Management Consulting refers to a set of services in which a third party with expertise in business management contributes to the effectiveness and efficiency of daily operations as well as overall profitability and bottom line. Essentially, a management consultant has extensive educational and practical knowledge including an MBA or PhD in Business in combination of 5 or more years of practical experiences such as junior business consulting positions, industry specific mid management position, university teaching experience, or a combination of the all above.
In essence a management consulting firm may use advanced and up to date research methodology that may include industry specific information and data, comparative advertising and marketing analysis, internal examination, as well as comparative studies to determine the weakest points of the operation and devise proper action plans to rectify those weak points.
Generally speaking, management consulting firms as well as individual management consultant rely heavily on knowledge. The most vital action that any management consulting firm has to take to create an environment in which the work of its individual management consultant is virtually guaranteed to help their clients, is the ability to continuously educate their management consultants.
Similarly it is one of the most reliable ways to differentiate between adequate management consulting firms and superb management consulting firms.
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