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Management Consulting Evolution

This document discusses the history and key aspects of management consulting. It outlines the origins of management consulting beginning in the 1890s, the rise of prominent consulting firms like McKinsey & Co. and Boston Consulting Group after World War II. The document also defines management consulting, describes the significance of the industry, and discusses the major types of consulting services and firms.

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Hannan Wani
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407 views11 pages

Management Consulting Evolution

This document discusses the history and key aspects of management consulting. It outlines the origins of management consulting beginning in the 1890s, the rise of prominent consulting firms like McKinsey & Co. and Boston Consulting Group after World War II. The document also defines management consulting, describes the significance of the industry, and discusses the major types of consulting services and firms.

Uploaded by

Hannan Wani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
  • Introduction to Management Consulting
  • History of Management Consulting
  • Definition of Management Consultancy
  • Significance of Management Consulting
  • Key Stages in Consulting
  • Types of Consultancy Services
  • Types of Firms in the Industry
  • Major Consultancies
  • Big Four Management Consultants
  • Future of the Management Consulting Industry

Unit 5

Management Consulting
History of Management Consulting
• Management as a unique field of study

• Arthur D.Little (1890s)

• McKinsey & Company


– First management and strategy consultancy
– Founded by James McKinsey in 1926 (Chicago)
– Hiring of bright young MBAs
• Rise of management consultancy after World War II
– Development of tools for strategic management
– Boston Consulting Group (1963), McKinsey&Co, Harvard Business School
– Bain&Co - focus on shareholder wealth

• Consulting within accountancy and technology firms


– PwC and IBM
• Niche consultancy firms
– Corporate social responsibiity
What we mean by
Management Consultancy

The MCA defines management consulting as: “The creation


of value for organisations, through improved performance,
achieved by providing objective advice and implementing
business solutions.”

“Consulting involves individuals, whether self-employed or


employed, individually or collectively using their knowledge,
experience and analytical and/or problem-solving skills to
add value into a wide variety of organisations”
Significance of Management Consulting

• Management consulting is the practice of


helping organizations to improve their performance,
operating primarily through the analysis of existing
organizational problems and the development of plans for
improvement.

• Organizations may draw upon the services of


management consultants for a number of reasons,
including gaining advice and access to the consultants'
specialized expertise.
Key Stages in Consulting

1.Opportunity development
2.Agreeing Terms of Reference
3.Information gathering
4.Interpretation and insight development
5.Sign-off
6.Aftercare
Key Stages in Consulting (Contd.)

7. Help them think through their own ideas


6. Add options to their ideas.
7. Tell them what to do
8. Show them how to do it
9. Do it with them
Types of Consultancy services

Strategy HR

Process and
Marketing
Operations

Org design
Infotech
Types of firms in the industry
• Accountancy firms offering consultancy
• Large non-accounting consultancies
• Small specialist boutiques
• Gurus
• Independents
Major consultancies
• Bain & Company
• Boston Consulting Group
• Deloitte & Touche
• Ernst & Young
• A.T. Kearny
• KPMG
• Arthur D.Little
• McKinsey & Co
• Mercer
• PriceWaterhouse Coopers
Big Four Management Consultants
• Price Water Coopers (PwC)
• Ernst & Young
• Deloitte
• KPMG
The future of the Management Consulting Industry

 In 2013, Harvard Business Review discussed the


prevalent trend within the consulting industry to
evolve.

 With knowledge being democratized and


information becoming more and more accessible
to anyone, the role of management consultants is
rapidly changing and Management Consultancy has
its applications in all diversified forms.

Unit 5 Management Consulting
History of Management Consulting • Management as a unique field of study • Arthur D.Little (1890s) • McKinsey & Company – Fir
What we mean by Management Consultancy The MCA defines management consulting as: “The creation of value for organisations,
Significance of Management Consulting • Management consulting is the practice of helping organizations to improve thei
Key Stages in Consulting 1.Opportunity development 2.Agreeing Terms of Reference 3.Information gathering 4.Interpretation and
7. Help them think through their own ideas 6. Add options to their ideas. 7. Tell them what to do 8. Show them how to do it
Types of Consultancy services Strategy HR Marketing Process and Operations Org design Infotech
Types of firms in the industry • Accountancy firms offering consultancy • Large non-accounting consultancies • Small speciali
Major consultancies • Bain & Company • Boston Consulting Group • Deloitte & Touche • Ernst & Young • A.T. Kearny • KPMG • Art
Big Four Management Consultants • Price Water Coopers (PwC) • Ernst & Young • Deloitte • KPMG

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