So what exactly is Strategy Consulting?
Simply put, strategy consulting (Also known as: management consulting) is an advisory service for executive leaders. The profession aims to assist CEOs and their businesses to enhance their long-term business performance. Although the problems faced by business leaders may be unique and vary by industry, role, or point in time, the analytical methods used by the management consulting industry to solve these disparate problems remains fixed.
What role does the consultant play and what value do they bring?
A consultant is part of a broader team that brings to a client expertise in a specific field, or industry while at the same time providing temporary resources to make rapid decisions and execute those decisions under shortened timelines. Consulting firms draw from a vast pool of knowledge shared by a community of consultants within their firm who have resolved similar problems in the past. Moreover, consulting firms, especially their executive team, possess a broad network of connections with various industry leaders – a fact that often aids their clients in promoting projects and business partnerships.
Other sources of value consulting firms provide include:
- The usage of specific scientific tools for problem solving, which enhance the consultant’s ability to analyze the organization’s performance and gauge the success of future endeavors. Such tools rely on the meticulous calculation of numerical data and the examination of its significance within the larger picture.
- Consultants provide a level of objectivity and impartiality when resolving complex issues that often share political boundaries within an organization. A strong consulting firm has partners who are able to navigate this political landscape while identifying the core problems that plague the organization, regardless of the client’s personal views.
In effect, the consultant assists leading companies in the industry to solve their most challenging problems. Companies and their CEOs are confronted with an infinite number of obstacles that they must overcome during the organization’s lifespan. Consequently, the variety of services the consultant is able to provide is often a function of the consulting firm’s history and the type of problems faced by their clients’ organizations.