What Does Strategy Consulting Involve?
Using an unbiased third-party perspective, strategic consultants help organizations identify key business solutions and problems, in addition to make well-informed decisions. They have a knack for problem-solving and analytics, and so are adept at making use of industry experience and best practices to help clients meet their targets.
Strategy consulting is an extremely diverse practice. It involves conducting comprehensive research and analysis of an organization's goals and objectives. It requires organizational skills, problem-solving skills, and an capability to work with different people, teams, and organizations. Strategy consulting projects may take months to perform and involve many different industries and business options.
Strategy consulting firms could be divided into two distinct groups: pure play firms and management consultancies. Pure play firms include McKinsey & Company, Boston Consulting Group, and Deloitte Consulting. Management consultancies consist of BCG, Bain & Company, and Oliver Wyman.
Strategy consultants are experts in a specific business field, and they have a deep understanding of that field. For instance, a consultant with a deep knowledge of digital strategy could help a magazine create the transition from print to digital. He or she would analyze the current website traffic, trends, and physical magazine sales information to determine what direction to go. The consultant would also learn about the magazine's operation, and how the digital transformation can impact the magazine's print edition.
Strategy consulting is an extremely challenging career. Lots of people who enter this industry do not have the required business acumen or abilities. Developing these skills takes time, education, and work. However, with the proper experience and background, you can establish a successful career in this field.