This assignment discusses the issues and trends in management consulting services and the global consulting industry. Companies offering consultation services assemble a group of intelligent, analytical minds that work together to help clients solve complex business problems. They aim at assisting businesses to solve performance problems and create more value for their products and services. In recent years, there is an increasing demand for consultancy services in management. This shows how important the aspect of management is for organizations. Consulting firms are also growing in size, given their success in ensuring improved business performance for their clients. The global consulting industry involves extensive research on all aspects of business.
BUS30009 management consulting services and the global consulting industry
RECENT HISTORY AND SCOPE OF THE GLOBAL CONSULTING INDUSTRY
Globalization enhances the growth of the global consulting industry. Countries with stable economic conditions enjoy more profits, which they can use for consulting services. Since 2011, the industry grew with an average Compound Annual Growth Rate (CAGR) of 4.1% to $251 billion in 2016. The demand for consultancy services mainly focuses on strategic and financial advisory services and operational management (30%). The digital revolution also fuels the need for management consulting services as organizations are not conversant with new technology. IT Consulting holds a 20% share of the overall market. Lastly, the leading region in consultancy services in North America, followed by Europe, the Middle East, and Africa.
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BUS30009 MANAGEMENT CONSULTING SERVICES AND FACTORS INCREASING THE DEMAND FOR CONSULTANCY SERVICES
Globalization, the digital revolution, and complexity in management drive the demand for consultancy services. With these services, organizations can realize operational efficiency that enables them to maintain a competitive edge. Organizations can also benefit from consultancy services when venturing into new markets. Organizations may have different reasons for requiring management consulting services. This depends on their most vulnerable or crucial aspects of business. Business models such as network-based consulting and crowdsourcing are now evolving in management consulting. In the global consulting industry, North America and Europe contribute more than half of all consulting revenues. Therefore, complex requirements for business in these regions result in the high demand for consultancy services.
factors increasing the demand for consultancy services
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