With big cuts in government spending, consulting firms face the heat all over the world. Talk of merger between two leading firms, A T Kearney and Booz and Co, underlines the need for consolidation in the industry.
But the shake-out won't disturb the dominance of the top three, McKinsey, BCG and Bain, argues Stefan Stern in the FT. Much of consulting firm, he points out, focuses not on glamorous things like strategy but on more mundane things such as efficiency and cost reduction.
Still, with some many MBAs out there in industry, it's a bit of surprise that there is still so much need for consulting firms. One reason is that the top firms do invest in knowledge and they have sought to broaden their services by hiring doctorates, lawyers, even musicians. Another is that in the corporate world, people lack time to sit down and think, to collect and analyse data. Consultants serve as auxiliary staff- no need for a full-time strategy or planning department, just call in the consultant when required.
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7 comments:
Organizations are also relatively more open to accept the same - not so popular - idea from a 'respectable third party' aka a 'consultant' - than from fellow employees.
The other reason is outsourcing the blame. Its surprising how people in corporates always think about keeping themselves out of the blame. this is the very reason, consulting companies exist.
Nice info about trends in counsulting
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Well, it is true. For some one who fondly remembers your finance classes and have been in cnsulting for the last 12 years, I am still amazed by your insights...
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