Consulting which industry

Single Accounts Corporate Solutions Universities. Consulting services industry in the U. Published by Statista Research Department , Aug 27, North America , and in particular the United States , is the largest consulting services market worldwide. That is why the U. Deloitte ranked the highest out of the four. Headquartered in New York, Deloitte is a professional services company specializing in auditing, tax, consulting, enterprise risk, and financial advisory.

Some of these consulting firms operate in many countries worldwide. However, other markets are significantly smaller than the U. Regardless of the market sizes, the consulting services industry is expected to grow steadily in the next years, with many companies already thinking about the future challenges, which include the need for new skills, a lack of top talent, and increased competition in the sector.

Compounding this, consultants may be communicating with individuals who are decades older than them. Expert communicators can articulate ideas clearly, debate opposing viewpoints and remain calm throughout interrogation, all without putting others offside. If you communicate well under this type of pressure, consulting might just be the career for you. The everyday life of a consultant can consist of giving a presentation to one client while writing a proposal for another, juggling project deadlines in vastly different sectors, all while flying back and forth between cities.

Those suited to these demands are logical thinkers who can plan well in order to prioritise tasks and manage their workload effectively. This includes being able to stay calm and change plans when a spanner is thrown in the works. Flexibility is paramount and will certainly help you on those days when technology goes down or planes are grounded! Updating Results. Home Advice. Consulting industry overview. The generous salaries, exciting projects and enormous scope for advancement keeps graduates hopping on this fast-track to the executive floor.

Job market outlook Traditional consulting firms are recruiting consistently, with a consistent intake each year. How to get hired Consulting is practically degree-agnostic — candidates from all kinds of backgrounds can find success, as long as they have the right aptitude.

Key skills you need in consulting The fantastic thing about a career in consulting is that there is no one pathway to get there. The industry is characterized by growth in line with the overall economy, an increasing number of industry players, and technological change based on improving efficiency rather than developing entirely new services.

In any industry, when the basis of competition becomes efficiency versus innovation and new solutions, disruption lies on the horizon. Here are five inherent qualities of the management consulting industry that make it susceptible to technology-driven disruption:.

Paradoxically, even with these fundamental flaws -- all of which are contrary to the best interests of clients -- the industry continues to grow. Last year, for example, the management consulting industry saw a 4. Rapidly emerging trends have created a new breed of competitor -- even if the industry doesn't yet view these upstarts as competition. Firms like Domo , Looker , Qlik , Radius , and CBInsights tap into the converging trends shaping the future of business, and the world.

By creating solutions at the intersection of big data, data analytics, the cloud, cognitive computing, visualization, and cross platform anytime access, these firms provide a glimpse into the type of automated, scalable data gathering, insights, and decision-making made possible by next generation technology.

The first to feel the detrimental effects of disruption will likely be the large research and advisory firms such as Gartner, Forrester, and IDC. With models that rely on armies of analysts, PDF reports that become outdated the moment they're published, and significant annual subscription fees, these firms embody the most significant vulnerabilities of the larger consulting industry. And this is just the tip of the iceberg. Just about any consultant or firm that conducts primary or secondary research will see the value of these offerings -- and clients' willingness to pay for them -- diminish significantly.

While many consultants and consulting firms have established practices advising clients on strategies to leverage disruptive trends and technologies, few apply this to themselves. Investing in the technological innovations and next generation business models is a fundamentally paradoxical concept in an industry driven by billable hours, billable days, and closely held best practices in the form of "knowledge capital.

In , I wrote an article in the first issue of Consulting to Management C2M about the importance of creating "knowledge assets" as a strategy to scale professional services offerings. The article described the importance of capturing and codifying intellectual capital in the form of process methodologies, tools, and templates.

It is a great way for a new manager, such as a CEO or SVP, to get an understanding of the business and understand what needs attention. The focus is typically on breadth rather than depth. For example, you might look into everything from procurement to cost effectiveness to market position to sales effectiveness. You are also likely to do a lot of competitor benchmarking to understand how your client compares to peers in the industry.

Once the diagnostic is complete and your team has identified areas that the client should focus on, your firm is likely to sell follow-up work to really understand the topic area in-depth and provide a more detailed recommendation.

Private Equity Due Diligence : Over the past couple of decades, Private Equity firms have increasingly hired consulting firms to assist with the due diligence of target companies. The PE firms certainly have the capabilities in-house to run management interviews and create the deal model to determine the appropriate price and financing for a proposed acquisition , but use Management Consulting firms to help provide better inputs to that model.

For example, Management Consulting firms have more expertise at offering broad industry insights and assessing the attractiveness of the target company relative to its peers on a number of different dimensions. In performing due diligence on the target company, the PE firm will evaluate the market environment how fast is the industry growing, who are the key players and understand the customer dynamics what do they think of the target company and why.

This is often accomplished by conducting several industry expert interviews and running a large customer survey. Private Equity Due Diligence projects will be fast-paced, with a heavy workload and a lot of client interaction; typical engagements will last months.

However, a Management Consulting team can add tremendous value in the transaction process. This assessment will ultimately help determine whether your client is interested in acquiring any companies, and if so, which ones are most attractive. This will help determine how much the client might be willing to pay for the target.

Management Consultants, meanwhile, do not have an incentive either way—their incentive revolves around clients making good decisions.

Thus having a Management Consulting firm as part of the process may help the client make an important decision— whether to buy a company, not just which company and at what price. Cost-Reduction : Companies often look to Management Consulting companies to help them streamline costs.

This can come from many different sources—reducing production overhead; switching to superior technologies or less expensive raw materials; reducing procurement spending; or a reduction in headcount.

In particular, reducing headcount can be a difficult, painful, political process. Management Consulting firms provide the benefit of being an external party, which helps the client make objective decisions in situations such as this, because reductions and other forms of cost savings can be highly sensitive.

On a cost-reduction project, Management Consultants might be acting upon the results of a Business Diagnostic see 3 above that identified a particular area a company is overspending. Based on the findings, the Consultants might get involved in a Spans and Layers Analysis to determine which costs to cut and how. These projects can vary greatly in length, and will involve a high degree of client interaction—in particular, headcount-reduction projects will typically involve many meetings and interviews with different employees to help determine the right way to reduce costs and reshape the organizational chart.

Organizational Design : There are several types of organizational projects you might work on in Management Consulting. When conducting a true organizational re-design, a company might be moving from a region-based structure to a global, function-based structure.

On this type of project, Consultants will likely work intensively and directly with the client to ultimately design the new Organization Charts with the right new roles and often, determine the right individuals to fill those roles.

Another type of Organizational Design project is a Spans and Layers Analysis , which we have mentioned previously. This will help determine where there are opportunities to reduce headcount or reorganize it more sensibly.