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Management consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and accessing consultants' specialized expertise regarding concerns that call for additional oversight.^[1]

As a result of their exposure to and relationships with numerous organizations, consulting firms are typically aware of industry "best practices".^[2] However, the specific nature of situations under consideration may limit the ability or appropriateness of transferring such practices from one organization to another. Management consulting is an additional service to internal management functions and, for various legal and practical reasons, may not be seen as a replacement for internal management. Unlike interim management, management consultants do not become part of the organization to which they provide services.^[3]^[4]^[5]

Consultancies provide services such as: organizational change management assistance, development of coaching skills, process analysis, technology implementation, strategy development, or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems and to serve as the basis for recommendations with a view to more effective or efficient ways of performing work tasks.^[3]

The economic function of management consulting firms is in general to help and facilitate the development, rationalization and optimization of the various markets pertaining to the geographic areas and jurisdictions in which they operate.^[6]^[7] However, the exact nature of the value of such a service model may vary greatly across markets and its description is therefore contingent.^[a]

History

Management consulting grew with the rise of management, as a unique field of study.^[1] One of the first management consulting firms was Arthur D. Little Inc., founded in 1886 as a partnership, and later incorporated in 1909.^[9] Although Arthur D. Little later became a general management consultancy, it originally specialized in technical research.^[10]

As Arthur D. Little focused on technical research for the first few years, the first management consultancy was that of Frederick Winslow Taylor, who in 1893 opened an independent consulting practice in Philadelphia. His business card read "Consulting Engineer – Systematizing Shop Management and Manufacturing Costs a Specialty". By inventing Scientific Management, also known as Taylor's method, Frederick Winslow Taylor invented the first method of organizing work, spawning the careers of many more management consultants. For example, one of Taylor's early collaborators, Morris Llewellyn Cooke, opened his own management consultancy in 1905. Taylor's method was used worldwide until industry switched to a method invented by W. Edwards Deming.^{[citation needed]}

The initial period of growth in the consulting industry was triggered by the Glass–Steagall Banking Act in the 1930s, and was driven by demand for advice on finance, strategy and organization.^[11] From the 1950s onwards, consultancies expanded their activities considerably in the United States, and also opened offices in Europe and later in Asia and South America.

The management consulting firms Stern Stewart,^[12] Marakon Associates,^[13]^[14] and Alcar pioneered value-based management (VBM), or "managing for value", in the 1980s based on the academic work of Joel Stern, Bill Alberts, and Professor Alfred Rappaport.^[15] Other consulting firms including McKinsey and BCG developed VBM approaches.^[13] Value-based management became prominent during the late 1980s and 1990s.^[15]

The industry experienced significant growth in the 1980s and 1990s, gaining considerable importance in relation to national gross domestic product.

A period of significant growth in the early 1980s was driven by demand for strategy and organization consultancies. The wave of growth in the 1990s was driven by both strategy and information technology advice. In the second half of the 1980s, the big accounting firms entered the IT consulting segment. The then Big Eight, now Big Four, accounting firms (PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche Tohmatsu) had always offered advice in addition to their traditional services, but after the late 1980s these activities became increasingly important in relation to the maturing market of accounting and auditing. By the mid-1990s these firms had outgrown those service providers focusing on corporate strategy and organization. While three of the Big Four legally divided the different service lines after the Enron scandal and the ensuing breakdown of Arthur Andersen, they are now back in the consulting business. In 2000, Andersen Consulting broke off from Arthur Andersen and announced their new name Accenture.^[16] The name change was effective starting January 1, 2001, and Accenture is currently the largest consulting firm in the world in employee headcount.^[17] They are publicly traded on the NYSE with ticker ACN.^[18]

The industry stagnated in 2001 before recovering after 2003 and then enjoying a period of sustained double-digit annual revenue growth until the financial crisis of 2007–2008. As financial services and government were two of the largest spenders on consulting services, the financial crash and the resulting public sector austerity drives hit consulting revenues hard. In some markets such as the UK there was a recession in the consulting industry, something which had never happened before or since. There has been a gradual recovery in the consulting industry's growth rate in the intervening years, with a current trend towards a clearer segmentation of management consulting firms. In recent years, management consulting firms actively recruit top graduates from Ivy League universities, Rhodes Scholars,^[19] and students from top MBA programs.^[10]

In more recent times, traditional management consulting firms have had to face increasing challenges from disruptive online marketplaces that are aiming to cater to the increasing number of freelance management consulting professionals.^[20]

Function

The functions of consulting services are commonly broken down into eight task categories.^[21] Consultants can function as bridges for information and knowledge, and external consultants can provide these bridging services more economically than client firms themselves.^[22] Consultants can be engaged proactively, without significant external enforcement, and reactively, with external pressure.^[23] Proactive consultant engagement is engaged mainly with aim to find hidden weak spots and improve performance, while the reactive consultant engagement is mostly aimed at solving problems identified by external stakeholders.^[24]^[25]

Marvin Bower, McKinsey's long-term director, has mentioned the benefits of a consultant's externality, that they have varied experience outside the client company.^[26]

Management consulting could be classified into two categories:^{[citation needed]}

General management consulting, which concerns strategy, corporate finance, organization, environmental social and corporate governance, risk and compliance, and so forth. It entails questions that are relevant to the entirety of the client organization as a whole, on a management level.^{[citation needed]}
Specialized management consulting, which concerns questions that are specific to a certain function or subset of the client organization, such as legal management consulting, financial management consulting, digital management consulting, technology management consulting, operations management consulting, and Executive search.^{[citation needed]}

Management consulting often involves a mix of both of these categories. In the modern economic environment, management consulting firms are typically classified under the umbrella term of corporate service providers.^{[citation needed]}

Consultants have specialized skills on tasks that would involve high internal coordination costs for clients, such as organization-wide changes or the implementation of information technology. In addition, because of economies of scale, consultants' focus on and experience in gathering information across markets and industries enables a higher cost-efficiency than if clients were to perform research themselves.^[27]^[28]

Trends

Big Three management consultancies

Three consulting firms are widely regarded as the Big Three or MBB:^[29]

Big Four accounting firms in the management consulting market

The Big Four audit firms (Deloitte, KPMG, PwC, Ernst & Young) have been working in the strategy consulting market since 2010.^[30] In 2013, Deloitte acquired Monitor Group—now Monitor Deloitte—while PwC acquired PRTM in 2011 and Booz & Company in 2013—now Strategy&. From 2010 to 2013, several Big Four firms have tried to acquire Roland Berger.^[31] EY followed the trend, with acquisitions of The Parthenon Group in 2014, and both the BeNeLux and French businesses of OC&C in 2016 and 2017, with all now under the EY-Parthenon brand.^[32]

Firm	Revenues	Fiscal year	Source
Deloitte	$20.8bn	2021	Deloitte
PricewaterhouseCoopers (PwC)	$14.7bn	2020	PwC
Ernst & Young (EY)	$14.6bn	2020	EY
KPMG	$11.7bn	2020	KPMG

Trends

In 2013, an article in Harvard Business Review discussed the prevalent trends within the consulting industry to evolve. The authors noted that with knowledge being democratized and information becoming more and more accessible to anyone, the role of management consultants is rapidly changing. Moreover, with more online platforms that connect business executives to relevant consultants, the role of the traditional 'firm' is being questioned.^[33]

Large management consulting firms and professional networks have adopted a structure of industry-specific branches, with one branch per industry or market segment served.^{[citation needed]} As such, the firms utilize their ability to serve as knowledge brokers within each market segment and industry addressed.^{[citation needed]}

Nonprofit consultants

Some for-profit consulting firms, including McKinsey and BCG, offer consulting services to nonprofits at subsidized rates as a form of corporate social responsibility.^{[citation needed]} Other for-profit firms have spun off nonprofit consulting organizations, e.g. Bain creating Bridgespan.^[34]

Many firms outside of the Big Three offer management consulting services to nonprofits, philanthropies, and mission-driven organizations. Some, but not all, are nonprofits themselves.^[35]^[36]

Liability

As with all client-contractor work, liability depends heavily on the subject of contract terms. While the management consulting service provider for obvious reasons has a business reputation to protect, legally there is little protection for the client.^{[citation needed]} This is due to the scope of the contract being the only thing subject to potential insurance claims as well as lawsuits.

As with other client-contractor relationships, settling for liabilities that exist outside the scope of the contract deliverables has been proven to be of considerable difficulty,^[37] also in management consulting.^[38] For this reason, it is important that clients procuring management consulting services think twice about what type of help they need, so that the scope, length and content of contract reflects such need.^[39]

Criticism

Management consultants are sometimes criticized for the overuse of buzzwords, reliance on and propagation of management fads, and a failure to develop plans that are executable by the client. As stated above, management consulting is an unregulated profession; anyone or any company can style themselves as management consultants. A number of critical books about management consulting argue that the mismatch between management consulting advice and the ability of executives to actually create the change suggested results in substantial damages to existing businesses.^[40] In his book, Flawed Advice and the Management Trap, Chris Argyris believes that much of the advice given today has real merit. However, a close examination shows that most advice given today contains gaps and inconsistencies that may prevent positive outcomes in the future.^[41]

Ichak Adizes and coauthors also criticize the timing of consultant services. Client organizations, which are usually lacking the knowledge they want to obtain from the consultant, cannot correctly estimate the right timing for an engagement of consultants. Consultants are usually engaged too late when problems become visible to the top of the client's organizational pyramid. A proactive checkup, like a regular medical checkup, is recommended.^[42] On the other side, this opens additional danger for abuse from disreputable practitioners.

International standards

ISO published the international standard ISO 20700 Guidelines for Management Consultancy Services on June 1, 2017, replacing EN 16114.

This document represents the first international standard for the management consultancy industry.^[43]

Training and certification

An international qualification for a management consulting practitioner is Certified Management Consultant (CMC) available in the United States through the Institute of Management Consultants USA. Additional trainings and courses exist, often as part of a MBA training;^[44] see Master of Business Administration § Content.

Notes

^ In other words, subject to market demand.^[8]

References

^ ^a ^b McKenna, Christopher D. (1995). "The Origins of Modern Management Consulting". Business and Economic History. 24 (1). Cambridge University Press: 51–58. JSTOR 23703271. Archived from the original on 4 November 2022. Retrieved 21 May 2022.
^ Beyerlein, Michael M.; Lahti, Ryan K. (July 2000). "Knowledge transfer and management consulting: A look at "The firm"". Vezetéstudomány - Management and Business Journal. 31 (7–8). Corvinus Research: 91–99. Archived from the original on 25 June 2022. Retrieved 24 May 2022.
^ ^a ^b Kubr, Milan (2002). Management Consulting: A Guide to the Profession. Geneva: International Labour Office.
^ Vines, James K. "CPAs Who Perform Management Consulting Services May Face Increased Expsoure to Controlling Person Liability under the Federal Securities Acts Note". heinonline.org. Law Journal Library. Archived from the original on 4 July 2022. Retrieved 21 May 2022.
^ "What is Management Consulting?". managementconsulted.com. 25 December 2019. Archived from the original on 14 September 2022. Retrieved 14 September 2022.
^ Wang, I-Ming; Shieh, Chich-Jen; Hsiao, Juimin (2005). "The relationship between service quality, customer satisfaction and customer loyalty: a study on the management consulting industry". Journal of Information and Optimization Sciences. 26 (2). Taylor & Francis Online: 371–384. doi:10.1080/02522667.2005.10699655. S2CID 167769667. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
^ "The Role of Government in Developing the Management Consulting Industry in Countries". Ideas. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
^ Schlegelmilch, Bodo B.; Diamantopoulos, Adamantios; Anne Moore, S. (1992). "The Market for Management Consulting in Britain: An Analysis of Supply and Demand". Management Decision. 30 (2). Emerald Insight. doi:10.1108/00251749210011197. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
^ "Scatter Acorns That Oaks May Grow". MIT Institute Archives & Special Collections. Archived from the original on 12 March 2017. Retrieved 9 March 2011.
^ ^a ^b Gross, Andrew C.; Poor, Jozsef (2008). "The Global Management Consulting Sector" (PDF). Business Economics. 43 (4). National Association for Business Economics: 59–68. doi:10.2145/20080408. S2CID 154479367. Retrieved 21 May 2022.
^ Kipping, M. 2002. "Trapped in their wave: the evolution of management consultancies," in T. Clark and R. Fincham (eds.). Critical Consulting: New Perspectives on the Management Advice Industry. Oxford: Blackwell, 28–49.
^ "GSB | Chicago: The Distinguished Alumnus Awards: Joel Stern". 2013-01-23. Archived from the original on 2013-01-23. Retrieved 2021-02-25.
^ ^a ^b Chandra, Prasanna (2007). Financial Management. Tata McGraw-Hill Education. p. 817. ISBN 9780070656659.
^ Kilroy, Denis; Schneider, Marvin (2017). Customer Value, Shareholder Wealth, Community Wellbeing: A Roadmap for Companies and Investors. Springer. pp. 5, 12–16, 24–25. ISBN 9783319547749.
^ ^a ^b Kilroy, Denis; Schneider, Marvin (2017). Customer Value, Shareholder Wealth, Community Wellbeing: A Roadmap for Companies and Investors. Springer. p. 5. ISBN 9783319547749.
^ "Andersen Consulting Announces New Name — Accenture — Effective 01.01.01 | Accenture Newsroom". newsroom.accenture.com. Archived from the original on 2017-02-03. Retrieved 2017-01-24.
^ Kipping, Matthias (1999). "American Management Consulting Companies in Western Europe, 1920 to 1990: Products, Reputation, and Relationships". Business History Review. 73 (2). Cambridge University Press: 190–220. doi:10.2307/3116240. JSTOR 3116240. S2CID 154980389. Archived from the original on 21 May 2022. Retrieved 21 May 2022.
^ "ACN : Summary for Accenture plc Class A Ordinary - Yahoo Finance". finance.yahoo.com. Archived from the original on 2017-02-02. Retrieved 2017-01-24.
^ Schaeper, Thomas J.; Schaeper, Kathleen (2010-01-15). Rhodes Scholars, Oxford, and the Creation of an American Elite – Thomas J. Schaeper, Kathleen Schaeper – Google Books. Berghahn Books. ISBN 978-0-85745-369-3. Retrieved 2013-06-14.
^ Christensen, Clayton M.; Wang, Dina; Bever, Derek van (October 2013). "Consulting on the Cusp of Disruption". Harvard Business Review. Archived from the original on 2016-03-15. Retrieved 2016-03-15.
^ Turner, A. N. 1982. "Consulting is more than giving advice," Harvard Business Review 60/5: 120-9.
^ Bessant, J., and H. Rush 1995. "Building bridges for innovation: the role of consultants in technology transfer," Research Policy 24: 97-114.
^ Adizes, Ichak; Cudanov, Mladen; Rodic, Dusanka (2017). "Timing of Proactive Organizational Consulting: Difference between Organizational Perception and Behaviour" (PDF). Amfiteatru Economic. 19 (44): 232–248. Archived (PDF) from the original on 2018-11-04. Retrieved 2018-04-27 – via ECONSTOR.
^ Clark, Timothy; Kipping, Matthias (2012). The Oxford Handbook of Management Consulting. Oxford: Oxford University Press. ISBN 9780199235049. Archived from the original on 2022-05-13. Retrieved 2022-05-13.
^ Bronnenmayer, Matias; Wirtz, Bernd W.; Göttel, Vincent (January 2016). "Determinants of perceived success in management consulting: An empirical investigation from the consultant perspective". Management Research Review. 39 (6). Emerald Insight: 706–738. doi:10.1108/MRR-06-2014-0145. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
^ Bower, M. 1982. The Will to Manage. New York: McGraw-Hill.
^ Bessant, John; Rush, Howard (January 1995). "Building bridges for innovation: the role of consultants in technology transfer". Research Policy. 24 (1): 97–114. doi:10.1016/0048-7333(93)00751-e. ISSN 0048-7333.
^ Lande, Samantha (8 December 2017). "This Is What Being a Management Consultant Actually Means". The Muse. Archived from the original on 14 September 2022. Retrieved 14 September 2022.
^ Szczerba, Marta (5 March 2014). "The Big Three: meet the world's top consulting firms". No. 72. The Gateway. Archived from the original on 4 September 2014. Retrieved 18 October 2014.
^ "Consultancy firms: Strategic moves". The Economist. 2013-11-09. Archived from the original on 2015-03-23. Retrieved 2015-05-07.
^ "Limitless? Big Four strategic moves in consulting". Beaton Capital. 2014-04-14. Archived from the original on 2019-03-27. Retrieved 2015-05-07.
^ "French arm of strategy consultancy OC&C joins Parthenon-EY". www.consultancy.uk. 6 September 2017. Archived from the original on 2017-09-25. Retrieved 2017-09-25.
^ Christensen, Clayton M.; Wang, Dina; Bever, Derek van (October 2013). "Consulting on the Cusp of Disruption". Harvard Business Review. Archived from the original on 2016-03-03. Retrieved 2016-03-02.
^ Krauss, Alan (2008-11-10). "A Nonprofit Consultant Offers Free Strategic Advice Online". The New York Times. ISSN 0362-4331. Archived from the original on 2020-01-03. Retrieved 2020-01-03.
^ "Virtue's intermediaries". The Economist. 2006-02-25. ISSN 0013-0613. Archived from the original on 2020-01-03. Retrieved 2020-01-03.
^ Dagher, Veronica (2011-04-13). "Helping Make Clients' Philanthropy Count". WSJ. Archived from the original on 2020-01-03. Retrieved 2020-01-03.
^ Ancell, Debbie; Grunberg, Stephen; Hughes, Will (2007). "Risk under performance-based contracting in the UK construction sector". Construction Management and Economics. 25 (7). Construction Management and Economics, Volume 25, 2007: 691–699. doi:10.1080/01446190601164097. S2CID 109717497. Archived from the original on 5 April 2023. Retrieved 23 May 2022.
^ Madigan, Charles; O'Shea, James (1997). Dangerous Company: The Consulting Powerhouses and the Businesses They Save and Ruin. New York: Crown Business. ISBN 0-8129-2634-X.
^ Tutle, E. G. (1994). "Consultant liability and client relations". Conference Record Southcon. IEEE. pp. 525–527. doi:10.1109/SOUTHC.1994.498160. ISBN 0-7803-9988-9. S2CID 43883934. Archived from the original on 4 April 2023. Retrieved 23 May 2022.
^ Poulfelt, Flemming; Paynee, Adrian (1994). "Management consultants: Client and consultant perspectives". Scandinavian Journal of Management. 10 (4). Scandinavian Journal of Management Volume 10, Issue 4, December 1994: 421–436. doi:10.1016/0956-5221(94)90028-0. Archived from the original on 21 May 2022. Retrieved 21 May 2022.
^ Argyris, Chris. Flawed Advice and the Management Trap. New York: Oxford University Press, USA, 2000. Print.
^ Adizes, Ichak Kalderon; Rodic, Dusanka; Cudanov, Mladen (2017-09-21). "Estimating consultant engagement in the corporate lifecycle: Study of the bias in South Eastern Europe". Management: Journal of Sustainable Business and Management Solutions in Emerging Economies. 22 (2): 1–12. doi:10.7595/management.fon.2017.0015. ISSN 2406-0658. Archived from the original on 2018-04-27. Retrieved 2018-04-27.
^ "ISO 20700:2017 - Guidelines for management consultancy services". www.iso.org. 30 May 2017. Archived from the original on 16 January 2018. Retrieved 14 April 2018.
^ "The Consultant's Toolkit". Professional Development | Harvard DCE. Archived from the original on 2021-09-27. Retrieved 2021-03-26.

External links

Media related to Management consultants at Wikimedia Commons

[9] In other words, subject to market demand.^[8]

[Origins-1] McKenna, Christopher D. (1995). "The Origins of Modern Management Consulting". Business and Economic History. 24 (1). Cambridge University Press: 51–58. JSTOR 23703271. Archived from the original on 4 November 2022. Retrieved 21 May 2022.

[2] Beyerlein, Michael M.; Lahti, Ryan K. (July 2000). "Knowledge transfer and management consulting: A look at "The firm"". Vezetéstudomány - Management and Business Journal. 31 (7–8). Corvinus Research: 91–99. Archived from the original on 25 June 2022. Retrieved 24 May 2022.

[Kubr-3] Kubr, Milan (2002). Management Consulting: A Guide to the Profession. Geneva: International Labour Office.

[4] Vines, James K. "CPAs Who Perform Management Consulting Services May Face Increased Expsoure to Controlling Person Liability under the Federal Securities Acts Note". heinonline.org. Law Journal Library. Archived from the original on 4 July 2022. Retrieved 21 May 2022.

[5] "What is Management Consulting?". managementconsulted.com. 25 December 2019. Archived from the original on 14 September 2022. Retrieved 14 September 2022.

[6] Wang, I-Ming; Shieh, Chich-Jen; Hsiao, Juimin (2005). "The relationship between service quality, customer satisfaction and customer loyalty: a study on the management consulting industry". Journal of Information and Optimization Sciences. 26 (2). Taylor & Francis Online: 371–384. doi:10.1080/02522667.2005.10699655. S2CID 167769667. Archived from the original on 11 April 2023. Retrieved 11 April 2023.

[7] "The Role of Government in Developing the Management Consulting Industry in Countries". Ideas. Archived from the original on 11 April 2023. Retrieved 11 April 2023.

[8] Schlegelmilch, Bodo B.; Diamantopoulos, Adamantios; Anne Moore, S. (1992). "The Market for Management Consulting in Britain: An Analysis of Supply and Demand". Management Decision. 30 (2). Emerald Insight. doi:10.1108/00251749210011197. Archived from the original on 11 April 2023. Retrieved 11 April 2023.

[Little-10] "Scatter Acorns That Oaks May Grow". MIT Institute Archives & Special Collections. Archived from the original on 12 March 2017. Retrieved 9 March 2011.

[nabe-11] Gross, Andrew C.; Poor, Jozsef (2008). "The Global Management Consulting Sector" (PDF). Business Economics. 43 (4). National Association for Business Economics: 59–68. doi:10.2145/20080408. S2CID 154479367. Retrieved 21 May 2022.

[12] Kipping, M. 2002. "Trapped in their wave: the evolution of management consultancies," in T. Clark and R. Fincham (eds.). Critical Consulting: New Perspectives on the Management Advice Industry. Oxford: Blackwell, 28–49.

[13] "GSB | Chicago: The Distinguished Alumnus Awards: Joel Stern". 2013-01-23. Archived from the original on 2013-01-23. Retrieved 2021-02-25.

[:01-14] Chandra, Prasanna (2007). Financial Management. Tata McGraw-Hill Education. p. 817. ISBN 9780070656659.

[15] Kilroy, Denis; Schneider, Marvin (2017). Customer Value, Shareholder Wealth, Community Wellbeing: A Roadmap for Companies and Investors. Springer. pp. 5, 12–16, 24–25. ISBN 9783319547749.

[:11-16] Kilroy, Denis; Schneider, Marvin (2017). Customer Value, Shareholder Wealth, Community Wellbeing: A Roadmap for Companies and Investors. Springer. p. 5. ISBN 9783319547749.

[17] "Andersen Consulting Announces New Name — Accenture — Effective 01.01.01 | Accenture Newsroom". newsroom.accenture.com. Archived from the original on 2017-02-03. Retrieved 2017-01-24.

[18] Kipping, Matthias (1999). "American Management Consulting Companies in Western Europe, 1920 to 1990: Products, Reputation, and Relationships". Business History Review. 73 (2). Cambridge University Press: 190–220. doi:10.2307/3116240. JSTOR 3116240. S2CID 154980389. Archived from the original on 21 May 2022. Retrieved 21 May 2022.

[19] "ACN : Summary for Accenture plc Class A Ordinary - Yahoo Finance". finance.yahoo.com. Archived from the original on 2017-02-02. Retrieved 2017-01-24.

[20] Schaeper, Thomas J.; Schaeper, Kathleen (2010-01-15). Rhodes Scholars, Oxford, and the Creation of an American Elite – Thomas J. Schaeper, Kathleen Schaeper – Google Books. Berghahn Books. ISBN 978-0-85745-369-3. Retrieved 2013-06-14.

[21] Christensen, Clayton M.; Wang, Dina; Bever, Derek van (October 2013). "Consulting on the Cusp of Disruption". Harvard Business Review. Archived from the original on 2016-03-15. Retrieved 2016-03-15.

[22] Turner, A. N. 1982. "Consulting is more than giving advice," Harvard Business Review 60/5: 120-9.

[23] Bessant, J., and H. Rush 1995. "Building bridges for innovation: the role of consultants in technology transfer," Research Policy 24: 97-114.

[24] Adizes, Ichak; Cudanov, Mladen; Rodic, Dusanka (2017). "Timing of Proactive Organizational Consulting: Difference between Organizational Perception and Behaviour" (PDF). Amfiteatru Economic. 19 (44): 232–248. Archived (PDF) from the original on 2018-11-04. Retrieved 2018-04-27 – via ECONSTOR.

[25] Clark, Timothy; Kipping, Matthias (2012). The Oxford Handbook of Management Consulting. Oxford: Oxford University Press. ISBN 9780199235049. Archived from the original on 2022-05-13. Retrieved 2022-05-13.

[26] Bronnenmayer, Matias; Wirtz, Bernd W.; Göttel, Vincent (January 2016). "Determinants of perceived success in management consulting: An empirical investigation from the consultant perspective". Management Research Review. 39 (6). Emerald Insight: 706–738. doi:10.1108/MRR-06-2014-0145. Archived from the original on 11 April 2023. Retrieved 11 April 2023.

[27] Bower, M. 1982. The Will to Manage. New York: McGraw-Hill.

[28] Bessant, John; Rush, Howard (January 1995). "Building bridges for innovation: the role of consultants in technology transfer". Research Policy. 24 (1): 97–114. doi:10.1016/0048-7333(93)00751-e. ISSN 0048-7333.

[29] Lande, Samantha (8 December 2017). "This Is What Being a Management Consultant Actually Means". The Muse. Archived from the original on 14 September 2022. Retrieved 14 September 2022.

[30] Szczerba, Marta (5 March 2014). "The Big Three: meet the world's top consulting firms". No. 72. The Gateway. Archived from the original on 4 September 2014. Retrieved 18 October 2014.

[31] "Consultancy firms: Strategic moves". The Economist. 2013-11-09. Archived from the original on 2015-03-23. Retrieved 2015-05-07.

[32] "Limitless? Big Four strategic moves in consulting". Beaton Capital. 2014-04-14. Archived from the original on 2019-03-27. Retrieved 2015-05-07.

[33] "French arm of strategy consultancy OC&C joins Parthenon-EY". www.consultancy.uk. 6 September 2017. Archived from the original on 2017-09-25. Retrieved 2017-09-25.

[34] Christensen, Clayton M.; Wang, Dina; Bever, Derek van (October 2013). "Consulting on the Cusp of Disruption". Harvard Business Review. Archived from the original on 2016-03-03. Retrieved 2016-03-02.

[35] Krauss, Alan (2008-11-10). "A Nonprofit Consultant Offers Free Strategic Advice Online". The New York Times. ISSN 0362-4331. Archived from the original on 2020-01-03. Retrieved 2020-01-03.

[36] "Virtue's intermediaries". The Economist. 2006-02-25. ISSN 0013-0613. Archived from the original on 2020-01-03. Retrieved 2020-01-03.

[37] Dagher, Veronica (2011-04-13). "Helping Make Clients' Philanthropy Count". WSJ. Archived from the original on 2020-01-03. Retrieved 2020-01-03.

[38] Ancell, Debbie; Grunberg, Stephen; Hughes, Will (2007). "Risk under performance-based contracting in the UK construction sector". Construction Management and Economics. 25 (7). Construction Management and Economics, Volume 25, 2007: 691–699. doi:10.1080/01446190601164097. S2CID 109717497. Archived from the original on 5 April 2023. Retrieved 23 May 2022.

[39] Madigan, Charles; O'Shea, James (1997). Dangerous Company: The Consulting Powerhouses and the Businesses They Save and Ruin. New York: Crown Business. ISBN 0-8129-2634-X.

[40] Tutle, E. G. (1994). "Consultant liability and client relations". Conference Record Southcon. IEEE. pp. 525–527. doi:10.1109/SOUTHC.1994.498160. ISBN 0-7803-9988-9. S2CID 43883934. Archived from the original on 4 April 2023. Retrieved 23 May 2022.

[41] Poulfelt, Flemming; Paynee, Adrian (1994). "Management consultants: Client and consultant perspectives". Scandinavian Journal of Management. 10 (4). Scandinavian Journal of Management Volume 10, Issue 4, December 1994: 421–436. doi:10.1016/0956-5221(94)90028-0. Archived from the original on 21 May 2022. Retrieved 21 May 2022.

[42] Argyris, Chris. Flawed Advice and the Management Trap. New York: Oxford University Press, USA, 2000. Print.

[43] Adizes, Ichak Kalderon; Rodic, Dusanka; Cudanov, Mladen (2017-09-21). "Estimating consultant engagement in the corporate lifecycle: Study of the bias in South Eastern Europe". Management: Journal of Sustainable Business and Management Solutions in Emerging Economies. 22 (2): 1–12. doi:10.7595/management.fon.2017.0015. ISSN 2406-0658. Archived from the original on 2018-04-27. Retrieved 2018-04-27.

[44] "ISO 20700:2017 - Guidelines for management consultancy services". www.iso.org. 30 May 2017. Archived from the original on 16 January 2018. Retrieved 14 April 2018.

[45] "The Consultant's Toolkit". Professional Development | Harvard DCE. Archived from the original on 2021-09-27. Retrieved 2021-03-26.

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+{{Short description|Consulting services that help organizations to improve their performance}}
-'''Management consulting''' (sometimes also called '''strategy consulting''') refers to both the practice of helping companies to improve performance through analysis of existing business problems and development of future plans, as well as to the firms that specialize in this sort of consulting.  Management consulting may involve the identification and cross-fertilization of [[best practices]], analytical techniques, [[change management]] and [[coaching]] skills, technology implementations, strategy development or even the simple advantage of an outsider's perspective.  Management consultants generally bring formal frameworks or [[methodology|methodologies]] to identify problems or suggest more effective or [[efficiency (economics)|efficient]] ways of performing [[business]] tasks.
+'''Management consulting''' is the practice of providing [[consultant|consulting]] services to [[organization]]s to improve their [[performance management|performance]] or in any way to assist in achieving [[Goal#Goal setting management in organizations|organizational objectives]]. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and accessing consultants' specialized expertise regarding concerns that call for additional oversight.<ref name="Origins">{{cite journal |last1=McKenna |first1=Christopher D. |title=The Origins of Modern Management Consulting |url=https://www.jstor.org/stable/23703271 |journal=Business and Economic History |year=1995 |volume=24 |issue=1 |pages=51–58 |publisher=Cambridge University Press |jstor=23703271 |access-date=21 May 2022 |archive-date=4 November 2022 |archive-url=https://web.archive.org/web/20221104041129/https://www.jstor.org/stable/23703271 |url-status=live }}</ref>
+As a result of their exposure to and relationships with numerous organizations, [[consulting firm]]s are typically aware of industry "[[best practice]]s".<ref>{{cite journal |last1=Beyerlein |first1=Michael M. |last2=Lahti |first2=Ryan K. |title=Knowledge transfer and management consulting: A look at "The firm" |journal=Vezetéstudomány - Management and Business Journal |date=July 2000 |volume=31 |issue=7–8 |pages=91–99 |url=http://unipub.lib.uni-corvinus.hu/4981/ |publisher=Corvinus Research |access-date=24 May 2022 |archive-date=25 June 2022 |archive-url=https://web.archive.org/web/20220625070513/http://unipub.lib.uni-corvinus.hu/4981/ |url-status=live }}</ref> However, the specific nature of situations under consideration may limit the ability or appropriateness of [[knowledge transfer|transferring]] such practices from one organization to another. Management consulting is an additional service to [[business executive|internal management]] functions and, for various legal and practical reasons, may not be seen as a replacement for internal management. Unlike [[interim management]], management consultants do not become part of the organization to which they provide services.<ref name="Kubr">{{cite book |last1=Kubr |first1=Milan |title=Management Consulting: A Guide to the Profession |date=2002 |publisher=International Labour Office |location=Geneva}}</ref><ref>{{cite web |last1=Vines |first1=James K. |title=CPAs Who Perform Management Consulting Services May Face Increased Expsoure to Controlling Person Liability under the Federal Securities Acts Note |url=https://heinonline.org/HOL/Page?handle=hein.journals/waslee44&div=50&g_sent=1&casa_token=H3j2BvdKehgAAAAA:6QtgSusSOy0_ozQWjTKc7Tf962S_EgCK8NHtxXYtJStfpu1usEzcEESWbJCBp63_SV-rTAnQ&collection=journals |website=heinonline.org |publisher=Law Journal Library |access-date=21 May 2022 |archive-date=4 July 2022 |archive-url=https://web.archive.org/web/20220704023555/https://heinonline.org/HOL/Page?handle=hein.journals/waslee44&div=50&g_sent=1&casa_token=H3j2BvdKehgAAAAA:6QtgSusSOy0_ozQWjTKc7Tf962S_EgCK8NHtxXYtJStfpu1usEzcEESWbJCBp63_SV-rTAnQ&collection=journals |url-status=live }}</ref><ref>{{cite web |title=What is Management Consulting? |url=https://managementconsulted.com/management-consulting-what-is-it/ |website=managementconsulted.com |date=25 December 2019 |access-date=14 September 2022 |archive-date=14 September 2022 |archive-url=https://web.archive.org/web/20220914064811/https://managementconsulted.com/management-consulting-what-is-it/ |url-status=live }}</ref>
-Management Consulting is becoming more prevalent in non-business related fields as well.  As the need for professional and specialized advice grows, other industries such as government, quasi-government and not-for-profit agencies are turning to the same managerial principles that have helped the private sector for years.
+Consultancies provide services such as: organizational [[change management]] assistance, development of [[coaching]] skills, [[process analysis]], [[technology]] implementation, [[strategy]] development, or operational improvement services.  Management consultants often bring their own proprietary [[methodology|methodologies]] or frameworks to guide the identification of problems and to serve as the basis for recommendations with a view to more effective or [[efficiency (economics)|efficient]] ways of performing work tasks.<ref name="Kubr" />
-There is a relatively unclear line between management consulting and other consulting practices, such as [[Information technology consulting]].
+The [[utility|economic function]] of management consulting firms is in general to help and facilitate the [[economic expansion|development]], [[rationalization (economics)|rationalization]] and optimization of the various [[market (economics)|markets]] pertaining to the [[region|geographic areas]] and [[jurisdiction]]s in which they [[operating model|operate]].<ref>{{cite journal |title=The relationship between service quality, customer satisfaction and customer loyalty: a study on the management consulting industry |year=2005 |url=https://www.tandfonline.com/doi/abs/10.1080/02522667.2005.10699655 |publisher=Taylor & Francis Online |doi=10.1080/02522667.2005.10699655 |access-date=11 April 2023 |last1=Wang |first1=I-Ming |last2=Shieh |first2=Chich-Jen |last3=Hsiao |first3=Juimin |journal=Journal of Information and Optimization Sciences |volume=26 |issue=2 |pages=371–384 |s2cid=167769667 |archive-date=11 April 2023 |archive-url=https://web.archive.org/web/20230411130242/https://www.tandfonline.com/doi/abs/10.1080/02522667.2005.10699655 |url-status=live }}</ref><ref>{{cite web |title=The Role of Government in Developing the Management Consulting Industry in Countries |url=https://ideas.repec.org/a/rom/conase/v1y2018i1p304-311.html |publisher=Ideas |access-date=11 April 2023 |archive-date=11 April 2023 |archive-url=https://web.archive.org/web/20230411130245/https://ideas.repec.org/a/rom/conase/v1y2018i1p304-311.html |url-status=live }}</ref> However, the exact nature of the value of such a [[service model]] may vary greatly [[economic forces|across markets]] and its [[fact-value distinction|description]] is therefore [[contingency theory|contingent]].{{efn|In other words, subject to market demand.<ref>{{cite journal |title=The Market for Management Consulting in Britain: An Analysis of Supply and Demand |year=1992 |url=https://www.emerald.com/insight/content/doi/10.1108/00251749210011197/full/html |publisher=Emerald Insight |doi=10.1108/00251749210011197 |access-date=11 April 2023 |last1=Schlegelmilch |first1=Bodo B. |last2=Diamantopoulos |first2=Adamantios |last3=Anne Moore |first3=S. |journal=Management Decision |volume=30 |issue=2 |archive-date=11 April 2023 |archive-url=https://web.archive.org/web/20230411141207/https://www.emerald.com/insight/content/doi/10.1108/00251749210011197/full/html |url-status=live }}</ref>}}
-==History==
+== History ==
-Management consulting grew with the rise of [[management]] as a unique field of study.  The first management consulting firm was [[Arthur D. Little]], founded in the late 1890s by the MIT professor of the same name.  Though Arthur D. Little later became a general management consultancy, it originally specialized in technical research.  [[Booz Allen Hamilton]] was founded by [[Edwin G. Booz]], a graduate of the [[Kellogg School of Management]] at [[Northwestern University]], in 1914 as a management consultancy and the first to serve both industry and government clients. The first pure management and strategy consulting company was [[McKinsey & Company]]. McKinsey was founded in [[Chicago]] during [[1926]] by [[James O. McKinsey]], but the modern McKinsey was shaped by [[Marvin Bower]], who believed that management consultancies should adhere to the same high professional standards as [[lawyer]]s and [[Physician|doctor]]s.  McKinsey is credited with being the first to hire newly minted MBAs from top schools to staff its projects vs. hiring older industry personnel.  Andrew T. Kearney, an original McKinsey partner broke off and started [[A.T. Kearney]] in [[1937]]. During Britain's war effort, Personnel Administration [[PA Consulting Group|(PA)]] was founded in 1943 by three Englishmen: Ernest E. Butten, Tom H. Kirkham and Dr David Seymour.
+Management consulting grew with the rise of [[management]], as a unique field of study.<ref name="Origins" />  One of the first management consulting firms was [[Arthur D. Little]] Inc., founded in 1886 as a partnership, and later incorporated in 1909.<ref name=Little>{{cite web|title=Scatter Acorns That Oaks May Grow|url=http://libraries.mit.edu/archives/exhibits/adlittle/history.html|publisher=MIT Institute Archives & Special Collections|access-date=9 March 2011|archive-url=https://web.archive.org/web/20170312034626/http://libraries.mit.edu/archives/exhibits/adlittle/history.html|archive-date=12 March 2017|url-status=dead}}</ref> Although Arthur D. Little later became a general management consultancy, it originally specialized in technical research.<ref name="nabe">{{cite journal |last1=Gross |first1=Andrew C. |last2=Poor |first2=Jozsef |title=The Global Management Consulting Sector |url=https://link.springer.com/content/pdf/10.2145/20080408.pdf |journal=Business Economics |year=2008 |volume=43 |issue=4 |pages=59–68 |publisher=National Association for Business Economics |doi=10.2145/20080408 |s2cid=154479367 |access-date=21 May 2022}}</ref>
+As Arthur D. Little focused on technical research for the first few years, the first management consultancy was that of [[Frederick Winslow Taylor]], who in 1893 opened an independent consulting practice in Philadelphia. His business card read "Consulting Engineer – Systematizing Shop Management and Manufacturing Costs a Specialty". By inventing Scientific Management, also known as Taylor's method, Frederick Winslow Taylor invented the first method of organizing work, spawning the careers of many more management consultants. For example, one of Taylor's early collaborators, [[Morris Llewellyn Cooke]], opened his own management consultancy in 1905. Taylor's method was used worldwide until industry switched to a method invented by [[W. Edwards Deming]].{{citation needed|date=April 2015}}
-After World War II, a number of new management consulting firms formed, most notably [[Boston Consulting Group]], founded in 1963, which brought a rigorous analytical approach to the study of management and strategy.  Work done at Booz Allen, McKinsey, BCG, and the [[Harvard Business School]] during the 1960s and 70s developed the tools and approaches that would define the new field of [[strategic management]], setting the groundwork for many consulting firms to follow.  Another major player of more recent fame is [[Bain & Company]], whose innovative focus on shareholder wealth (including its successful [[private equity]] business) set it apart from its older brethren. Also significant was the development of consulting arms by both accounting firms (such as [[Accenture]] of the now defunct [[Arthur Andersen]]) and global IT services companies (such as [[IBM]]). Though not as focused on strategy or the executive agenda, these consulting businesses were well-funded and often arrived on client sites in force.
+The initial period of growth in the consulting industry was triggered by the [[Glass–Steagall legislation|Glass–Steagall Banking Act]] in the 1930s, and was driven by demand for advice on finance, strategy and organization.<ref>Kipping, M. 2002. "Trapped in their wave: the evolution of management consultancies," in T. Clark and R. Fincham (eds.). ''Critical Consulting: New Perspectives on the Management Advice Industry''. Oxford: Blackwell, 28–49.</ref> From the 1950s onwards, consultancies expanded their activities considerably in the United States, and also opened offices in Europe and later in Asia and South America.
-One of the reasons why management consulting grew first in the USA is because of deep cultural factors, as it was accepted that, contrary to Europe, Management and Boards alike, might not be competent in all circumstances, and therefore, buying external competency was seen as normal to solve a business problem.  This is referred to as a "contractual" relation to management. By contrast, in Europe, management is connected with  emotional and cultural dimensions, where the manager is bound to be competent at all times. This is is referred to the "pater familias"  pattern.  Therefore seeking for ( and worse paying for ) external advise was seen , as inappropriate.  Conversely it must also be said that in those days ( and still today ) the average level of education of the executives was significantly higher in Europe where managers  were  "Grandes Ecoles" Graduates ( France) or "Doktor" ( Germany), than in the USA.  The combination of these two factors made it  difficult for consulting to emerge in Europe.  It is only after World War II that, in the wake of the development of the international trade lead by the USA, management consulting got exported to Europe.
+The management consulting firms Stern Stewart,<ref>{{Cite web|date=2013-01-23|title=GSB {{!}} Chicago: The Distinguished Alumnus Awards: Joel Stern|url=http://www.chicagobooth.edu/magazine/summer98/Stern.html|archive-url=https://web.archive.org/web/20130123052642/http://www.chicagobooth.edu/magazine/summer98/Stern.html|url-status=dead|archive-date=2013-01-23|access-date=2021-02-25}}</ref> [[CRA International|Marakon Associates]],<ref name=":01">{{Cite book|last=Chandra|first=Prasanna|url=https://books.google.com/books?id=yUsGQmGfnGIC&q=marakon&pg=PA817|title=Financial Management|date=2007|publisher=Tata McGraw-Hill Education|isbn=9780070656659|pages=817|language=en}}</ref><ref>{{Cite book|last1=Kilroy|first1=Denis|url=https://books.google.com/books?id=GjUyDwAAQBAJ&pg=PA13|title=Customer Value, Shareholder Wealth, Community Wellbeing: A Roadmap for Companies and Investors|last2=Schneider|first2=Marvin|publisher=Springer|year=2017|isbn=9783319547749|pages=5, 12–16, 24–25|language=en}}</ref> and [[L.E.K. Consulting|Alcar]] pioneered [[value-based management]] (VBM), or "managing for value", in the 1980s based on the academic work of [[Joel Stern]], Bill Alberts, and Professor [[Alfred Rappaport (economist)|Alfred Rappaport]].<ref name=":11"/> Other consulting firms including [[McKinsey & Company|McKinsey]] and [[Boston Consulting Group|BCG]] developed VBM approaches.<ref name=":01"/> Value-based management became prominent during the late 1980s and 1990s.<ref name=":11">{{Cite book|last1=Kilroy|first1=Denis|url=https://books.google.com/books?id=GjUyDwAAQBAJ&pg=PA5|title=Customer Value, Shareholder Wealth, Community Wellbeing: A Roadmap for Companies and Investors|last2=Schneider|first2=Marvin|publisher=Springer|year=2017|isbn=9783319547749|pages=5|language=en}}</ref>
-.
+The industry experienced significant growth in the 1980s and 1990s, gaining considerable importance in relation to national [[gross domestic product]].
-The current trend in the market is a clear segmentation of management consulting firms.  McKinsey, Bain, and BCG retain their strong strategy focus, with pure strategy houses such as [[OC&C Strategy Consultants]], and Parthenon competing effectively in this high end market.  Many other generalist management consultancies such as [[Accenture]] are broadening their offering increasing into high volume, lower margin work such as system integration.
+A period of significant growth in the early 1980s was driven by demand for strategy and organization consultancies. The wave of growth in the 1990s was driven by both strategy and information technology advice. In the second half of the 1980s, the big accounting firms entered the IT consulting segment. The then Big Eight, now [[Big Four (audit firms)|Big Four]], accounting firms ([[PricewaterhouseCoopers]], [[KPMG]], [[Ernst & Young]] and [[Deloitte Touche Tohmatsu]]) had always offered advice in addition to their traditional services, but after the late 1980s these activities became increasingly important in relation to the maturing market of accounting and [[auditing]]. By the mid-1990s these firms had outgrown those service providers focusing on corporate strategy and organization. While three of the Big Four legally divided the different service lines after the [[Enron scandal]] and the ensuing breakdown of Arthur Andersen, they are now back in the consulting business. In 2000, Andersen Consulting broke off from [[Arthur Andersen]] and announced their new name [[Accenture]].<ref>{{Cite web|url=https://newsroom.accenture.com/subjects/accenture-corporate/andersen-consulting-announces-new-name-accenture-effective-010101.htm|title=Andersen Consulting Announces New Name — Accenture — Effective 01.01.01 {{!}} Accenture Newsroom|website=newsroom.accenture.com|language=en|access-date=2017-01-24|archive-date=2017-02-03|archive-url=https://web.archive.org/web/20170203020444/https://newsroom.accenture.com/subjects/accenture-corporate/andersen-consulting-announces-new-name-accenture-effective-010101.htm|url-status=live}}</ref> The name change was effective starting January 1, 2001, and Accenture is currently the largest consulting firm in the world in employee headcount.<ref>{{cite journal |title=American Management Consulting Companies in Western Europe, 1920 to 1990: Products, Reputation, and Relationships |url=https://www.cambridge.org/core/journals/business-history-review/article/abs/american-management-consulting-companies-in-western-europe-1920-to-1990-products-reputation-and-relationships/CEF636C2BA6C9E116C38F16FE75EEF27 |journal=Business History Review |volume=73 |issue=2 |pages=190–220 |publisher=Cambridge University Press |doi=10.2307/3116240 |jstor=3116240 |access-date=21 May 2022 |last1=Kipping |first1=Matthias |year=1999 |s2cid=154980389 |archive-date=21 May 2022 |archive-url=https://web.archive.org/web/20220521185003/https://www.cambridge.org/core/journals/business-history-review/article/abs/american-management-consulting-companies-in-western-europe-1920-to-1990-products-reputation-and-relationships/CEF636C2BA6C9E116C38F16FE75EEF27 |url-status=live }}</ref> They are publicly traded on the [[New York Stock Exchange|NYSE]] with ticker ACN.<ref>{{Cite web|url=https://finance.yahoo.com/quote/acn?ltr=1|title=ACN : Summary for Accenture plc Class A Ordinary - Yahoo Finance|website=finance.yahoo.com|language=en-US|access-date=2017-01-24|archive-date=2017-02-02|archive-url=https://web.archive.org/web/20170202084319/https://finance.yahoo.com/quote/acn?ltr=1|url-status=live}}</ref>
-==Current state of the industry==
-Management consulting has grown quickly, with growth rates of the industry exceeding 20% in the 1980s and 1990s.  As a business service, consulting remains highly cyclical and linked to overall economic conditions.  The consulting industry shrank during the 2001-2003 period, but had been experiencing slowly increasing growth since.  In 2004, revenues were up 3% over the previous year, yielding a market size of just under $125 billion.
+The industry stagnated in 2001 before recovering after 2003 and then enjoying a period of sustained double-digit annual revenue growth until the [[financial crisis of 2007–2008]]. As financial services and government were two of the largest spenders on consulting services, the financial crash and the resulting [[public sector]] austerity drives hit consulting revenues hard. In some markets such as the UK there was a recession in the consulting industry, something which had never happened before or since. There has been a gradual recovery in the consulting industry's growth rate in the intervening years, with a current trend towards a clearer segmentation of management consulting firms. In recent years, management consulting firms actively recruit top graduates from [[Ivy League]] universities, [[Rhodes Scholars]],<ref>{{cite book|url=https://books.google.com/books?id=Y78i5nkBWxgC&q=mckinsey+rhodes+scholar&pg=PA299 |title=Rhodes Scholars, Oxford, and the Creation of an American Elite – Thomas J. Schaeper, Kathleen Schaeper – Google Books |date=2010-01-15|access-date=2013-06-14|isbn=978-0-85745-369-3|last1=Schaeper |first1=Thomas J. |last2=Schaeper |first2=Kathleen |publisher=Berghahn Books }}</ref> and students from top MBA programs.<ref name="nabe" />
-Currently, there are three main types of consulting firms.  First, there are large, diversified organizations, such as [[Accenture]] , [[BearingPoint]] and [[IBM Global Services]] that offer a range of services, including information technology consulting, in addition to a management consulting practice.  Second are the large management and strategic consulting specialists that offer purely management consulting but are not specialized in any specific industry, such as [[Bain & Company]], [[Boston Consulting Group]], and [[McKinsey & Company]]. Finally, there are boutique firms, often quite small, which have focused areas of consulting expertise in specific industries or technologies.
+In more recent times, traditional management consulting firms have had to face increasing challenges from disruptive [[Freelance marketplace|online marketplaces]] that are aiming to cater to the increasing number of freelance management consulting professionals.<ref>{{Cite journal |url=https://hbr.org/2013/10/consulting-on-the-cusp-of-disruption |title=Consulting on the Cusp of Disruption |journal=Harvard Business Review |date=October 2013 |access-date=2016-03-15 |last1=Christensen |first1=Clayton M. |last2=Wang |first2=Dina |last3=Bever |first3=Derek van |archive-date=2016-03-15 |archive-url=https://web.archive.org/web/20160315102027/https://hbr.org/2013/10/consulting-on-the-cusp-of-disruption |url-status=live }}</ref>
-==The rise of internal corporate consulting groups==
-Added to these approaches are corporations that set up their own internal consulting groups, hiring ''internal management consultants'' either from within the corporation or from external firms whose employees have tired of the [[road warrior]] lifestyle.  Many of these corporations have internal groups of as many as 25 to 30 full-time consultants.
+== Function ==
-The internal consultant approach is chosen for three reasons.  First, the corporation does not want to pay the large fees typically associated with external consulting firms. Second, they want to keep certain corporate information private.  Finally, they want a group that more closely works with, and monitors, consulting firm relationships. Often, the internal consultant has less ramp up time on a project due to familiarity with the corporation, and is able to guide a project through to implementation - a step that would be too costly if an external consultant was used.
+The functions of consulting services are commonly broken down into eight task categories.<ref>Turner, A. N. 1982. "Consulting is more than giving advice," ''Harvard Business Review'' 60/5: 120-9.</ref> Consultants can function as bridges for information and knowledge, and external consultants can provide these bridging services more economically than client firms themselves.<ref>Bessant, J., and H. Rush 1995. "Building bridges for innovation: the role of consultants in technology transfer," ''Research Policy'' 24: 97-114.</ref> Consultants can be engaged proactively, without significant external enforcement, and reactively, with external pressure.<ref>{{Cite journal|last1=Adizes|first1=Ichak|last2=Cudanov|first2=Mladen|last3=Rodic|first3=Dusanka|date=2017|title=Timing of Proactive Organizational Consulting: Difference between Organizational Perception and Behaviour|url=https://www.econstor.eu/bitstream/10419/169067/1/aej-v19-i44-p232.pdf|journal=Amfiteatru Economic|volume=19|issue=44|pages=232–248|via=ECONSTOR|access-date=2018-04-27|archive-date=2018-11-04|archive-url=https://web.archive.org/web/20181104043925/https://www.econstor.eu/bitstream/10419/169067/1/aej-v19-i44-p232.pdf|url-status=live}}</ref> Proactive consultant engagement is engaged mainly with aim to find hidden weak spots and improve performance, while the reactive consultant engagement is mostly aimed at solving problems identified by external stakeholders.<ref>{{cite book |last1=Clark |first1=Timothy |last2=Kipping |first2=Matthias |title=The Oxford Handbook of Management Consulting |date=2012 |publisher=Oxford University Press |location=Oxford |isbn=9780199235049 |url=https://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199235049.001.0001/oxfordhb-9780199235049 |access-date=2022-05-13 |archive-date=2022-05-13 |archive-url=https://web.archive.org/web/20220513153905/https://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199235049.001.0001/oxfordhb-9780199235049 |url-status=live }}</ref><ref>{{cite journal | title=Determinants of perceived success in management consulting: An empirical investigation from the consultant perspective | journal=Management Research Review | date=January 2016 | volume=39 | issue=6 | pages=706–738 | url=https://www.emerald.com/insight/content/doi/10.1108/MRR-06-2014-0145/full/html?fullSc=1 | publisher=Emerald Insight | doi=10.1108/MRR-06-2014-0145 | access-date=11 April 2023 | last1=Bronnenmayer | first1=Matias | last2=Wirtz | first2=Bernd W. | last3=Göttel | first3=Vincent | archive-date=11 April 2023 | archive-url=https://web.archive.org/web/20230411160617/https://www.emerald.com/insight/content/doi/10.1108/MRR-06-2014-0145/full/html?fullSc=1 | url-status=live }}</ref>
+[[Marvin Bower]], McKinsey's long-term director, has mentioned the benefits of a consultant's externality, that they have varied experience outside the client company.<ref>Bower, M. 1982. ''The Will to Manage''. New York: McGraw-Hill.</ref>
-Internal consulting groups are often formed around a number of practice areas.  The more common areas are: organizational development, process management, information technology, [[design services]], training and development. There are three potential problems. First, the internal consultant may not bring objectivity to the consulting relationship that an external firm can. Second, when the external consulting industry is strong it is increasingly difficult to find the required high calibre of consultant provided by consulting firms. Finally, when financial times get tough, often the internal consulting group is the first to face layoffs.
+Management consulting could be classified into two categories:{{citation needed|date=May 2023}}
-Despite these problems there is a clear advantage.  External consultants may pose more conflicts of interest and bias in favor of one client company over another.  This is especially true in economies that are experiencing high degrees of consolidation, which results in industry and product overlap among client companies.
+* General management consulting, which concerns [[strategy]], [[corporate finance]], [[organization]], [[environmental social and corporate governance]], [[governance, risk management, and compliance|risk and compliance]], and so forth. It entails questions that are relevant to the entirety of the client organization as a whole, on a management level.{{citation needed|date=May 2023}}
+* Specialized management consulting, which concerns questions that are specific to a certain function or subset of the client organization, such as [[law|legal]] management consulting, [[finance|financial management consulting]], [[information technology|digital management consulting]], [[technology]] management consulting, [[operations management]] consulting, and [[Executive search]].{{citation needed|date=May 2023}}
+Management consulting often involves a mix of both of these categories. In the modern economic environment, management consulting firms are typically classified under the umbrella term of [[corporate services|corporate service]] [[business service provider|providers]].{{citation needed|date=May 2023}}
-==Approaches==
-Management consulting has become the primary source for innovation in the practice of management, forming a bridge between academia, firms, and thought leaders in other fields.  As a result, management consulting firms use a variety of tools and techniques to approach business problems.  See [[strategic management]], [[operations management]], and [[industrial engineering]] for more information.
+Consultants have specialized skills on tasks that would involve high internal coordination costs for clients, such as organization-wide changes or the implementation of information technology. In addition, because of [[economies of scale]], consultants' focus on and experience in gathering information across markets and industries enables a higher [[direct labour cost variance|cost-efficiency]] than if clients were to perform research themselves.<ref>{{Cite journal|last1=Bessant|first1=John|last2=Rush|first2=Howard|date=January 1995|title=Building bridges for innovation: the role of consultants in technology transfer|journal=Research Policy|volume=24|issue=1|pages=97–114|doi=10.1016/0048-7333(93)00751-e|issn=0048-7333}}</ref><ref>{{cite web |last1=Lande |first1=Samantha |title=This Is What Being a Management Consultant Actually Means |date=8 December 2017 |url=https://www.themuse.com/advice/this-is-what-being-a-management-consultant-actually-means |publisher=The Muse |access-date=14 September 2022 |archive-date=14 September 2022 |archive-url=https://web.archive.org/web/20220914062816/https://www.themuse.com/advice/this-is-what-being-a-management-consultant-actually-means |url-status=live }}</ref>
-==Criticism==
-Management [[consultant]]s are often criticized for overuse of [[buzzword]]s, reliance on [[management fad]]s, and a failure to develop executable plans that can be followed through.    A number of highly critical books about management consulting argue that the mismatch between management consulting advice and the ability of business executives to actually create the change suggested results in substantial damages to existing businesses, see, for example [[Dangerous Company]] by [[James O'Shea]].
+== Trends ==
-Further criticisms include: analysis reports only, junior consultants charging senior rates, reselling similar reports to multiple clients as "custom work", lack of innovation, overbilling for days not worked, speed at cost of quality, unresponsive large firms & lack of (small) client focus, lack of clarity of deliverables in contracts, and more.
+=== Big Three management consultancies ===
+{{see also|Big Three (management consultancies)}}
+Three consulting firms are widely regarded as the [[Big Three (management consultancies)|Big Three]] or MBB:<ref>{{cite news|last1=Szczerba|first1=Marta|title=The Big Three: meet the world's top consulting firms|url=http://thegatewayonline.com/consulting/where-to-work/the-big-three-the-top-employers-in-consulting|access-date=18 October 2014|issue=72|publisher=The Gateway|date=5 March 2014|archive-url=https://web.archive.org/web/20140904232754/http://thegatewayonline.com/consulting/where-to-work/the-big-three-the-top-employers-in-consulting|archive-date=4 September 2014|url-status=dead}}</ref>
+*[[McKinsey & Company]]
+*[[Boston Consulting Group]]
+*[[Bain & Company]]
+=== Big Four accounting firms in the management consulting market ===
-== Related Professional Qualifications ==
+{{see also|Big Four accounting firms}}
+The [[Big Four accounting firms|Big Four]] audit firms ([[Deloitte]], [[KPMG]], [[PwC]], [[Ernst & Young]]) have been working in the strategy consulting market since 2010.<ref>{{cite news |url=https://www.economist.com/news/business/21589435-big-consulting-and-accounting-firms-are-making-risky-move-strategy-work-strategic-moves |title=Consultancy firms: Strategic moves |newspaper=The Economist |date=2013-11-09 |access-date=2015-05-07 |archive-date=2015-03-23 |archive-url=https://web.archive.org/web/20150323015213/http://www.economist.com/news/business/21589435-big-consulting-and-accounting-firms-are-making-risky-move-strategy-work-strategic-moves |url-status=live }}</ref> In 2013, Deloitte acquired [[Monitor Group]]—now [[Monitor Deloitte]]—while PwC acquired [[PRTM]] in 2011 and [[Booz & Company]] in 2013—now [[Strategy&]]. From 2010 to 2013, several Big Four firms have tried to acquire [[Roland Berger Strategy Consultants|Roland Berger]].<ref>{{cite web |url=http://www.beatoncapital.com/2014/04/limitless-big-four-strategic-moves-consulting/ |title=Limitless? Big Four strategic moves in consulting |publisher=Beaton Capital |date=2014-04-14 |access-date=2015-05-07 |archive-date=2019-03-27 |archive-url=https://web.archive.org/web/20190327091135/http://www.beatoncapital.com/2014/04/limitless-big-four-strategic-moves-consulting/ |url-status=live }}</ref> EY followed the trend, with acquisitions of [[EY-Parthenon|The Parthenon Group]] in 2014, and both the [[Benelux|BeNeLux]] and French businesses of OC&C in 2016 and 2017, with all now under the [[EY-Parthenon]] brand.<ref>{{Cite web|url=http://www.consultancy.uk/news/13943/french-arm-of-strategy-consultancy-occ-joins-parthenon-ey|title=French arm of strategy consultancy OC&C joins Parthenon-EY|website=www.consultancy.uk|date=6 September 2017|language=en|access-date=2017-09-25|archive-date=2017-09-25|archive-url=https://web.archive.org/web/20170925181433/http://www.consultancy.uk/news/13943/french-arm-of-strategy-consultancy-occ-joins-parthenon-ey|url-status=live}}</ref>
+{| class="wikitable sortable"
-There are several qualifications can lead to becoming a management consultant; they include:
+|-
-* The internationally recognized [[Certified Management Consultant]] (CMC) professional designation.
+! Firm !! Revenues !! Fiscal year !! Source
-* [[Accountancy]] qualifications: [[Chartered Certified Accountant]] (ACCA), [[Chartered Accountant]] (CA), [[Certified Public Accountant]] (CPA), [[Chartered Cost Accountant]] CCA Designation from [[AAFM]]
+|-
-* [[Finance]] qualifications: [[Chartered Financial Analyst]] (CFA)
+| [[Deloitte]] || $20.8bn || 2021 || [https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/GIR2021-Business-metrics.pdf Deloitte]
-* Business qualifications: [[Master of Science in Management -Europe-]]  ( MSc.in Management) ,[[Master of Business Administration]-USA-] (MBA),[[Philosophy Doctor in Management -Europe-]] ( Ph.D.),[[Doctor of Business Administration]-USA-] (DBA)
+|-
+| [[PricewaterhouseCoopers]] (PwC) || $14.7bn || 2020 || [https://www.pwc.com/gx/en/about/global-annual-review-2020.html PwC]
+|-
+| [[Ernst & Young]] (EY) || $14.6bn || 2020 || [https://www.ey.com/en_sg/global-review/2020/facts-and-figures#Revenue%20and%20growth EY]
+|-
+| [[KPMG]] || $11.7bn || 2020 || [https://home.kpmg/xx/en/home/media/press-releases/2020/12/kpmg-announces-fy20-global-revenues.html KPMG]
+|-
+|}
-==See also==
+=== Trends ===
+In 2013, an article in ''[[Harvard Business Review]]'' discussed the prevalent trends within the consulting industry to evolve. The authors noted that with knowledge being democratized and information becoming more and more accessible to anyone, the role of management consultants is rapidly changing. Moreover, with more online platforms that connect business executives to relevant consultants, the role of the traditional 'firm' is being questioned.<ref>{{Cite journal |url=https://hbr.org/2013/10/consulting-on-the-cusp-of-disruption/ |title=Consulting on the Cusp of Disruption |journal=Harvard Business Review |date=October 2013 |access-date=2016-03-02 |last1=Christensen |first1=Clayton M. |last2=Wang |first2=Dina |last3=Bever |first3=Derek van |archive-date=2016-03-03 |archive-url=https://web.archive.org/web/20160303012637/https://hbr.org/2013/10/consulting-on-the-cusp-of-disruption/ |url-status=live }}</ref>
-* [[Certified Management Consultant]]
-* [[:Category:Management consulting firms]]
+Large management consulting firms and [[professional network]]s have adopted a [[organizational structure|structure]] of industry-specific branches, with one branch per [[industry (economics)|industry]] or [[market segmentation|market segment]] served.{{citation needed|date=July 2023}} As such, the firms utilize their ability to serve as [[knowledge broker]]s within each market segment and industry addressed.{{citation needed|date=July 2023}}
-* [[Strategic management]]
-* [[Operations management]]
+== Nonprofit consultants ==
+Some [[for-profit]] consulting firms, including [[McKinsey & Company|McKinsey]] and [[Boston Consulting Group|BCG]], offer consulting services to [[Nonprofit organization|nonprofits]] at subsidized rates as a form of [[corporate social responsibility]].{{Citation needed|date=March 2020}} Other for-profit firms have spun off nonprofit consulting organizations, e.g. [[Bain & Company|Bain]] creating [[Bridgespan Group|Bridgespan]].<ref>{{Cite news|url=https://www.nytimes.com/2008/11/11/giving/11BRIDGE.html|title=A Nonprofit Consultant Offers Free Strategic Advice Online|last=Krauss|first=Alan|date=2008-11-10|work=The New York Times|access-date=2020-01-03|language=en-US|issn=0362-4331|archive-date=2020-01-03|archive-url=https://web.archive.org/web/20200103210201/https://www.nytimes.com/2008/11/11/giving/11BRIDGE.html|url-status=live}}</ref>
+Many firms outside of the [[Big Three (management consultancies)|Big Three]] offer management consulting services to nonprofits, philanthropies, and mission-driven organizations. Some, but not all, are nonprofits themselves.<ref>{{Cite news|url=https://www.economist.com/special-report/2006/02/25/virtues-intermediaries|title=Virtue's intermediaries|date=2006-02-25|newspaper=The Economist|access-date=2020-01-03|issn=0013-0613|archive-date=2020-01-03|archive-url=https://web.archive.org/web/20200103213322/https://www.economist.com/special-report/2006/02/25/virtues-intermediaries|url-status=live}}</ref><ref>{{Cite web|url=https://blogs.wsj.com/wealth-manager/2011/04/13/helping-make-clients-philanthropy-count/|title=Helping Make Clients' Philanthropy Count|last=Dagher|first=Veronica|date=2011-04-13|website=WSJ|language=en-US|access-date=2020-01-03|archive-date=2020-01-03|archive-url=https://web.archive.org/web/20200103210200/https://blogs.wsj.com/wealth-manager/2011/04/13/helping-make-clients-philanthropy-count/|url-status=live}}</ref>
+== Liability ==
+As with all client-contractor work, liability depends heavily on the subject of contract terms. While the management consulting service provider for obvious reasons has a business reputation to protect, legally there is little protection for the client.{{citation needed|date=June 2022}} This is due to the scope of the contract being the only thing subject to potential insurance claims as well as lawsuits.
+As with other client-contractor relationships, settling for liabilities that exist outside the scope of the contract deliverables has been proven to be of considerable difficulty,<ref>{{cite journal |last1=Ancell |first1=Debbie |last2=Grunberg |first2=Stephen |last3=Hughes |first3=Will |title=Risk under performance-based contracting in the UK construction sector |url=https://www.tandfonline.com/doi/full/10.1080/01446190601164097 |journal=Construction Management and Economics |year=2007 |volume=25 |issue=7 |pages=691–699 |publisher=Construction Management and Economics, Volume 25, 2007 |doi=10.1080/01446190601164097 |s2cid=109717497 |access-date=23 May 2022 |archive-date=5 April 2023 |archive-url=https://web.archive.org/web/20230405092946/https://www.tandfonline.com/doi/full/10.1080/01446190601164097 |url-status=live }}</ref> also in management consulting.<ref>{{cite book |last1=Madigan |first1=Charles |last2=O'Shea |first2=James |title=Dangerous Company: The Consulting Powerhouses and the Businesses They Save and Ruin |date=1997 |publisher=Crown Business |location=New York |isbn=0-8129-2634-X}}</ref> For this reason, it is important that clients procuring management consulting services think twice about what type of help they need, so that the scope, length and content of contract reflects such need.<ref>{{cite book |last1=Tutle |first1=E. G. |title=Conference Record Southcon |chapter=Consultant liability and client relations |chapter-url=https://ieeexplore.ieee.org/document/498160  |year=1994 |pages=525–527 |publisher=IEEE |doi=10.1109/SOUTHC.1994.498160 |isbn=0-7803-9988-9 |s2cid=43883934 |access-date=23 May 2022 |archive-date=4 April 2023 |archive-url=https://web.archive.org/web/20230404120056/https://ieeexplore.ieee.org/document/498160 |url-status=live }}</ref>
+== Criticism ==
+Management consultants are sometimes criticized for the overuse of [[buzzword]]s, reliance on and propagation of [[management fad]]s, and a failure to develop plans that are executable by the client.  As stated above, management consulting is an unregulated profession; anyone or any company can style themselves as management consultants. A number of critical books about management consulting argue that the mismatch between management consulting advice and the ability of executives to actually create the change suggested results in substantial damages to existing businesses.<ref>{{cite journal |last1=Poulfelt |first1=Flemming |last2=Paynee |first2=Adrian |title=Management consultants: Client and consultant perspectives |url=https://www.sciencedirect.com/science/article/abs/pii/0956522194900280 |journal=Scandinavian Journal of Management |year=1994 |volume=10 |issue=4 |pages=421–436 |publisher=Scandinavian Journal of Management Volume 10, Issue 4, December 1994 |doi=10.1016/0956-5221(94)90028-0 |access-date=21 May 2022 |archive-date=21 May 2022 |archive-url=https://web.archive.org/web/20220521183324/https://www.sciencedirect.com/science/article/abs/pii/0956522194900280 |url-status=live }}</ref> In his book, ''Flawed Advice and the Management Trap'', [[Chris Argyris]] believes that much of the advice given today has real merit. However, a close examination shows that most advice given today contains gaps and inconsistencies that may prevent positive outcomes in the future.<ref>Argyris, Chris. Flawed Advice and the Management Trap. New York: Oxford University Press, USA, 2000. Print.</ref>
+[[Ichak Adizes]] and coauthors also criticize the timing of consultant services. Client organizations, which are usually lacking the knowledge they want to obtain from the consultant, cannot correctly estimate the right timing for an engagement of consultants. Consultants are usually engaged too late when problems become visible to the top of the client's organizational pyramid. A proactive checkup, like a regular medical checkup, is recommended.<ref>{{Cite journal|last1=Adizes|first1=Ichak Kalderon|last2=Rodic|first2=Dusanka|last3=Cudanov|first3=Mladen|date=2017-09-21|title=Estimating consultant engagement in the corporate lifecycle: Study of the bias in South Eastern Europe|url=http://management.fon.bg.ac.rs/index.php/mng/article/view/155|journal=Management: Journal of Sustainable Business and Management Solutions in Emerging Economies|language=en|volume=22|issue=2|pages=1–12|doi=10.7595/management.fon.2017.0015|issn=2406-0658|doi-access=free|access-date=2018-04-27|archive-date=2018-04-27|archive-url=https://web.archive.org/web/20180427184729/http://management.fon.bg.ac.rs/index.php/mng/article/view/155|url-status=live}}</ref> On the other side, this opens additional danger for abuse from disreputable practitioners.
+== International standards ==
+[[ISO]] published the international standard [[ISO 20700]] ''Guidelines for Management Consultancy Services'' on June 1, 2017, replacing [[EN 16114]].
+This document represents the first international standard for the management consultancy industry.<ref>{{cite web|url=https://www.iso.org/standard/63501.html|title=ISO 20700:2017 - Guidelines for management consultancy services|website=www.iso.org|date=30 May 2017|access-date=14 April 2018|archive-date=16 January 2018|archive-url=https://web.archive.org/web/20180116135453/https://www.iso.org/standard/63501.html|url-status=live}}</ref>
+== Training and certification ==
+An international qualification for a management consulting practitioner is [[Certified Management Consultant]] (CMC) available in the United States through the [[Institute of Management Consultants USA]]. Additional trainings and courses exist, often as part of a [[Master of Business Administration|MBA]] training;<ref>{{Cite web|title=The Consultant's Toolkit|url=https://professional.dce.harvard.edu/programs/the-consultants-toolkit/|access-date=2021-03-26|website=Professional Development {{!}} Harvard DCE|language=en-us|archive-date=2021-09-27|archive-url=https://web.archive.org/web/20210927074430/https://professional.dce.harvard.edu/programs/the-consultants-toolkit/|url-status=live}}</ref>
+see {{slink|Master of Business Administration#Content}}.
+== See also ==
+{{cols}}
+* [[Big Three (management consultancies)]]
+* [[Big Four accounting firms]]
+* [[Business development]]
+* [[Business process re-engineering]]
+* [[Consultant]]
+* [[Consulting firm]]
+* [[International Council of Management Consulting Institutes|ICMCI]]
 * [[Industrial engineering]]
-* [[Management fad]]
+* [[Industrial psychology]]
+* [[Institute of Consulting]]
-* [[Business philosophies and popular management theories]]
+* [[Knowledge economy]]
-* [[Canadian Association of Management Consultants]]
+* [[Management cybernetics]]
+* [[Management science]]
+* [[Operations management]]
+* [[Organizational development]]
+* [[Organizational psychology]]
+* [[Organizational studies]]
+* [[Outline of consulting]]
+* [[Outline of management]]
+* [[Strategic management]]
+{{colend}}
-==External links==
+==Notes==
+{{Notelist}}
-* [http://www.careerselector.com/consulting/hist.htm Timeline of the history of management consulting]
-* [http://canback.com/mclogic.pdf The Logic of Management Consulting] (pdf)
-* [http://www.franteractive.net Strategy Consulting Frameworks] Rich collection of strategy consulting frameworks ranging from SWOT to S-Curves
+== References ==
+{{Reflist|30em}}
+==Further reading==
+*{{cite book | author=Christopher D. McKenna | title=The World's Newest Profession: Management Consulting in the Twentieth Century | publisher=Cambridge University Press | year=2006}}
+*{{cite book | author=Joe O'Mahoney | title=Management Consultancy | publisher=Oxford University Press | year=2006}}
+==External links==
+*{{Commons category-inline|Management consultants}}
-[[Category:Management|Consulting]]
+{{Consulting}}
+{{Management}}
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