Management Consulting and Consulting to Major Corporations

The consulting industry is a multifaceted, global business sector that is facing many challenges and evolving quickly. At the highest level of the business is “management consulting,” the segment that advises top executives and boards of directors at Fortune 1000 firms on strategy and organization. McKinsey & Company, Inc., Bain & Company, Inc., Boston Consulting Group, Inc. and a handful of other companies are the most elite. Such firms may charge their clients anywhere from $300,000 to $1 million in monthly fees, with top consultants billing at more than $5,000 daily plus expenses, and associates at $2,000 or more. These consultants’ engagements for a multinational corporation may include analysis of multiple divisions and involve travel to several continents. Their suggestions often result in sweeping organizational changes, with the hoped-for result of creating significant efficiencies and adding tens of millions of dollars to the client’s yearly operating profit. Management consultants may take assignments involving many aspects of a client’s business, including marketing, acquisitions, finance, taxation, information technology, manufacturing, distribution, human resources, divestitures, government relations, facilities, telecommunications, environmental matters and more.

The growing globalization of business and industry in general led inevitably to the globalization of the leading consulting companies. Major consultancies operate offices in the most important business centers in Europe and Asia-Pacific as well as in North and South America. Africa is the next consulting frontier, as rapid economic growth has been enjoyed by a handful of African nations in spite of problems ranging from lack of infrastructure to social turmoil and terrorism. Many consultancies operate worldwide and have multiethnic, multilingual employee bases. In particular, major consulting firms have opened large numbers of offices in Brazil, India and China in recent years.

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Management Consulting and Consulting to Major Corporations, Business and Industry Trends Analysis

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