Consulting industry

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  • Good day!
    Please feel free to connect me with teams who are interested to consult with industry experts to pass great ideas and insights to top management teams and investors in the Oil & Gas markets.
    Ask them to take a look at my profiles on Linkedin, Oilpro or other sites for more detailed information.

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    Koshy




    http://sa.linkedin.com/in/ksamuel


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    Koshy Samuel
    Schlumberger Oilfield Services
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  • Business & Management Consultants should be capable of seeing problems and situations from multiple perspectives and at multiple levels of details.. understands how to take data and manipulate it to derive non-obvious insights.. Confident enough to Challenge a contrary opinion..
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  • Business and management consulting opens new paths for career developments for younger generations to make changes to tactical support and strategic leadership around the World...
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Consulting industry

  1. 1. Consulting Industry Global consulting industry revenues (including HR, IT, strategy, operations management and business advisory services) will be about $415 billion in 2013, according to Plunkett Research estimates. This represents reasonable growth from $391 billion in 2012. In the U.S., accounting and related services (such as tax preparation) generated an additional $131.6 billion in 2012, up from about $123.0 billion the previous year, according to the U.S. Bureau of the Census. http://www.youtube.com/watch?v=JxUMGE2f5SQ&feature=player_embedded Growth in global trade has rebounded from the very low levels of the recent recession. This fueled demand for consulting of all kinds, including management, HR, industrial and technology. Such nations as South Korea, Taiwan, China, Singapore and Indonesia are providing a wealth of new work for consultants. Firms with multi-cultural staffing capability and offices in strategic cities worldwide will benefit in particular. Recent growth in these nations has created myriad opportunities for consulting firms, both in government and private sector contracts, in industries ranging from transportation to energy to health care. Consultancies that do well in such an environment will be those that emphasize their ability to create cost-savings, enhance efficiencies and deal effectively with government austerity programs or other dramatic changes in governmental goals. Consultancy & Professional Services Our consultancy, design, project management and service management are designed to help you achieve clear business goals. • Overview • Services Colt’s professional services are your introduction to our subject experts and unrivalled, award- winning customer care. We operate in complex and dynamic environments across 18 European countries and are dedicated to designing and managing solutions which support business transformation. Businesses are looking for expert advice to help them make the right choices and weigh value added against cost and risk. Colt Consulting offers a portfolio of tightly defined consultancy engagements that deliver the support businesses are looking for. We offer a consistent methodology and customer experience
  2. 2. right across Europe showing customers how they can get real results — often in just a few weeks. Colt’s engagements are focused, short-term projects designed to produce results quickly. They help customers: • Know where they are and how to move forward • Align IT with the needs of the business and make intelligent investment choices • Understand and better manage risks and interdependencies when transforming the IT landscape. Consultancy & Professional Services • Managed IT Services • Network & Facilities Services • Design • Service Management • Consultancy • Project Management Colt's consultancy & professional services offer network design, project ... We have 14 years experience of designing complex projects to exacting standards all Consulting Research & Advisory Consulting market intelligence trusted by the world’s leading companies Kennedy Consulting Research & Advisory has provided market data and operating benchmarks to the management consulting and IT services sectors since 1970. Our in-depth research, indigenous analyst resources and over 40 years of market expertise create invaluable business planning tools for both professionals on the buy and sell sides of consulting services. Kennedy analyzes the nature and state of client demand trends, current spending, and growth forecasts, by three critical market perspectives: consulting service area sub-segment, key geography, and client vertical industry. In addition to a thorough explanation of market trends, demand drivers and inhibitors, spending projections, market share, and the dynamics affecting the consulting landscape; Kennedy research includes exclusive assessments and rankings of consulting practices that are capable of meeting clients’ evolving demands — and identifies those which are not. Research series and titles include: Consulting Service Line Series
  3. 3. o IT Consulting Series o Financial Consulting o HR Consulting Series o Strategy Consulting Series o Operations Management Consulting Series Client Industry Series o Financial Services Consulting Series o Healthcare Consulting Series o Public Sector Consulting Series Geographic/Regional Market Series Firm Management Series o Fees in Consulting o Utilization in Consulting o Consulting in Compensation o Benchmarks in Consulting: Financial and Operational Metrics Advisory Services For Consulting Providers and Buyers of Consulting Services Kennedy provides confidential assistance to both management and IT consulting providers, as well as buyers of those consulting services. Kennedy Advisory Services works with a wide range of clients, from leading Fortune 500 companies and global management consultancies, to industry-specific boutique advisory firms and the embedded services units of global corporations. Advisory Services clients look to Kennedy for unparalleled industry expertise that builds on a 40-year foundation of consulting profession knowledge and proprietary databases to provide services that have the most impact on today’s consulting market. • Compensation, Fees & Utilization Benchmarking • Marketing & Development • M&A Appraisal • Procurement Analysis • Consulting Spend Management
  4. 4. Analyst Services Custom research engagements leveraging Kennedy's extensive knowledge base Kennedy's analysts offer customized research to buyers and sellers of consulting services. Using our existing research as a basis to deliver analysis tailored to your organization's specific needs, these projects provide unprecedented detail on micro-markets, consulting firm operational benchmarks and practice assessments. The world's top organizations utilize our analytical expertise and research portfolio to obtain specific market perspective based on their particular needs. In addition, Kennedy analysts travel the world for custom speaking engagements in support of both buyers and sellers of consulting services. Kennedy's custom research analyst services are provided across three areas: • Firm and Practice Ratings • Consulting Capability Assessments • Custom Market Sizing • Benchmarking Analysis Consulting Firm Competency Reports • Consulting to the Banking Sector: Cards & Payments • Leadership Development Consulting • Consulting to Life Sciences: R&D and Commercialization • Forensics & Dispute Advisory • New Market Entry Strategy Consulting • Consulting to the Capital Markets & Asset Management Sectors • Human Capital Strategy Consulting • Consulting to Healthcare Payer, Provider and Government Sectors • Digital Strategy Consulting Consulting Market Index Reports • Strategy and Operations Management Consulting Market Index Research 2013 • Financial Consulting Market Index Research 2013 • Information Technology Consulting Market Index Research 2013 • Human Resources Consulting Index Research 2013 • Geographic Consulting Market Index Research 2013
  5. 5. Crafting real-world solutions We’ve been there. We’ve faced the same challenges and opportunities your organization sees every day. Our consulting professionals have the unrivaled ability to work with you regardless of the situation or demands. Because our deeply honed expertise stems from a unique understanding that only comes with hands-on industry experience, and from crafting real-world solutions that get results. Our consulting teams have worked throughout the higher education, healthcare, financial and legal spectrums as CEOs, CFOs, vice presidents, and budgeting directors. We’ve been board members and managing partners, acted as General Counsel and medical school deans. We deliver expertise that crosses boundaries into every facet of your industry, with hands-on strategic, operational, financial, functional, and technological proficiency. Home / Expertise Expertise We’ve been there. We’ve faced the same challenges and opportunities your organization sees every day. Our consulting professionals have the unrivaled ability to work with you regardless of the situation or demands. Because our deeply honed expertise stems from a unique understanding that only comes with hands-on industry experience, and from crafting real-world solutions that get results. Our consulting teams have worked throughout the higher education, healthcare, financial and legal spectrums as CEOs, CFOs, vice presidents, and budgeting directors. We’ve been board members and managing partners, acted as General Counsel and medical school deans. We deliver expertise that crosses boundaries into every facet of your industry, with hands-on strategic, operational, financial, functional, and technological proficiency. Education Research Enterprise Solutions Strategic Solutions Technology Solutions University Performance Improvement Solutions Financial Capital Advisory Forensics & Litigation
  6. 6. Operational Improvement Restructuring & Turnaround Valuation Healthcare Clinical Documentation Improvement Clinical Operations Human Resources Labor Non-Labor Physician Revenue Cycle Strategy Legal Discovery Law Department Management Law Firm Strategy & Management Records & Information Management Staffing Technology Implementation Life Sciences Pharmaceutical & Medical Device Solutions Research Enterprise Solutions
  7. 7. Industry Focus Academic Medical Centers Automotive Energy & Utilities Financial Services Healthcare Higher Education Legal Manufacturing & Distribution Media Metals & Mining Pharmaceuticals & Medical Devices Real Estate Technology Trucking & Logistics Software Click® Portal Solutions ecrt® Effort Reporting Solution efacs® F&A Solution Share on printShare on emailShare on twitterShare on facebookShare on linkedin
  8. 8. Subscribe to Huron Insights Stay current with the trends, developments and ideas that impact you. » MORE Consultant For other uses, see Consultant (disambiguation). For Senior Physician Consultant, see Consultant (medicine). A consultant (from Latin: consultare "to discuss") is a professional who provides professional or expert advice[1] in a particular area such as security (electronic or physical), management, accountancy, law (tax law, in particular), human resources, marketing (and public relations), finance, engineering, or any of many other specialized fields. A consultant is usually an expert or a professional in a specific field and has a wide knowledge of the subject matter.[2] The role of consultant outside the medical sphere (where the term is used specifically for a grade of doctor) can fall under one of two general categories: • Internal consultant - someone who operates within an organization but is available to be consulted on areas of specialism by other departments or individuals (acting as clients); or • External consultant - someone who is employed externally (either by a firm or some other agency) whose expertise is provided on a temporary basis, usually for a fee. As such this type of consultant generally engages with multiple and changing clients. The overall impact of a consultant is that clients have access to deeper levels of expertise than would be feasible for them to retain in-house, and may purchase only as much service from the outside consultant as desired. Common types In the business, and as of recently the private sphere, the most commonly found consultants are: • Engineering consultants provide engineering-related services such as design, supervision, execution, repair, operation, maintenance, technology, creation of drawings and specifications, and make recommendations to public, companies, firms and industries.
  9. 9. • Strategy consultants working on the development of and improvements to organisational strategy alongside senior management in many industries. • Human-resources (HR) consultants who provide expertise around employment practice and people management. • Internet consultants who are specialists in business use of the internet and keep themselves up- to-date with new and changed capabilities offered by the web. Ideally internet consultants also have practical experience and expertise in management skills such as strategic planning, change, projects, processes, training, team-working and customer satisfaction. • Process consultants who are specialists in the design or improvement of operational processes and can be specific to the industry or sector. • Public-relations (PR) consultants dealing specifically with public relations matters external to the client organisation and often engaged on a semi-permanent basis by larger organisations to provide input and guidance. • Performance consultants who focus on the execution of an intuitive or overall performance of their client. • Immigration consultant who helps through legal procedure of immigration from one country to other country. • Information-technology (IT) consultants in many disciplines such as computer hardware, software engineering, or networks. • Marketing consultants who are generally called upon to advise around areas of product development and related marketing matters. • Interim managers as mentioned above may be independent consultants who act as interim executives with decision-making power under corporate policies or statutes. They may sit on specially constituted boards or committees. A more comprehensive list of types is shown below. • Biotechnology consulting • Contingent workforce • Economic consulting • Interim Management • IRS Reclassification • Management consulting • Permatemp • Political consulting • Public consultation • Tax advisor • Umbrella company • Immigration Consultant • Biotechnology consultant • Consultant (medicine) • Consultant pharmacist • Creative consultant • Consulting psychology • Educational consultant • Elevator consultant • Employment consultant • Environmental consultant • Foreclosure consultant • Human Resources consultant • Image consultant • Independent contractor • Interim Managers • Information Technology consultant • Lactation consultant • Legal nurse consultant • Loss control consultant • Magic consultant • Market entry consultant • Media consultant • Performance consultant • Political consultant • Process consultant • Statistical consultant • Theatre consultant
  10. 10. Ways of work The range of areas of expertise covered by the term consultant is extremely wide. One of the more general attributions is as a Management Consultant but this is not an exclusive term. The process of consulting and the means by which the (external) consultant is engaged vary according to industry and local practice. However the principal difference between a consultant and a temp is generally one of direction. A consultant is engaged to fulfill a brief in terms of helping to find solutions to specific issues but the ways in which that is to be done generally falls to the consultant to decide, within constraints such as budget and resources agreed with the client. (A temp on the other hand is normally fulfilling a role that usually exists within the organization and is helping to bridge a gap caused by staffing shortages for whatever reason. They fall under the direction of the normal management structure of the organization.) There is however a hybrid form where a consultant may be hired as an Interim Manager or Executive, bringing a combination of specialist expertise to bear on a role that is temporarily vacant (usually at a senior level). Some consultants are employed indirectly by the client via a consultancy staffing company, a company that provides consultants on an agency basis. (The staffing company itself does not usually have consulting expertise but works rather like an employment agency.) This form of working is particularly common in the ICT sector. Such consultants are often called contractors since they are usually providing technical services (such as programming or systems analysis) that could be performed in-house were it not easier for the employer to operate a flexible system of only hiring such technologists at times of peak workload rather than permanently. Place of work Though most of the back-office research and analysis occurs at the consultants' offices, consultants typically work at the site of the client for at least some of the time. The governing factor tends to be the amount of interaction required with other employees of the client. Qualifications There is no such thing as a single qualification to be a consultant other than those laid down in relation to medical & engineering personnel who have attained this level-degree in it. Internationally the accreditation of Management Consultants is overseen by higher education training and accreditation organizations — Consultant, Peter Block, defines a consultant as "someone who has influence over an individual, group, or organization, but who has no direct authority to implement changes." He contrasts this with a surrogate manager who is a person who "acts on behalf of, or in place of, a manager." The key difference is that a consultant never makes decisions for the individual or group, whereas a surrogate manager does make decisions.
  11. 11. Consulting Industry: • Market Research • Industry Trends Analysis • Technologies Analysis • Business Intelligence • Top Companies Database • Business Leaders and Corporate Executives • Industry Associations Database • Export Tools - Build Mailing Lists Positive factors for the consulting industry over the mid-term: 1) Continued growth in health care expenditures and significant changes in health care coverage are creating demand for consulting projects. This includes a focus on digital health records and a dramatic need for greater efficiency and cost control. 2) Consultancies that focus on projects that clearly reduce business costs and enhance operating ratios in a reasonably short period of time will find a ripe corporate market (such as consultants who focus on cash flow enhancement, supply chain efficiency and manufacturing efficiency). 3) Vast new labyrinths of government regulation will create numerous opportunities for consultants who can show companies how to navigate rapidly changing relationships between government and certain industries, or deal with government oversight, particularly in financial services and health care. 4) Consultants who assist firms in lowering employee benefits costs are in high demand. 5) Consultants and advisors in the fields of corporate expansion into emerging markets, information technology, mergers and acquisitions will be in high demand. Importance of Consulting Firm In recent years, many types of consulting and accounting projects have been offshored to a growing extent. Initially, this was due to efforts by firms in North America and Europe that wanted to take advantage of the lower hourly fees charged by professionals in emerging nations. More recently, however, offshoring of such tasks has become necessary in order to conduct consulting projects in the growing nations where practices must be applied. As multinational companies headquartered in the U.S. and elsewhere continue to open offices, factories and research facilities in nations such as India, Malaysia, Indonesia and China, consultants must follow.
  12. 12. Consulting Executives At the same time, China and India are investing heavily in their own upper-level education systems, and they are now graduating large numbers of MBAs, scientists, researchers and engineers from their universities. Many Asian nations have already achieved excellent success in this regard, including China, South Korea, Singapore, Taiwan and Japan. This means that a growing global cadre of young people with graduate degrees and high ambitions are seeking entry-level work in consulting of all types. The consulting industry is a multifaceted, global business sector that is facing many challenges and evolving quickly. Operating Structure of Consulting firm 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 is being enjoyed by a handful of African nations. Many consultancies operate worldwide and have multiethnic, multilingual employee bases. In particular, major consulting firms have opened significant offices in Brazil, India and China in recent years. Revenues of Consulting Firm 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 as much as $5,000 daily plus expenses, and associates at $1,500 or so. 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, adding (clients hope) tens of millions of dollars to the yearly bottom line. Management consultants may take assignments involving many aspects of a client’s business, including marketing, acquisitions, finance, information technology, manufacturing, distribution, human resources, divestitures, government relations, facilities, telecommunications, environmental matters and more. Annual revenues at top, global consulting firms run in the billions of dollars, and top consultants may each earn $200,000 to $500,000 or more yearly in return for grueling hours, high stress and many, many days spent traveling far from home. Despite these drawbacks,
  13. 13. considering the high pay and the prestige, the best students at the best business schools frequently pine for posts in consulting. (An interesting exception to the grinding work and travel required of employees at many consultancies is found at Atlanta-based North Highland, www.northhighland.com). At this innovative mid-sized firm, consultants find that their assignments are largely in the cities where they live, negating the need for extensive travel, and work/life balance is encouraged by the firm’s business practices.) Historically, U.S. governments at local, state and federal levels have provided lucrative consulting contracts. Government at all levels has large needs for consulting in IT, security, human resources and other areas. For example, the latest Washington Technology (www.washingtontechnology.com) list of Top 100 Federal Prime Contractors, based on contracts granted during the federal government’s 2012 fiscal year, ranks Lockheed Martin ($17.4 billion), Northrop Grumman ($9.1 billion), Boeing ($7.4 billion), SAIC ($5.9 billion) Raytheon ($5.6 billion), General Dynamics ($5.4 billion), Hewlett-Packard ($4.1 billion), Booz Allen Hamilton ($3.8 billion), Computer Sciences—“CSC” ($3.5 billion) and DynCorp International ($3.3 billion) among the top 10 firms in prime federal contracts for the year. Many of these firms’ federal contracts were down substantially from their 2010 and 2011 totals. These contracts are for consulting and services in information technology, defense, telecommunications, professional services and engineering. Note that the largest awards went to firms that are predominantly defense or aerospace contractors. The winding down of U.S. involvement in Afghanistan and Iraq is having a deep, negative impact on these defense-related contracts. Today’s largest IT consulting firms often provide outsourced IT services of many types. In fact, successful consultancies with IT roots have evolved into full-service companies. In many cases, they are now integral departments within larger technology-based firms. The IBM Global Services unit of computer giant IBM best illustrates this trend, as services now bring in more revenues for IBM than computer hardware and software. At such tech firms, a large portion of income is derived from outsourcing. That is, once these IT services firms have determined a client’s needs during a consulting or analysis phase, they may deliver turnkey services that include actual day-to-day operation of the client’s computer department and/or other departments. Not all of IBM’s competitors have been as successful as IBM in this regard. HP has also been focusing on its large consulting and services unit, which grew dramatically with its 2008 acquisition of EDS. While services now bring in about one-fourth of HP’s revenues, the firm has not been meeting its goals in this field, and in 2012 it wrote down $8 billion of the cost of its EDS acquisition. Dell acquired consultancy Perot Systems, marking a new strategic direction for the computer manufacturer. Nonetheless, Dell has been struggling to maintain momentum and was likely to go private via a buyout by investors as of 2013. Meanwhile, many companies outside of the computer hardware and software field have successfully blended
  14. 14. consulting and outsourcing into their offerings, developing dependable additional revenue sources by offering a complete line of services to their clients. A major development in IT consulting has been the extremely rapid growth of large companies that are based in India but compete globally, such as Wipro, Infosys and Tata Consultancy Services (TCS). These companies quickly grew multi-billion dollar revenue bases as major contenders in the global IT sector. Additional hot competition for IT consulting budgets comes from software companies, such as Oracle, that have quickly built up large consulting units of their own. Size of Consulting Firm In contrast to the size and infrastructure of the leading management consulting companies, a large portion of the consulting industry is comprised of very small companies—in many cases these are one-person shops, perhaps operating from a spare bedroom at home. This part of the business has grown rapidly since 2000, as legions of well educated, highly qualified and thoroughly experienced executives and professionals were laid-off during corporate downsizing or took early retirement in exchange for an opportunity to work for themselves. These professionals have turned to self-employment as consultants, focusing on their specialties and combing their contacts for leads. Consulting firm Challenges Despite recent superb levels of profitability throughout many corporate sectors, the days of unrestrained corporate spending are long gone. Corporate clients are now much more demanding when negotiating consulting contracts. Their demands are likely to include specific caps on overall cost, tight controls on travel and other expenses related to a consulting project, a demand for lower hourly rates and sometimes a penalty if desired goals are not met. Going forward, consulting firms will be forced to compete fiercely for their engagements, and the engagements they receive may be relatively short-term or less profitable than assignments of the recent past. Corporate clients will be focused on a provable return on investment for consulting dollars spent. Specific goals will be set early in the process, and consultants will be under intense pressure to meet those goals. Large, multifaceted consulting companies will face fierce competition from smaller, niche companies. In particular, consultancies that can quickly improve their clients’ profits may have the best competitive advantage over the mid-term. Corporate clients may lean toward hiring consultancies with a proven ability not only to point out a corporation’s problems and strategic deficiencies, but also to implement solutions that cut debt, restore health to balance sheets and stabilize profits.
  15. 15. Fastest-growing segments of consulting One of the fastest-growing segments of consulting has been information technology (IT). This segment includes consultants focused on e-commerce; telecommunications; intranet and Internet strategies and functionality; hardware systems design and implementation; software design, acquisition and implementation; and web site design and operation. During the tech boom of the ‘90s, IT consultancies like the now defunct marchFIRST appeared out of nowhere and quickly attained annual revenues in the hundreds of millions of dollars. The ‘90s, through the widespread commercialization of the Internet and fiber optics, as well as the rapid spread of networked computing, brought a tidal wave of technology opportunities to light. Managers everywhere wanted to quickly ramp up new systems, from web sites to private data networks to advanced e-commerce systems. A concern over potential software problems when the new millennium turned in year 2000 (“Y2K”) also lead to massive consulting projects. Corporate clients turned to consultants, and the IT consulting companies boomed. These consultancies created marketing partnerships with leading hardware and software manufacturers so that they could quickly recommend, purchase and install technology system packages—at high profits to both the consultancies and the system manufacturers. Enterprise-level systems, which were supposed to seamlessly deliver real-time information from subsidiaries around the globe to top managers, became the standard at Consulting Firm by Industry Hospitality : In an effort to control costs, some corporations that were formerly desirable clients have built their own internal consulting staffs. One interesting offshoot of this trend is that the internal consulting units at a few companies have begun offering consulting services to outside clients. This is increasingly common in industries, such as hospitality, that are focused on high levels of customer service. At the Walt Disney Company, long famous for customer satisfaction and innovative employment practices, a consulting unit called The Disney Institute is now teaching other firms how to better engage their customers. Likewise, The Ritz-Carlton Leadership Center, a unit of Ritz-Carlton Hotels (itself a luxury property subsidiary of hotel giant Marriott), is teaching client firms how to provide high levels of service to picky customers. IT consulting: Global 1000 companies. In the end, corporate clients invested massive sums but didn’t always get the results they desired. Now, corporations have new IT needs thanks to the rapidly expanding fields of social networking, mobile computing, online employee collaboration and cloud computing and data storage.
  16. 16. For the near-term, the biggest opportunities for IT consulting growth will lie in three exciting areas: 1) Big Data 2) Cloud-based IT infrastructure 3) Mobile apps and data services ODMs consult: In an interesting development, OEMs (original equipment manufacturers) of a wide range of products and components, from computers to hard drives to automobile components, now consult intensely with their clients in the product development phase, and are later involved in the actual manufacturing. This has led to the evolution of some OEMs into ODMs (original design manufacturers). These ODMs consult with, design for and then manufacture for their clients. For example, an ODM might determine the needs for an in-dash stereo/radio system of an automaker client, design the system and finally manufacture the system. The automobile industry has become an environment in which major manufacturers, such as GM, rely heavily on a handful of component and systems manufacturers, such as Delphi, to consult in the design and engineering phase of new car planning. The newest generations of aircraft at Airbus and Boeing are designed and manufactured to a large extent by ODM partners scattered around the globe. Electronics consult : The consumer electronics and personal computer sectors are heading in the same direction. Contract electronics manufacturers such as Flextronics consult heavily with their clients in the design of new products such as computers, stereos or telecommunications equipment. As technology has advanced rapidly and microchips have become integral components of many everyday items, consulting regarding design and implementation has become necessary to many types of manufacturers. Likewise, many types of service providers, such as those in telecommunications, must consult to a large extent with customers regarding their systems’ needs. Consulting in these types of situations may or may not result in additional fees, but can be vital pieces of the complete sales cycle. In many cases, the consulting functions at manufacturing and services firms have been developed into true profit centers with specific fee structures.
  17. 17. How to Promote Your Consulting Business BY Lou Dubois There has been a notable increase in professional "consultants." Not surprisingly, consultants that spend no money on marketing and advertising tend to do better than those who do. For many consultants, while they may not view themselves as such, they in effect are entrepreneurs. If they have multiple ongoing contracts, they are a consultant and not a contractor. And making that distinction can be an important one to make. How to Promote Your Consulting Business: Proven Methods A lot of consultants put all of their time and energy into becoming an expert in their field. They undergo training and practice, but they don't invest time or energy into learning how to get clients and grow their consulting businesses. Instead of wasting that time, money and effort on advertising, here are a few tips and tricks (by no means comprehensive) for successful promotions that will result in an increase in business and revenue, which is what really matters at the end of the day for all consultants: • Facebook page: in addition to your personal page, start a business page for your consulting practice (free and easy) and use it to promote what you are working on but also to share information. • Twitter: create an account and share your own thoughts but also share relevant stories in the field you are calling yourself an expert in. • Blog: There are a variety of sites you can set up a blog at, but the big five are WordPress, Posterous, Blogger, Tumblr and SquareSpace. The ability to customize the layout and sharing features makes it considerably easier to cross-publish this content. • LinkedIn: Obviously you should have a profile, but join relevant groups or start a group of your own and organize questions, topics and event in-person meetings. • Website: It's pretty hard to sell your business in 2011 without a well-designed, working website. Luckily, domain names are cheap on sites like GoDaddy.com and you can use a variety of free web design services to make it look like you really know what you're doing, even if you know little to nothing about HTML. • Consulting Associations: Depending on the field you are in, you may need a certification to promote yourself as legitimate. Check out the Institute of Management Consultants USA to see what might be required in your field. • Speak at Events: There is no better way to promote yourself than to get in front of a room full of people (both existing and potential clients) and speak on a topic you are an expert in. You'll add serious credibility and get great audio/video clips that you can post to your website. These are just some simple tips. Being a successful consultant takes hard work, commitment and
  18. 18. in the early days a lack of sleep. But if you do it the right way, you can gain business without ever spending a dime. Consulting Industry Overview Statistic Quantity Unit Year Source Global Consulting Industry Revenues1 415 Bil. US$ 2013 PRE India's Outsourcing & Consulting Industry Revenues2 75.8 Bil. US$ 2013 NASSCOM India's Outsourcing & Consulting Industry Forecast2 225 Bil. US$ 2020 NASSCOM U.S. Management, Scientific & Technical Consulting Industry Revenues3 171.9 Bil. US$ 2012 Census U.S. Management, Scientific & Technical Consulting Industry Revenues 156.7 Bil. US$ 2011 Census Management Consulting Companies Revenues 125.9 Bil. US$ 2011 Census Strategic Management Consulting 32.8 Bil. US$ 2011 Census Financial Management Consulting 7.9 Bil. US$ 2011 Census Marketing Management Consulting 12.7 Bil. US$ 2011 Census Human Resources Management Consulting 11.5 Bil. US$ 2011 Census Operations and Supply Chain Management Consulting 9.0 Bil. US$ 2011 Census IT Technical Design, Development and Consulting 8.1 Bil. US$ 2011 Census U.S. Environmental Consulting Services Revenues 11.6 Bil. US$ 2011 Census U.S. Accounting Industry Revenues3 131.6 Bil. US$ 2012 Census U.S. Accounting Industry Revenues 120.5 Bil. US$ 2011 Census Employment in U.S. Accounting & Bookkeeping Services, Seasonally Adjusted 939.1 Thous. Apr-13 BLS Employment in U.S. Management & Technical Consulting Services, Seasonally Adjusted 1,175.0 Thous. Apr-13 BLS 1 Includes HR, IT, strategy, operations management & business advisory services. 2 2013 figure is for the fiscal year ended March 31. Includes export revenues for IT Services, BPO and software consulting, not including domestic consumption. Source: Plunkett Research, ® Ltd. Copyright © 2013 All Rights Reserved. www.plunkettresearch.com Service Lines Access Consulting® content indexed across the main service areas within the consulting profession: • » Human Resources Consulting Services aimed at managing the employee “lifecycle”; consulting around the people component of change management; and improving the effectiveness of the HR function. » View all
  19. 19. • » Strategy Consulting Services that affect the long-term growth prospects of client companies, and their capabilities that enable growth. These services include, but are not limited to, strategic planning, organizational strategy, marketing, sales, branding strategy, and financial strategy. » View all • » Operations Management Consulting: Services that improve the effectiveness of the value chain, including research and development; sourcing raw materials or components; production; delivery; and customer interaction. These services create more effective client operations by advising on and aiding in the implementation of changes to the client’s operational footprint, management systems, processes, and employee behavior. » View all • » Information Technology Consulting Consulting services that include design and construction of IT–related business functions; construction, installation and testing of enterprise applications that support those business functions, infrastructure services that support enterprise applications; IT strategy and planning. » View all • » Business Advisory Services Consulting services that result in business recommendations based on financial analysis and alternative decision scenarios. These services are distinguished by the use of rigorous financial and analytical processes that measure the effects of economic, tax, investment, risk, competitive, and business decision dynamics. Consulting Service to Industry • Insurance • Packaged Goods • Energy • Healthcare • Financial Services • Retail • Public Sector • Manufacturing • Communications • High Tech
  20. 20. The Top 25 Consultants, 2013: Johan Aurik , A.T. Kearney Scott Claus, Capco Carl Carande, KPMG George Cogan, Bain & Company Monica Croy, Point B Sharon Cunninghis, Mercer Jim Folds , Carlisle & Gallagher Jerry Friedman, Accenture Barry Jaruzelski, Booz & Company Jessica Kosmowski, Deloitte Consulting Jim Lewis, Cumberland Consulting Iván Martén, The Boston Consulting Group Kevin McCarty, West Monroe Partners Rob McKay, Capgemini Andy Moose, North Highland James Pajakowski, Protiviti Jill Puleri, IBM Ronald Ray, PwC Maureen Scholl, Aon Hewitt Paul Schur, Slalom Consulting Carrie Shea, AMG Strategic Advisors Carl Smith, Ernst & Young Steven Strammello, Crowe Horwath Ralph Tuliano, Mesirow Financial Dr. Andrew Ziskind, Huron Consulting The Top 25 Award winners, which represented 25 separate firms, were on hand to accept their awards, and were recognized for excellence in one of eight categories: Leadership, Client Service, Healthcare, Public Sector, Technology, Energy, Retail and Financial Services. Photos from the fifth-annual awards dinner, which was the largest Top 25 gathering ever, can be found on Pages 16 to 21.

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