The best time to hire a consulting firm is when you want to implement a large-scale change management initiative, but you lack the knowledge needed to develop and implement the change. Consultants can help assess the risks and potential benefits of a merger or acquisition, and can provide guidance on how best to proceed. In many cases, consultants can help companies avoid costly mistakes and ensure that the transition goes as smoothly as possible. Tangible value refers to the quantifiable benefits that a consulting firm can offer its customers.
This is usually done by deploying their methodologies and frameworks. The frames allow immediate quantifiable value to be added and aid in the initial diagnosis. The management consulting landscape has changed a lot over the past 20 years, but management consulting is still an unregulated profession, so any person or company can be considered a management consultant and it is difficult to differentiate between the good, the bad and the ugly. It gives the management team a break and reminds of the plot of a popular police thriller, in which the consultant takes on the role of a “bad cop” to execute difficult sentences.
Management consultants add value by helping their clients improve product quality, grow and expand the business, reduce costs, retain valuable talent, etc. It provides relief to the management team and resembles the plot of a popular criminal thriller, in which the consultant takes the position of a “bad cop” to implement difficult decisions. In many cases, consultants will work with business owners and managers to develop a customized plan that fits the company's specific needs. Consultants help break the process down into manageable stages to make it easier to identify potential improvements.
Not all management consulting services are related to performance, benchmarking or compliance, for example, they are associated with the cost of doing business; these are valuable services that should be worth the price paid for them. When the main reason for turning to management consultants is to find additional value for the company, the best way to obtain the desired value is to agree on a realistic and binding contractual performance objective that both parties commit to achieving. Consulting Quest helps companies generate greater impact by better using, buying and managing consulting services. Many aspects of business life vary from country to country, including management culture, business etiquette, and communication preferences.
However, the nature of management consulting, which is mostly about finding solutions to deep-seated business problems, makes measuring value a complicated process. In 1998, when I joined PriceWaterhouse's supply chain department, the management consulting industry was experiencing a strong wave of growth, driven by both strategy and information technology. Consultants bring that idea to life, organize data from another department to support it, hire someone from another department to execute it, and get the initiative approved by senior management. In recent years, management consulting firms have had to face the growing challenges posed by the commercialization of services and the growing number of independent management consulting professionals who offer viable and profitable alternatives to traditional management consulting firms.