multiple effects due to one cause or vice versa.
Adam Global’s management consulting expertise
Over the years, we have worked on various challenges like change management, new business ventures, growth & expansion, diversification, new market entry strategy, etc. On a macro level, some of our key expertise areas are
- Marketing: Enabling companies looking at better customer understanding, market need gaps and innovative ways to market new or existing products and services.
- Strategy: Defining the road map for the company and helping them navigate the future. Also developing a better growth strategy and improved business efficiency.
- Human Resources: Advising on people strategy, organisational hierarchy, recruitment, compensation & benefits, etc.
- Technology: We advise organisations on how best to implement technology to reduce operational costs and achieve the business objectives faster.
- Operations: To streamline and improve the operational efficiency to reduce costs and better responsiveness to customers.
- Financial: Strategic advisory on business valuations, P&L, revenue forecasting, profitability etc to build an improved finance function in the organization
On a micro level, the consulting assignments include developing and delivering a business plan, feasibility/Investment study, marketing & communication plan, business process re-engineering, cost & benefit analysis, etc.
Today’s business environment is surrounded by risk and uncertainty from unexpected corners. Completely relying on internal decision making in various factors are often ineffective. Management consulting, which is an important management technique, employing time tested frameworks, tools and techniques comes into the picture to help organizations navigate the waves of change. You should consider working with a seasoned external management consulting team if you are looking for additional expertise or unbiased objective advisory to improve your business performance. At Adam Global, our consultants help clients discover the opportunities to enhance value and identify new revenue potential.