Management Consulting is an advisory service that helps managers to analyze and solve practical problems faced by an organization, thereby improving organizational performance.
Management consulting has been there from ancient times,
For example, Lord Krishna was a consultant who always used to strategize and never lifted arms except once. Consulting has evolved and is evolving.
The main task of the consultant is to solve the business problem by keeping two critical dimensions of the organization in consideration. First, the technical dimension concerns the nature of the business process. Secondly, a human dimension that concerns inter-personal relationships in clients’ organizations.
It is a dynamic field and to be relevant and useful to clients, consultants have to be abreast of keeping economic and social concepts, anticipate changes that may affect their clients’ business, and offer advice that helps them to achieve their organizational goal.
Management Consulting is an art and science of solving the problem as it involves both facts and emotions. The solution should be fact-based, rigidly structured, and hypothesis-driven.
The worldwide market for management consulting services is estimated to be worth more than $130 billion and represents just over half of the total global consulting market.
Management consulting involves financial consulting, HR consulting, IT consulting, marketing consulting, and operations consulting.
While many consultants focus on one area of specific expertise, management consultants are focused on helping the leadership of an organization improves overall performance and operations.