Management consultancy services have become an integral part of many big organisations and government departments in the past decade.
Management Consultants’ presence in the business world was established because they can offer a professional consulting angle to strategic management. Invariably they are third-party agents outsourced by the company to provide suggestions, feedback, and consultation on several issues in which they have gained expertise.
Management Consultancy Services have the expertise to offer advice on gaining a competitive edge in the market or on entering a new business or market segment. As third-party experts they are better equipped to conduct in-depth data analysis about the market and the organization’s current scenario. The results may help an organisation to grow by expanding its horizons and overcoming its shortfalls.
Professional studies of a company’s strengths and weaknesses may lead consultants to tap new profitable opportunities for business to grow. The analysis can offer alternatives for optimizing resources even if it may mean shutting an existing activity and replacing it with a more viable option.
Managing change often requires the expertise of management consultants and change is the only constant especially today with technology being a disruptor of almost every business. Organisations are no longer expected to respond to change. They are instead to anticipate change and model their own working to be ready for it. It requires insight and objectivity to be able to foretell the evolution of business environments and only an expert with long standing in guiding successful businesses can be entrusted with such a responsibility. Management Consultants’ Change Management strategies drive all departments from Marketing to HR and from Sales to Production. Change management requires ongoing training and development of the workforce, implementation of new technology and reviews to revise strategy for change.
Consultants can function as bridge for information and knowledge, and external consultants can provide these bridging services more economically than client firms themselves. As professionals with access to and experience in other industries, they can offer insights that can be generated by external resources only.
The popularity of Management consulting services rose with the growth of companies. As organizations started multiplying in size, number of products, verticals and geographies, there was as increase in demand for professional advisors worldwide with specialised knowledge. The first requirement related to finance and business strategy and was followed by other specialisations -purchase, time management, workforce development and welfare, project management, etc.
Above all the consultant’s agenda is to give solutions, so that time, cost and other resources are optimized.
Consulting services are utilised by private entities as well as Public sector enterprises as government organisations seek ways to improve their efficiency and increase customer satisfaction.
According to figures from source, a UK based research consultancy focused on the consulting industry itself, the management consulting sector of the combined nations of the Gulf Cooperation Council (GCC) – Saudi Arabia, the UAE, Bahrain, Kuwait, Qatar and Oman – grew to $2.8 billion in 2017 and continues to grow with a strong focus on digitalisation to drive change.