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  • Melina Hong

Management Consulting 101

Have you heard about Management Consulting but don’t really know what it truly entails? In our previous post, we have briefly covered an introduction to Consulting, so let’s now dive deeper into what constitutes Management Consulting, what a Management Consultant does, and what do you need to become one.

Management Consulting and Business Consulting are often interchangeable terms. It is defined as an advisory or implementation service to the management of businesses and clients to help improve the efficiency of their business strategy, organizational performance, and operational processes. It is also the broadest area in the consulting industry due to its diverse disciplines, covering more than half of the consulting market. According to the Global Management Consulting Services Market Report 2021, the market would grow from $819.79 billion in 2020 to $895.46 billion this year at a compound annual growth rate (CAGR) of 9.2%, and it is expected to reach $1201.06 billion in 2025 at a CAGR of 8%. These statistics prove how significant Management Consulting is to businesses worldwide and the opportunities that can arise from venturing into it.

Industry known organizations that make up this large proportion of the market include a few types of companies:

Considering that Management Consulting is an umbrella term consisting of a diverse range of disciplines across the business, it does have some significant areas. The four main areas of Management Consulting are Talent and Organization, Operations, Technology Strategy & Advisory, and Strategy.

Talent and Organization refer to the transformation of the workforce. Consultants are usually involved in the advisory of change management, HR transformation, Organizational strategy and design, as well as talent strategy and development.

Operations refer to the designing and monitoring of production processes and business operations. This area of Management Consulting involves advising clients and supporting them with the planning and implementation of change to target operating models, functional business processes, and other aspects of the organization’s value chain.

Technology Strategy & Advisory refers to the use of technology for businesses to realize business value. It requires consultants to have industry expertise in various areas of business and tech to be able to advise clients on what technology would benefit and grow their business.

Strategy refers to being able to build and design strategies to allow businesses to stay relevant and to not only plan and think in a fast and agile manner but to be far-sighted as well. Management Consultants are required to have industry expertise and analytical capabilities to help clients build and shape business strategies.

In terms of academics, it would vary depending on the different client base and industry. Aside from academic skills, we would like to focus on the soft skills a Management Consultant requires to excel in the role regardless of the type of organization. There are many skills you might need that could potentially help you get that role as a Management Consultant.

We can split the types of soft skills required into four categories:

1. Intellectual skills

  • Consulting and advisory skills

  • Strategic thinking

  • Analytical processing

  • Problem-solving skills

2. Communication skills

  • Communicative skills such as writing, reading and speaking.

  • Good presentation skills

3. Leadership skills

  • Emotional intelligence

  • Client engagements and relationships

4. Technical skills

  • Analytics and data interpretation

  • Statistical thinking

  • Critical thinking and analysis

  • Project management

  • Understanding business systems

We hope that this post will give you a broad understanding of what Management Consulting actually is and perhaps spark your interest in this domain of consulting. If Management Consulting sounds exciting to you, take steps to venture into this area! It can be a fulfilling career with plenty of opportunities to grow and develop not just as a consultant but also as an individual. However, if you might be unsure of where to start, it can be extremely overwhelming for you. Look out for TheTechNative’s first-course release in Jan 2022 titled ‘Kickstart your career’ - it contains all the critical information that you require to have a successful start in your consulting career.

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