Management consulting

Management consulting is the practice of providing consulting services to organizations to

improve their performance or in any way to assist in achieving organizational objectives.[1]
Organizations may draw upon the services of management consultants for a number of reasons,
including gaining external (and presumably objective) advice and accessing consultants' specialized
expertise regarding concerns that call for additional oversight.[2]

As a result of their exposure to and relationships with numerous organizations, consulting firms are
typically aware of industry "best practices".[3] However, the specific nature of situations under
consideration may limit the ability or appropriateness of transferring such practices from one
organization to another. Management consulting is an additional service to internal management
functions and, for various legal and practical reasons, may not be seen as a replacement for internal
management. Unlike interim management, management consultants do not become part of the
organization to which they provide services.[4][5][6]

Consultancies provide organizational change management assistance, development of coaching skills,

process analysis, technology implementation, strategy development, or operational improvement
services. Management consultants often bring their own proprietary methodologies or frameworks to
guide the identification of problems and to serve as the basis for recommendations with a view to
more effective or efficient ways of performing work tasks.[4]

The economic function of management consulting firms in general is to help and facilitate the
development, rationalization and optimization of the various markets pertaining to the geographic
areas and jurisdictions in which they operate.[7][8] However, the exact nature of the value of such a
service model may vary greatly across markets and its description is therefor contingent.[a]

History
Management consulting grew with the rise of management, as a unique field of study.[2] One of the
first management consulting firms was Arthur D. Little Inc., founded in 1886 as a partnership, and
later incorporated in 1909.[10] Although Arthur D. Little later became a general management
consultancy, it originally specialised in technical research.[11]

As Arthur D. Little focused on technical research for the first few years, the first management
consultancy was that of Frederick Winslow Taylor, who in 1893 opened an independent consulting
practice in Philadelphia. His business card read "Consulting Engineer – Systematizing Shop
Management and Manufacturing Costs a Specialty". By inventing Scientific Management, also known
as Taylor's method, Frederick Winslow Taylor invented the first method of organizing work, spawning
the careers of many more management consultants. For example, one of Taylor's early collaborators,
Morris Llewellyn Cooke, opened his own management consultancy in 1905. Taylor's method was used
worldwide until industry switched to a method invented by W. Edwards Deming.
The initial period of growth in the consulting industry was triggered by the Glass–Steagall Banking
Act in the 1930s, and was driven by demand for advice on finance, strategy and organization.[12] From
the 1950s onwards, consultancies expanded their activities considerably in the United States, and also
opened offices in Europe and later in Asia and South America. After World War II, a number of new
management consulting firms were formed, bringing a rigorous analytical approach to the study of
management and strategy. The postwar years also saw the application of cybernetics principles to
management through the work of Stafford Beer.

The management consulting firms Stern Stewart,[13] Marakon Associates,[14][15] and Alcar pioneered
value-based management (VBM), or "managing for value", in the 1980s based on the academic work
of Joel Stern, Dr. Bill Alberts, and Professor Alfred Rappaport.[16] Other consulting firms including
McKinsey and BCG developed VBM approaches.[14] Value-based management became prominent
during the late 1980s and 1990s.[16]

The industry experienced significant growth in the 1980s and 1990s, gaining considerable importance
in relation to national gross domestic product. In 1980 there were only five consulting firms with
more than 1,000 consultants worldwide, whereas by the 1990s there were more than thirty firms of
this size.[17]

A period of significant growth in the early 1980s was driven by demand for strategy and organization
consultancies. The wave of growth in the 1990s was driven by both strategy and information
technology advice. In the second half of the 1980s, the big accounting firms entered the IT consulting
segment. The then Big Eight, now Big Four, accounting firms (PricewaterhouseCoopers, KPMG, Ernst
& Young and Deloitte Touche Tohmatsu) had always offered advice in addition to their traditional
services, but after the late 1980s these activities became increasingly important in relation to the
maturing market of accounting and auditing. By the mid-1990s these firms had outgrown those
service providers focusing on corporate strategy and organization. While three of the Big Four legally
divided the different service lines after the Enron scandal and the ensuing breakdown of Arthur
Andersen, they are now back in the consulting business. In 2000, Andersen Consulting broke off from
Arthur Andersen and announced their new name Accenture.[18] The name change was effective
starting January 1, 2001, and Accenture is currently the largest consulting firm in the world in
employee headcount.[19] They are publicly traded on the NYSE with ticker ACN.[20]

The industry stagnated in 2001 before recovering after 2003 and then enjoying a period of sustained
double-digit annual revenue growth until the financial crisis of 2007–2008. As financial services and
government were two of the largest spenders on consulting services, the financial crash and the
resulting public sector austerity drives hit consulting revenues hard. In some markets such as the UK
there was a recession in the consulting industry, something which had never happened before or
since. There has been a gradual recovery in the consulting industry's growth rate in the intervening
years, with a current trend towards a clearer segmentation of management consulting firms. In recent
years, management consulting firms actively recruit top graduates from Ivy League universities,
Rhodes Scholars,[21] and students from top MBA programs.[11]

In more recent times, traditional management consulting firms have had to face increasing challenges
from disruptive online marketplaces that are aiming to cater to the increasing number of freelance
management consulting professionals.[22]

Function
The functions of consulting services are commonly broken down into eight task categories.[23]
Consultants can function as bridges for information and knowledge, and external consultants can
provide these bridging services more economically than client firms themselves.[24] Consultants can
be engaged proactively, without significant external enforcement, and reactively, with external
pressure.[25] Proactive consultant engagement is engaged mainly with aim to find hidden weak spots
and improve performance, while the reactive consultant engagement is mostly aimed at solving
problems identified by external stakeholders.[26][27]

Marvin Bower, McKinsey's long-term director, has mentioned the benefits of a consultant's
externality, that they have varied experience outside the client company.[28]

Management consulting could be classified into two categories:

General management consulting, which concerns strategy, corporate finance, organization,

environmental social and corporate governance, risk and compliance, and so forth. It entails
questions that are relevant to the entirety of the client organization as a whole, on a management
level.
Specialized management consulting, which concerns questions that are specific to a certain
function or subset of the client organization, such as legal management consulting, financial
management consulting, digital management consulting, technology management consulting,
operations management consulting, contract mobilisation[29] and so forth.

Management consulting often involves a mix of both of these categories. In the modern economic
environment, management consulting firms are typically classified under the umbrella term of
corporate service providers.

Consultants have specialised skills on tasks that would involve high internal coordination costs for
clients, such as organization-wide changes or the implementation of information technology. In
addition, because of economies of scale, consultants' focus on and experience in gathering
information across markets and industries enables a higher cost-efficiency than if clients were to
perform research themselves.[30][31]

Trends

Big Three management consultancies

Three consulting firms are widely regarded as the Big Three or MBB:[32]

McKinsey & Company

Boston Consulting Group
Bain & Company

Big Four accounting firms in the management consulting market

The Big Four audit firms (Deloitte, KPMG, PwC, Ernst & Young) have been working in the strategy
consulting market since 2010.[33] In 2013, Deloitte acquired Monitor Group—now Monitor Deloitte—
while PwC acquired PRTM in 2011 and Booz & Company in 2013—now Strategy&. From 2010 to 2013,
several Big Four firms have tried to acquire Roland Berger.[34] EY followed the trend, with
acquisitions of The Parthenon Group in 2014, and both the BeNeLux and French businesses of OC&C
in 2016 and 2017, with all now under the EY-Parthenon brand.[35]

Deloitte has been named as the largest consulting firm for six years running as per Gartner's annual
consulting report.[36] Deloitte Consulting is broken up into five practices: Strategy, Analytics and
M&A, Customer & Marketing, Core Business Operations, Human Capital, Enterprise Technology &
Performance.[37] They have been ranked #4 on Vault's 2020, 2019, 2018, 2017 and 2016 rankings for
consulting firms.[38]

Fiscal
Firm Revenues Source
year
Deloitte (https://www2.deloitte.com/content/dam/Deloitte/globa
Deloitte $20.8bn 2021
l/Documents/About-Deloitte/GIR2021-Business-metrics.pdf)
PricewaterhouseCoopers PwC (https://www.pwc.com/gx/en/about/global-annual-review-2
$14.7bn 2020
(PwC) 020.html)
EY (https://www.ey.com/en_sg/global-review/2020/facts-and-fig
Ernst & Young (EY) $14.6bn 2020
ures#Revenue%20and%20growth)
KPMG (https://home.kpmg/xx/en/home/media/press-releases/2
KPMG $11.7bn 2020
020/12/kpmg-announces-fy20-global-revenues.html)

Trends

In 2013, an article in Harvard Business Review discussed the prevalent trends within the consulting
industry to evolve. The authors noted that with knowledge being democratized and information
becoming more and more accessible to anyone, the role of management consultants is rapidly
changing. Moreover, with more online platforms that connect business executives to relevant
consultants, the role of the traditional 'firm' is being questioned.[39]

Large management consulting firms and professional networks have adopted a structure of industry-
specific branches, with one branch per industry or market segment served. As such, the firms utilize
their ability to serve as knowledge brokers within each market segment and industry addressed.

Government consultants

United Kingdom

In the UK, the use of external management consultants within government has sometimes been
contentious due to perceptions of variable value for money. For instance, from 1997 to 2006, the UK
government reportedly spent £20 billion on management consultants,[40] raising questions in the
House of Commons as to the returns upon such investment.[41]

The UK has also experimented with providing longer-term use of management consultancy
techniques provided internally, particularly to the high-demand consultancy arenas of local
government and the National Health Service; the Local Government Association's Improvement and
Development Agency and the public health national support teams; both generated positive feedback
at cost levels considered a fraction of what external commercial consultancy input would have
incurred.
Romania

In 2011, the Romanian management consulting industry began to re-initiate growth after a period of
economic stagnation. At the end of 2010, a majority of Romania's management consultancies had
experienced declining profits and by the end of 2011 about 70% of them had noted shrinking bottom
lines. The years 2010 and 2011 represented an important test for many Romanian consulting firms
according to a European Federation of Management Consultancies Associations (FEACO) study.[42]

In 2015, Romanian management consulting had a turnover of 350 Mln. € and an export of 10% of the
overall turnover, 75% within the EU and 25% outside. The local leader of the Romanian management
consulting market is Ensight Management Consulting.[43][44]

Australia

In 1988, the newly elected Greiner State Government commissioned a report into the State Rail
Authority by Booz Allen Hamilton. The resulting report recommended up to 8,000 job losses,
including the withdrawal of staff from 94 country railway stations, withdrawing services on the
Nyngan- Bourke line, Queanbeyan – Cooma line and Glen Innes- Wallangarra line, the
discontinuation of several country passenger services (the Canberra XPT, the Silver City Comet to
Broken Hill and various diesel locomotive hauled services) and the removal of sleeper trains from
services to Brisbane and Melbourne. The report also recommended the removal of all country
passenger services and small freight operations, but the government did not consider this to be
politically feasible.[45] The SRA was divided into business units – CityRail, responsible for urban
railways; CountryLink, responsible for country passenger services; FreightRail, responsible for freight
services; and Rail Estate, responsible for rail property.

New Zealand

In New Zealand the government has historically had a greater role in providing some infrastructure
and services than in some other countries. Contributing reasons included insufficient scale in the
private sector, smaller capital markets and historic political support for government service provision.
Current infrastructure investment plans are open to a range of public/private partnerships.[46] New
Zealand governments hire in expertise to complement the advice of professional public servants.
While management consultants contribute to policy and to strategy development, the Government
tends to use management consultants for strategic review and for strategy execution. There is a
distinction[47] between management consultants (who generally provide advice and fixed
deliverables, often for a fixed fee) and professional contractors (who work for an hourly or daily rate
providing specialist services). Official figures from 2007 to 2009 show annual expenditure of about
NZ$150 to NZ$180 Million by the New Zealand Government on consultants, but this may be
understated.[48] While multinational consultancy firms provide advice on major projects and in
specialist areas, the majority of management consultants providing advice to the New Zealand
government operate as sole practitioners or as members of small consultancy practices. The range of
services provided is large, covering change management, strategic review, project and programme
management, procurement, organizational design, etc.

Nonprofit consultants
Some for-profit consulting firms, including McKinsey and BCG, offer consulting services to nonprofits
at subsidized rates as a form of corporate social responsibility. Other for-profit firms have spun off
nonprofit consulting organizations, e.g. Bain creating Bridgespan.[49]

Many firms outside of the Big Three offer management consulting services to nonprofits,
philanthropies, and mission-driven organizations. Some, but not all, are nonprofits themselves.[50][51]

Liability
As with all client-contractor work, liability depends heavily on the subject of contract terms. While the
management consulting service provider for obvious reasons has a business reputation to protect,
legally there is little protection for the client. This is due to the scope of the contract being the only
thing subject to potential insurance claims as well as lawsuits.

As with other client-contractor relationships, settling for liabilities that exist outside the scope of the
contract deliverables has been proven to be of considerable difficulty,[52] also in management
consulting.[53] For this reason, it is important that clients procuring management consulting services
think twice about what type of help they need, so that the scope, length and content of contract
reflects such need.[54]

Criticism
Management consultants are sometimes criticized for the overuse of buzzwords, reliance on and
propagation of management fads, and a failure to develop plans that are executable by the client. As
stated above management consulting is an unregulated profession so anyone or any company can
style themselves as management consultants. A number of critical books about management
consulting argue that the mismatch between management consulting advice and the ability of
executives to actually create the change suggested results in substantial damages to existing
businesses.[55] In his book, Flawed Advice and the Management Trap, Chris Argyris believes that
much of the advice given today has real merit. However, a close examination shows that most advice
given today contains gaps and inconsistencies that may prevent positive outcomes in the future.[56]

Ichak Adizes and coauthors also criticize the timing of consultant services. Client organizations, which
are usually lacking the knowledge they want to obtain from the consultant, cannot correctly estimate
the right timing for an engagement of consultants. Consultants are usually engaged too late when
problems become visible to the top of the client's organizational pyramid. A proactive checkup, like a
regular medical checkup, is recommended.[57] On the other side, this opens additional danger for
abuse from disreputable practitioners.

International standards
ISO published the international standard ISO 20700 Guidelines for Management Consultancy
Services on June 1, 2017, replacing EN 16114.

This document represents the first international standard for the management consultancy
industry.[58]

Training and certification

An international qualification for a management consulting practitioner is Certified Management
Consultant (CMC) available in the United States through the Institute of Management Consultants
USA. Additional trainings and courses exist, often as part of a MBA training;[59]
see Master of
Business Administration § Content.

See also
Big Three (management consultancies)
Big Four accounting firms
Business development
Business process re-engineering
Consultant
Consulting firm
ICMCI
Industrial engineering
Industrial psychology
Institute of Consulting
Knowledge economy
Management cybernetics
Management science
Operations management
Organizational development
Organizational psychology
Organizational studies
Organizational theory
Outline of consulting
Strategic management

Notes
a. In other words, subject to market demand.[9]

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Further reading
Christopher D. McKenna (2006). The World's Newest Profession: Management Consulting in the
Twentieth Century. Cambridge University Press.
Joe O'Mahoney (2006). Management Consultancy. Oxford University Press.

External links
Media related to Management consultants at Wikimedia Commons

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