132__managmentconsulting_existingandemergingtrends

8/4/2019 132__ManagmentConsulting_ExistingAndEmergingTrends

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EXISTING AND EMERGING TRENDS


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Management consultants help organizationsimprove their performance primarily throughidentification and analysis of existing businessproblems and development of plans forimprovement.

Organizations hire the services of managementconsultants for a number of reasons, includinggaining external advice and access to theconsultants' specialized expertise.

Management consulting firms range in size fromsole practitioners to big businesses.


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Because of their exposure to and relationships with numerousorganizations, consultants are also aware of industry bestpractices, although the transferability of such practices fromone organization to another may not be possible because ofdifferent situational factors.

Consultants also provide organizational change managementassistance, development of coaching skills, technologyimplementation, strategy development, or operationalimprovement services.

Management consultants generally bring their own,

proprietary methodologies or frameworks to guide theidentification of problems, and to serve as the basis forrecommendations for more effective or efficient ways of performing business tasks.


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Management consulting is to be found inalmost every industry sector and in everymajor region of the world:

Asia Pacific

Europe/Middle East/Africa (EMEA)

North America

Latin America & Caribbean


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Collaboration/cooperation and alliances tobuild national & regional competitiveness.

Having a strong united voice to advocatefor the cause of regional consultants.

Continuous Personal & ProfessionalDevelopment

General adaptation to the international

code of ethics & standards.


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Globally, management consultancy is a multi-billion dollar business.

Kennedy Consulting & Research Servicesestimated that the Global Consulting Market willaverage 7.1 percent growth by 2010 exceedingUS$350 billion.

This reflects the estimated size and growth of theglobal market, which includes consulting relatedto strategy, operations management, IT, HR,business advisory services, financial management& alternative energy.


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A conservative estimate is that the Caribbeangenerates about US$500M per annum.

How much of this is earned by Caribbeanconsultants is not clear.

It is estimated that less than 20% of the major

consulting projects arising from developmentaid that flows into the region are awarded toCaribbean consultants.


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The continuing impact of globalization andregulatory changes

A new era of Risk Management services

The rise of Social Networking

The new rules of client engagement


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Few major firms

Dominated by sole practitioners or small

businesses

Limited to lowest share of annual consultingrevenues.

Movement toward improved quality assurance

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Whether boom or recession

clients will always needexpert advice to manage their growth or torestructure their businesses in a declining market.

Technological and political forces are forcingcompanies in industries to structural changes.

The practice of lean management in many companiessometimes creates insufficient management capacity

and expertise to handle the resulting corporatechange processes internally. This creates an ongoingneed for consulting services.


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In general, there is likely to be a shift frommerely advising to becoming more activelyinvolve in the implementation.

"Relationship consulting" is on the rise. Thisinvolves working with a company over manyyears to ensure continued monitoring,discussion and implementation of new ideas

one of proactive instead of being reactive.


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The trend toward globalization of trade andservices drives consultants to regionalize andglobalize as well.

international code of ethics and standardsnow become a critical necessity.

Be aware of the latest trends in technologyand economy and be able to adopt suchtrends a head of their clients.


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Knowledge and knowledge management Innovation

Reputation / quality

Networking / alliancesCompetitiveness on price and service

offerings

Effective quality control

Well-developed internal processesAccess to niche markets


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THANK YOU

132__managmentconsulting_existingandemergingtrends

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