Management Consulting is a domain, which works in parallel with the organization. It aims to assist organizations in terms of specialist advisory, professional knowledge & skills and implementation support to the clients. Hiring consultants to get industry best practices is quite common.
The value in hiring management consultant’s lies in broadly three (overlapping) areas:
- Expertise – industry or functional expertise
- Best practices
- Excellent analytics skills
Management consulting includes a broad range of activities, and many firms along with their members often define these practices quite differently. These differences may keep on changing depending on the expertise of the consultants and requirement of the organizations.
One of the key signs of good management consulting organization is to get clients off consulting and not on consulting. Few of the key pointers to bring best management consultants on board are as follows:
Diagnosing the problem and Making recommendations: For a firm to achieve its long-term goals, it must know the areas that it needs to focus on and why. This is the key area where the consultants will help to ascertain the goals, be responsible for giving honest advice and opinion. They will chalk out detailed information, necessary in making well-informed decision.
Assisting with implementation of recommended solutions:While implementing the recommendations on shop floor it is necessary to engage people in the work place. Consultants should not only focus on implementing changes but how it can help to transform the workplace forever. Management consultants should strive to drive its clients in a progressive direction since the first intervention.
Permanently improving organizational effectiveness: Permanent improvisation is the marker of satisfaction achieved from the consulting intervention. It will gauge the effectiveness of the learning that has taken place, and the success of application as the new process or system is implemented. Consultants should track what people are doing differently and how well it is working, because to bring improvement is an easy job but its sustenance is difficult.
Return on Investment: ROI is only one of the most essential elements on the Scorecard measures and tracks the chain of impact for a consulting project. Management consultants are expected to deliver higher return of Investment. Consultants should be upfront and commit to assure Return on Investment. ROI on the consulting fee is highly effective.
The increasing trend is that management consulting firms not only define objective by just recommending solutions but also help and engage clients in effective management processes. This new development is significant to managers who don’t just need expert advice but also need help in improving the organization’s performance.
Written by Faber Devna Chaturvedi