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Story: Worldwide Revenues (U.S. Billions) Our annual growth rate has been around 20 percent on average over the past six years, and we expect our growth to continue because the consulting market is far from mature. 15 15 The first part of the definition depicts the major elements of the consulting process. Also, each element, depending on the organization, has a different priority and level of importance. For example, a large regional firm might give away the diagnosing and strategizing stages of a project in order to be awarded a manpower intensive implementation stage. However, for most small firms, the diagnosing, strategizing or design stages are likely to represent the most lucrative portion of their involvement in various projects as the constructing or implementing phases are probably delegated to technical specialists. The second part of the definition recognizes the requirement for consultants to apply their knowledge in a manner consistent with the core values in the role most appropriate to the specific task at hand. Strategy consulting involves giving advice and counsel about corporate-level or business-unit strategies. What business should we be in? How do we compete? Should we diversify or focus on core activities? How do we fight (and win) against our competitors? Popularized by BCG and McKinsey in the 1960s, strategy consulting has for the last 20 years been seen as a kind of elite consulting, bought by top client managers for top dollar rates. The work can be rather conceptual and glamorous. Consulting teams are usually small. Individual consultants tend to be generalists, moving from industry to industry. Results are often hard to measure. In an increasingly technological world, the value of pure strategic advice is being rethought. Operations Management consulting is the original management consulting: figuring out how to improve the efficiency or productivity of how a business works. Fifty years ago, the craze was for time and motion studies.
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