Management Consultancy
1. Management Consultancy primarily deals with how a business works – strategy, management, structure and operations, and in making decisions to improve its performance.
2. Unlike Business consultancy, management consultancy specializes in several managerial aspects of business operations, namely
i) Resource allocation,
ii) Marketing,
iii) Pricing, and
iv) Budget preparation & Planning.
3. Management consultancy services include various areas of expertise, such as:
i) Strategic Management,
ii) HR consulting,
iii) Operations management consulting,
iv) IT consulting, and
v) Virtual management consulting.
4. Strategic Management –
Strategic management refers to the planning and execution of top-level business goals and initiatives to determine the direction and success of the company.
5. These corporate strategies include a set of plans, initiatives and changes to set the company apart, boost performance and ultimately improve its market prominence.
6. HR Consulting –
Human Resource is a key component to every industry and its successful management is vital to the efficiency, profitability and success of an establishment.
HR consultants are basically of two types,
i) Expert resource consultants, and
ii) Process consultants.
7. Expert Resource Consultants provide HR implementation solutions based on their expertise.
Process consultants find innovative and creative ways of implementing human resource, with an easy implementation of their solutions.
8. Operations Management Consulting –
Operations Management deals with designing new operations and redesigning old ones. The primary goal of strategic operations is to ensure that process function with optimal use of resources with the maximum output.
9. IT Consulting -
This field focuses specifically on IT processes and their use in achieving the business objective of the organization. The services of an IT consultant include:
i) IT Advice,
ii) Estimation,
iii) Implementation, and
iv) Outsourcing operations.
10. Virtual management Consulting –
Virtual management is the supervision of ‘virtual teams’ that operate independently and collectively, under the same management but rarely face-to-face.
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