2. Background
During the Great Depression organisations looked for external help
James O McKinsey in 1930s started applying accounting methods to
management
Prior to that ‘Management engineering’ was a concept under
development by Arthur D Little who was a chemist
Marvin Brower, an MD of McKinsey, who was an ex-professional lawyer
founded the modern management consulting culture
In the recent history management consulting has grown into functional
and industrial specializations
3. Definitions
Definition one (The Management Consultancies Association UK):
Management consulting is the practice of creating value for organisations, through
improved performance, achieved by providing objective advice and implementing
business solutions. In other words, management consultants help take organisations
further than they would go on their own.
Definition two (Business Dictionary):
The work done by a consulting firm which focuses on advising companies on the best
ways to manage and operate their business. The firm will give advice on concepts like
their business strategy and operational techniques, and also skills like time management,
depending upon the needs of the company.
4. What does a Management
consultant do ?
Interviewing clients
Delivering presentations
Conducting desk research
Analysing data
Building financial/other
models
Understanding problems
Devising appropriate solutions
Supporting planning and
decision making
Assisting in setting and
defining goals
Increasing value of
organisations
Promoting best practices
Partnering to lead change
and development
Increasing capabilities of
organisations
5. Essential Traits of a Management
Consultant
Personal impact
Entrepreneurial drive
Problem-solving skills
Achievement
Leadership abilities
Logical reasoning
Decision making
Communication
Ingenuity
Ability to work well with
others
6. What makes an Exceptional
Consultant?
The ability to identify, organise and classify problems
Leveraging trust through professional & personal confidence
Understanding uncertainty and how it affects decisions
Keeping up to date with current issues in organisations
Deep understanding of creating and maintaining value
Understanding trade offs in decision making and planning
Developing and maintaining a network of professional relations
Dedication to self improvement and knowledge development
Adapting different methods to create new, well-suited solutions
Forming well thought and well researched opinions on current issues
7. Review
Management consulting is derived from multiple disciplines.
Management consulting is about value, problem solving and advice.
Management consultants do research & analysis for decision making to enhance
organisations.
Management consultants are creative, articulate and impactful leaders of change
and development.
To excel a management consultant needs to proactively develop skill sets while
forming opinions on important issues.
Finally, the product of management consulting is an IDEA.
