Are you wondering what a management consultant‘s daily work is?
Management consultancy is a field which has a turnover of hundreds of billions of dollars every year in the world, with the United States accounting for the largest proportion, followed by the UK and European countries. With the trend of developing globalization, specialization, outsourcing and especially the utility of computers and the Internet, the industry is growing at a rapid pace with the number of firms and consultants.
Strategic consulting projects usually last for at least a month to a year. At the entry level position, most of consultants will be responsible for finding the information and analyzing the data needed to provide useful background information so that the team leader can make informed decisions exactly. Let’s take a closer look at what you will have to do at the Business Analyst (entry level) position throughout a project.
Phrase 1: Get started
A common specific task of a management consultant is to meet clients to hand over the work and discuss the results. Simultaneously, do data acquisition such as reading customer reports, market reports and interviews, conducting surveys for clients’ prospective customers, then divide the consultants into specific modules.
A meeting of management consultant with clients is one of the common tasks
Phrase 2: Analyze the data
The data collected will be analyzed to make assumptions about the customer problem. Based on these assumptions, the consultant will analyze the cause and verify that whether the hypothesis is correct in the case of the customer
The main purpose of data analysis is to explore the inside of the company and go deeper into the way the company operates, based on the data the company provides. At the entry level, the consultant directly receives and analyzes documents related to strategy, organization, product pricing, KPI follow up to provide an objective assessment of what the client has done and need to do. Work schedules are usually updated every 4 days with a senior consultant and once a week with clients.
Phrase 3: Evaluate competitors and sum up
A consultant will assess the market trends and strategies of rival companies, to propose appropriate short-term and long-term strategies for the client.
Competitor analysis helps management consultant have a multi-dimensional view when given the right strategy for customers
For example, to cut costs, if a small company, the consultant can find out and advise clients to adopt a niche market strategy, or if they are leading the market, the right strategy can be cost- leader. This strategy will be taken over by the team leader, who is usually a high-level consultant such as Principal consultant or Partner consultant.
Phrase 4: Implementation (Optional)
This phase depends on the client’s requirements. As the deployment period typically lasts from months to a year, the most common way clients can suggest their management consultant to work with them to help within the first or second month, and lead the staffs to performs the first steps of implementing the proposed plan.