What does Management Consultants do?
Management Consultants help organizations to solve issues, create value, maximize growth and improve business performance. They use their business skills to provide objective advice and expertise and help an organisation to develop any specialist skills that it may be lacking.
Management Consultants are primarily concerned with the strategy, structure, management and operations of a company. Their role is to identify options for the organisation and suggest recommendations for change, as well as advising on additional resources to implement solutions.
Organizations hire Management Consultants to develop strategies for entering and/or remaining competitive in the marketplace. Although some management consultants work for the organization that they are analyzing, most work as consultants on a contractual basis.
Whether they are self-employed or part of a large consulting company, the work of a Management Consultant may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.
Management Consultants typically do the following:
- Gather and organize information about the problem to be solved or the procedure to be improved
- Interview personnel and conduct on-site observations to determine the methods, equipment, and personnel that will be needed
- Analyze financial and other data, including revenue, expenditure, and employment reports, sometimes using sophisticated mathematical models
- Develop solutions or alternative practices
- Recommend new systems, procedures, or organizational changes
- Make recommendations to management through presentations or written reports
- Confer with managers to ensure the changes are working
Management Consultants often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.
Management Consultants who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a Management Consultant solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how they will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.
Management Consultants must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. They must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.
Management Consultants work under fairly high pressure. They should be confident and self-motivated when working with clients. They often work under tight deadlines and must use their time efficiently to complete projects on time.