Over the past two decades, management consulting has become a common choice for many fresh graduates pursuing a lucrative, rewarding career in the business sector. The position promises easy progression and lots of opportunities, so it’s not too difficult to see why many have gone starry-eyed over this particular profession.
But beyond the glitz and glamor, not a lot of people actually fully understand what they’re getting themselves into. Also referred to as business strategy consulting, management consulting is done at the highest level of an organization, and it’s spearheaded by individuals capable of making the most crucial judgment calls that will affect the company in its entirety.
In other words, it’s not for the faint of heart.
What Is Management Consulting?
Management Consulting is all about creating tailor-made strategies that are based on common sense and facts instead of just pursuing generic visions or ambitions. Consultants are objective parties, so they need to be capable of compiling necessary data to help clients make better-informed decisions.
Having all the right data means you can expect complete transparency within your organization and your role.
The Role of Management Consultants
Consultants help businesses function properly and become more organized. Decision makers and even CEOs may hire management consultants for advice on organizational matters. For instance, they will be asked to come up with an effective strategic plan to realize more growth in the company. They may also be enlisted to advise or provide strategies regarding cost reduction or innovation in the firm.
Implementing proposed solutions is also part of their responsibilities as a consultant. Other tasks may include outsourcing of non-core jobs, revamping the supply chain, or implementing new IT systems—among other things.
It’s a very loaded position that spans several common corporate departments. Management consultants usually have to stay involved in the day-to-day operations until all important transitions are complete. Their job is done once new processes have seamlessly become part of the company’s standard operating procedures. This can take anywhere between one month to one year, depending on the gravity of the situation.
Market for Management Consulting
The market for management consulting services is estimated to be worth over $130 billion. That number represents just more than half of the total consulting market in the world.
During the previous years, the industry of management consultancy grew an average of 4% each year. This goes to show that despite the ever-changing economic status of mature markets, percentages of growth—as far as consultants were concerned—managed a steady annual improvement.
Valued at just around $70 billion, Operations Consulting makes up the largest segment in the management consulting sector. Meanwhile, strategy consulting and HR consulting falls behind with a value of around $30 billion—still not a bad figure.
How Leads Ngin Can Help
At Leads Ngin, we recognize that our clients’ needs are constantly changing. That’s why it’s our goal to always seek new and better ways to help them grow. To fully accomplish this, we make it a point to acquire new knowledge in analytics, digital marketing, and design.
We serve our clients at all levels of their organization, may it be through management consulting or as a hands-on coach for their team. We guide them through the process of putting recommendations into practice – closely working with them over the long-term. We ensure that each client gets the assistance they need to improve their operations, develop workforce skills, and apply new methods of working.
Whatever the challenge is, our main priority is creating practical and lasting results while completely equipping our clients to lead.