The Management Consultancy Now and Beyond: More than Philanthropic Advisory in INDIA

The Management Consultancy Now and Beyond: More than Philanthropic Advisory in INDIA

INDIA is a country of opportunities in every aspect. We are considering the only economical phase of this country with respect to earning money for each and every individual till micro, small, medium and large industry sectors as well as so-called big shots in the industry. So, from the age around 16-18 until you die who has done something to earn money especially small or very small! Businesses this kind of economical picture you will find in INDIA such as “Chai Wala, typical college assignment writer, person who seals fruits into cut pieces, cleaning glass, person to do dust cleaning, etc. and the professional service providers are already present! ”  These out of the box ideas you will find only in INDIA for sure. 

If you notice there are kinds of combo offers structure type for choosing the service provider like for an example to fulfill one particular need of a customer you will get professional, high professional, non-professionals, self-employed, freelancers so, yes this creates a big confusion in people all over INDIA. Here you have to take help from Management Consultants to avoid future problems and find right solution without wasting time and effort by doing smart work and this is the reality for the industry nowadays. People in INDIA have big misunderstandings with the term “Management Consultant” they don’t know the real meaning of the “Management Consultants”, how they work, why people follow them, how they find the solution, why someone needs the help from management consultant, they don’t know the value of system creation in an organization, they don’t know the value of being organized etc. so on and so forth so like this doubts people have in their mind when it comes to “Management” or “Management Consultancy”.

Let’s see the current status of Management Consultancy now in INDIA. As per the recent research “The Management Consultancy” industry has grown up to 30% based on the skills of respected consultants also the estimated up to Rs. 30,000 crore Management Consultancy Industry.  So, the approximately  50% of the people are taking help from professional management consultant in various ways like by becoming external for organization, for a temporary basis  or project wise or only just consultancy, for making business more profitable and reducing the cost or reducing the overheads and overall improving the organization’s performance and educating the team or staff members of the  company including government and public sector companies but rest of the people may think that we are self-have enough knowledge compare to third party, some people criticized the management consultants for their work structure and plans that they are failing to make our business successful, they think the service or help of management consultancy is too expensive. The biggest problem of these people is they don’t want the consultancy part of the modifications in executions they just need more money in lesser time without doing constructive efforts so, they will start criticizing you and also they will make you feel that you are failing and you don’t deserve to be consultant even if you are authorized or certify consultant.  These people also have the common tendency of thinking that CA, Lawyers, Ph.D. holders, and MBAs will help them in there all the problems and they have other options to outsource the project. So, why they will need “Management Consultant” isn’t it?

The future of this multi-billion dollar industry is growing with changes every minute. We need to become versatile and updated to adapt these changes. So, it’s more than Philanthropic Advisory, yes you read it right just giving advisory will not work anymore. The major change is the Digitization, AI, Analytics and Cybersecurity because of this there are hundreds of analytical tools, models, templates are available, with the help of research & development work some methodologies also changed and new methodologies are getting developed the conclusion behind this is that, the amount of work done by people will replaced by emerging technology this will affect the costing of this industry. The big players of this industry like BCG, IBM, Deloitte, and PricewaterhouseCoopers have incorporated the digital, AI and Cybersecurity changes. So, you might be facing some situations where you have to change your strategy or plan or business model as per the value-based pricing models but as usual client will continue to complain about your fee structure no matter what! Similarly consulting organizations will continue to face the problems while finding skilled and talented consultants to become the asset for the “The Management Consultancy” industry. Globally this is mostly seen as a practical solution for this industry with respect to this the money, time, efforts investment in new technologies will tend to raise the revenue of the company So, companies need to look for their own growth strategy.

Finally, we need to strengthen the framework of our “The Management Consultancy Industry” in INDIA.