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Management consulting has come a long way in the past century. Some of the largest consulting firms such as McKinsey & Company established their services during this period.With an overall average of 10% growth per annum, the billion-dollar industry is showing no signs of slowing down.
Management consulting has come a long way in the past century. Some of the largest consulting firms such as McKinsey & Company established their services during this period.
It is important to take note that management consultants have also extended their roles in leading companies as CEOs and members of the board. The consulting network is a tightly knit web of high-level consultants, ex-consultants and their clients, which are composed of the higher levels of management.
The growth of the consulting industry heavily relies on the growth of large companies. They are both directly related to each other. Due to these highly competitive markets, big brands are always on the lookout for new strategies.
The Rise of New Sectors
New industries are slowly on the rise. The Information Technology (IT) is a relatively new industry. These days, IT consultants are sought after due to the boom in the technology industry. The same can be said for industries related to medical science, online security and online businesses. These new sectors are in need of a new breed of consultants with relevant backgrounds.
Bad Economy Equals Good Economy for Consulting Firms
A bad global economy doesn’t hurt everyone. Employment companies and recruitment agencies have experienced an increase in customers due to the number of unemployed workers. The sad reality is that because more people are getting sick due to lack of personal funds for medicine, proper food and water, and shelter during bad weather, the medical industry is not greatly affected by the dips in the market.
Because of the exponential growth of the online world, trends come and go at an alarming rate. The predictability of viral videos is impossible to calculate. Companies can experience a sudden growth in sales in one month, and the complete opposite in the next.
Freelance Consultants Are Here to Stay
Not all companies can afford to hire a consultant from a reputable firm. If they had the budget before, they may not have it in the future. Moreover, consulting firms that bundle their services into large expensive packages may drive businesses that need their services to look elsewhere. After all, some companies say that most of what they are paying for is the “name” of the firm they want to work with. Additionally, information is becoming more and more accessible, which means that the need for a consultant to do extensive research may be lower.
In conclusion, the future of management consulting looks bright and stable. As the “Big 3” consulting firms expand to new cities with growing economies, the more we can be sure that the industry is here to stay. Specialisation is becoming more of a requirement than a bonus. As businesses struggle to cope with trends, the more consulting firms will continue to bring in new clients.
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