Lessons Learned From Management Consulting Subject

The need for management consultants has increasing been felt because technology has revolutionalized communication and shrunk the world into a global village. Information sharing has changed the equation of the businesses and made them highly competitive. Innovation and creative input have become an essential part of a business strategy that helps them to gain leverage against their rivals. Nikolova and Devinney assert that management consultants act as ‘relationship builder, owner of the trust, interpreter of what the client wants. to translate a client problem which is often a symptom, into a hypothesis around a cause and therefore into something which can be resolved by analysis’ (Nikolova and Devinney, 2009). The consultants help them to improve and improvise business through innovative managerial strategy in various fields of diverse businesses. The personal and professional expertise of the consultants and consultancy firms becomes the major assets for the businesses to maintain a competitive edge. This is perhaps the main reason for the burgeoning power of consultancy firms.

In the changing global scenario of business dynamics, the current demand for the consultants is not surprising. But, I wonder if the present demand of the consultancy firms would maintain in the future also. The fast-changing environment of business imperatives has already brought in huge changes in the corporate world. The dominant 15 consultancy firms were used by big business and corporate houses where serious cases of misuse and abuse of shareholders rights through serious malpractices in auditing, accounting, etc. were exposed. Don’t you ever wonder at the roles these consultancy firms had or had not played in the business scandals, starting with Enron? But the resiliency of the business has not dampened the popularity of these firms.&nbsp.