What is consulting?

Management  Consulting

The work done by a consulting firm which focuses on advising companies on the best ways to manage and operate their business. The firm will give advice on concepts like their business strategy and operational techniques, and also skills like time management, depending upon the needs of the company.

Who are consultants?

Business consultants as people are generally:

1) Knowledgeable about the topic at hand
2) Well-connected within the industry
3) Have a reputation and/or brand (based on experience, publications, etc)
4) Effective communicators
Companies often face questions that they are incapable of answering or too busy to properly address. This is where consultants come in, armed with the above 4 traits, to help address precisely those questions.

McKinsey, Accenture, Monitor…what’s the difference between different consulting firms?

The consulting industry can be segmented accordingly:
1) Management consulting firms (eg McKinsey, Bain)
2) One-stop-shop and technology-focused consulting firms (eg Accenture, Deloitte)
3) Niche/boutique consulting firms (eg Mercer HR, Kurt Salmon)
4) Independent consultants (self explanatory)