What Does Strategy Consulting Involve?

Using an unbiased third-party perspective, strategic consultants help organizations identify key business solutions and problems, as well as make well-informed decisions. They will have a knack for problem-solving and analytics, and so are adept at making use of industry experience and guidelines to greatly help clients meet their goals.

Strategy consulting can be an extremely diverse practice. It consists of conducting extensive research and evaluation of an organization's goals and objectives. It needs organizational skills, problem-solving abilities, and an ability to work with different people, teams, and groupings. Strategy consulting projects may take months to perform and involve many different industries and business options.

Strategy consulting firms could be broken down into two distinct groupings: pure play firms and management consultancies. Pure play firms include McKinsey & Company, Boston Consulting Group, and Deloitte Consulting. Management consultancies include BCG, Bain & Company, and Oliver Wyman.

Strategy consultants are experts in a particular business field, plus they have a heavy understanding of that field. For example, a consultant with a strong knowledge of digital strategy could help a magazine create the transition from print to digital. She or he would analyze the current web traffic, trends, and bodily magazine sales information to determine what direction to go. The consultant would also find out about the magazine's procedure, and the way the digital transformation can impact the magazine's print edition.

Strategy consulting is an extremely challenging profession. Many people who enter this field do not have the required business skills or acumen. Developing these skills does take time, education, and function. However, with the right background and experience, you can establish a successful profession in this field.