Consultancy Flashcards
1
Q
When was the birth of management consultancy?
A
Late 1800’s - Scientific management
2
Q
When did consultancy become widespread?
A
After WW2 when american firms moved to europe
3
Q
Why do organisations use management consultants?
A
- Organisations have become leaner over the last 30 years and don’t have the in-house expertise they once did.
- Consultants sometimes have wider knowledge of industries and markets: something that is new to a client may be relatively routine to a consultant.
- Consultants can transfer knowledge/experience between firms and industries.
- Consultants often have more experience of implementation.
- Consultants bring an independent viewpoint, impartiality.
- Sometimes consultants can moderate/resolve a dispute within an organisation.
- Consultants offer managerial time for hire.
4
Q
What do management consultants do?
A
- Analysis of:
- Strategy (including market entry)
- Organisational change/development
- Information technology (strategy, systems design, implementation, ongoing management) – compete with IT firms in this space (e.g. IBM).
- Research
- Evaluation (especially for government, NGOs)
- Undertake interventions.
5
Q
What is important in management consultancy?
A
Repeat business
6
Q
What is a downside of being a management consultant?
A
Quite a lot of non-billable time: training, proposal writing, research and development, schmoozing
7
Q
What do you need to be to be a management consultant?
A
Young very Bright Articulate Have social skills Have knowledge of finance, economics, stat, strategy, accounting, data visualitsaion, project management Business research skills Logic and analytical skills