Management Consulting
One beautiful article was posted in the Yahoo Groups. I am reproducing the same for your benefit.
Disclaimer :- These are the views of the author and not mine.
"Management Consulting is a broad term. For the folks looking to make a switch into management consulting, it's extremely important, I believe, to understand the consulting industry and then try and find the best fit or "practice". Below is an insight into the industry. Hope it will help people to get some clarification. Current ISB students/alumni please feel free to add or correct.
Types of consulting firms:
1: The Big 5:
Accenture (formerly Andersen Consulting)
BearingPoint (formerly KPMG Consulting)
Deloitte, and
2: Small Firms:
Small firms or boutiques often provide specialized services or offer expertise that focuses on one industry or a single business practice area. These firms tend to be small, lesser-known niche players that do not regularly compete directly with the larger consulting organizations. Many of these firms operate in a single, geographic region. Some small or boutique firms service only one client.
3: Sole Practitioners.
Perhaps the most difficult segment to define in the management consulting industry is that of the sole practitioner. This group encompasses many outplaced or retired executives and part-time consultants who offer expertise in areas where they have a great deal of experience. Sole practitioners are often engaged by smaller firms and even their previous employers.
4: Internal Consulting Organizations.
Large corporations may have recurring project work for which the expertise of external management consultants would be required on an ongoing basis. Many such firms have developed internal consulting staffs in order to deal with this demand in a more cost-effective manner. Such internal organizations may be generalists or may specialize in corporate strategy, human resources issues, information technology, or other areas that are critical to the company's operation.
Different practice areas or segments (for the lack of a better term) in Management Consulting: This is where we all need to identify our niche and are of interest and then work towards it.
1: IT/MIS. The information technology segment is the largest segment of the consulting industry
2: Compensation/Benefits Consulting. Compensation/benefits consulting firms represent the second largest independent segment of the industry in the US. Firms that specialize in compensation/benefits consulting offer services related to human resource management with specific expertise in practices such as developing corporate grading and compensation schemes, titling plans, and benefits packages.
3: Generalist Consulting. Generalist management consulting firms typically provide advice on strategy to their clients but may also have internal expertise in specific industries, such as banking or health care, or in particular practice areas, such as new product development or operations. Examples include McKinsey & Company, Inc.; Booz, Allen & Hamilton, Inc.
4: Strategy Consulting. Strategy consulting firms specialize in providing advice on corporate strategy to senior executives—answering such questions as, "How can our firm improve profitability?" Examples include the Boston Consulting Group and Bain & Company.
5: Marketing Consulting Firms. These firms provide marketing research, product test markets, target market selection, and other services directly related to the marketing of client products or services.
6: Business Re-engineering/Organizational Effectiveness. This specialty in management consulting refers to the radical redesigning and rebuilding of the processes and functions of a business to recreate the company as a highly effective, cohesive whole that performs optimally.
7:Environmental Consulting
8 Health Care Consulting. There are two primary specialties that fall under the heading of health care consulting. The first practice area is providing general advisory services such as strategy consultation or cost-containment studies for health service agencies (e.g., Health Maintenance Organizations) and hospitals. The second practice area is in helping corporations to select employee health benefit plans that minimize costs and provide the best health care coverage for the organization.
So basically, if you feel this world needs one more segment area in consulting, by all means establish it."
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