Management consultants, in particular, typically work with company executives and provide them with generalists and industry-specific specialists, known as subject-matter experts, usually trained in management or business schools. The deliverable of a management consultant is usually recommendations for achieving a company objective, leading to a company project.
Many consulting firms complement the recommendations with implementation support, either by the consultants or by technicians and other experts. This is called outsourcing.
The segmentation of advisory services varies widely across organizations and countries. Categorization is unclear, in part because of the upheavals that have occurred in this industry in recent years.
One approach is to separate services into four broad service delivery families, considering the managers they are targeting:
Services related to the company's overall strategy, which are addressed to the CEO,
Services related to marketing, communication, sales and public relations, which are addressed to the CMO,
Services related to management, financial management, taxation, accounting, compliance with regulations, for the CFO,
Services related to the company's operations, including information technology, intended for operational management, which may be different depending on the industrial sector (technology director, plant managers, operations directors, Research and Development managers), for instance COO and CTO.
There are different types of Consulting Firms serving different sectors. They mainly fall under the following fields:
Architecture and Engineering
Financial services
Health care
Hotel and hospitality industry
Human resources
Information technology
Legal
Management
Music
Regulatory compliance
In addition to the above-mentioned fields, there are consulting firms that serve niche sectors such as
advertising/marketing/public relations consulting
environmental consulting
entertainment/media consulting
energy consulting
consulting in politics and the public sector
real estate consulting
recycling consulting
commodities consulting
See also > > >
Financial services
Information technology consulting
Management consulting
Human resource consulting
Hospitality industry
Regulatory compliance
A consultant (from Latin: consultare "to deliberate") is a professional who provides expert advice] in a particular area such as business, education, law, regulatory compliance, human resources, marketing (and public relations), finance, health care, engineering, science, security (electronic or physical), or any of many other specialized fields.
A consultant is usually an expert or an experienced professional in a specific field and has a wide knowledge of the subject matter. The role of consultant outside the medical sphere (where the term is used specifically for a grade of doctor) can fall under one of two general categories:
Internal consultant: someone who operates within an organization but is available to be consulted on areas of their specialization by other departments or individuals (acting as clients); or
External consultant: someone who is employed externally to the client (either by a consulting firm or some other agency) whose expertise is provided on a temporary basis, usually for a fee. Consulting firms range in size from sole proprietorships consisting of a single consultant, small businesses consisting of a small number of consultants, to mid- to large consulting firms, which in some cases are multinational corporations. This type of consultant generally engages with multiple and changing clients, which are typically companies, non-profit organizations, or governments.
By hiring a consultant, clients have access to deeper levels of expertise than would be financially feasible for them to retain in-house on a long-term basis. Moreover, clients can control their expenditures on consulting services by only purchasing as much services from the outside consultant as desired.
Consultants provide their advice to their clients in a variety of forms. Reports and presentations are often used. However, in some specialized fields, the consultant may develop customized software or other products for the client. Depending on the nature of the consulting services and the wishes of the client, the advice from the consultant may be made public, by placing the report or presentation online, or the advice may be kept confidential, and only given to the senior executives of the organization paying for the consulting services.
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