For decades, Management Consulting firms have thrived by creating ambiguity & making things more complex than they actually are and resorting to jargons to make sure clients have no clue of what they are talking about. However, this is now increasingly being called out by companies globally.
Situation is no different in India where Government departments, PSUs and big private companies are now hiring consultants for almost all major projects. However, despite being bitten by the likes of BCG & KPMG, who often charge a fortune for adding little or no value, they are reluctant to go to small but more competent firms. It's surprising that there is very limited supply of quality work in consulting industry where big stakes, long term profitability & even survival of companies are on line.
Big 3 - To their credit, the Big three have been able to evolve rapidly keeping pace with the changing dynamics by continuously investing in innovation & technologies of future. They also remain the biggest means to provide credibility to decisions taken by CEOs & Governments around the world who may otherwise face tough questions from the board, investors & general public.
Big 4 - Notwithstanding the conflict of interest because of their Audit division & a poor service quality record, the Big Four are making good money through their Management Consulting divisions globally - including India as their name adds credibility to any large public spending by Government departments & corporates.
New Age Management Consulting Firms - The undesirable trend of poor accountability in this industry will end only when one or more players start focusing on building trust through accountable results and gain a toehold in the industry. A second disruption in consulting industry will not be too far then. Bombay Center For Business And Strategy is one such Management Consulting Firm headquartered in Delhi which aims to create an India based Management Consultancy giant which can be a trusted advisor to organizations across public, private & social sectors by providing quality advisory services.
Major consulting services offered by Bombay Center: www.bombay.center/consulting-services
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