Answer to Question #211386 in Management for Catherine Melita

Question

critically reflect on their experience as a strategic management consultant/practitioner, including the teamwork and communication skills they have developed from the strategic planning exercise. Students will identify their weaknesses, challenges faced in reaching out to the organization, and how they can improve in the future for their personal and professional development.

Answer 1

Strategic Management

Strategy consultants evaluate primary corporate processes and objectives and propose improvements or guidance for companies. They determine cost reduction methods, income growth, and critical decision-making. They assist a business in identifying markets and trends in a specific market. Current challenges are solved and solutions implemented by strategy consultants. Strategy consultants also evaluate rivals of a company to assist set goals and objectives. Whether an independent consultant or works for a consulting firm, every business or organization can profit from the services of a policy consultant (Kim & Lee, 2012). The labor force participation rate for strategic management consultants, including strategy advisers, is 16 percent until 2024, as per the Bureau of Labor Statistics. It should continue and play a crucial part in this forecasted growth rate to decrease costs and increase efficiency.

The strategic management consulting industry of professional services is dynamic, evolving fast. For customer consultants to be influential and important, they must keep up with the economic and social tendencies, anticipate changes that might impact their customers' businesses, and provide advice to help customers achieve and sustain outstanding quality in a highly complicated, competent, and complex environment (Kim & Lee, 2012). The experience and understanding economy creates rising demand and provides consultants with new opportunities.

Weaknesses and Challenges

One of the main critiques of strategic management consulting is the need for the company to foresee the future to plan, and we are all aware that it is not a simple task to forecast the future. The notion is that the approach adopted may be invalidated if the end does not develop as expected. Recent studies in the business sector have revealed that planning organizations, whether they fulfill an intended purpose, increase performance than those that do not design. Several strategy formulation techniques do not depend as much on future forecasting.

How to improve strategic management consulting professional development

The broad and overarching objective of any management and corporate advice is to assist customers in accomplishing their business, social or other goals. The objectives can be described in several ways; industry leadership, competitive advantage, customer experience, complete quality or productivity achievement, corporation performance, efficiency, sustainability, better company performance, efficiency, and growth. Different concepts and phrases mirror clients' and consultants' thoughts and goals, management group and consultation conditions, and even mode. In commercial companies, governmental agencies, and social groups, several aims will be highlighted. The consulting time horizon differs on a case-by-case basis. However, the common factor stays the same: consulting must offer value to the customer organization (Werr, 2012). This value should contribute tangibly and measurably towards the achievement of the client's key objectives.

For all consulting activities, the global aim of management consulting offers reason and guidance. In order to achieve the customer's objectives, the objective is to establish these objectives by the customer. It is not the case in certain businesses, and management is without context, objective, or feeling of the task (Werr, 2012). The consultant's primary role may be to support the customer in developing an outlook on the future, setting ambitious but realistic objectives, creating a strategy, focusing on results, and starting to look at current problems and opportunities with long-term and organizational strategic goals in mind.

 

 

 

 

References

Kim, A., & Lee, C. (2012). How does HRM enhance strategic capabilities? Evidence from the

Korean management consulting industry. The International Journal of Human Resource Management, 23(1), 126-146. <span style="font-size:12.0pt;line-height:200%;font-family:&quot;Times New Roman&quot;,serif; background:white">https://www.tandfonline.com/doi/abs/10.1080/09585192.2011.561247</span>

Werr, A. N. D. R. E. A. S. (2012). Knowledge management and management consulting. The

Oxford handbook of management consulting, 247-266.

<span style="font-size:12.0pt;line-height:200%;font-family:&quot;Times New Roman&quot;,serif; background:white">https://books.google.com/books?hl=en&amp;lr=&amp;id=JKQUk8O3zQIC&amp;oi=fnd&amp;pg=A247&amp;dq=strategic+management+consulting&amp;ots=GrTcPgaT9N&amp;sig=2YlloApAeFBh5Gcy7OglWnm2pHI</span>