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Today, strategy consulting is not just about offering traditional management advice; it is increasingly about leveraging emerging technologies (such as artificial intelligence and big data analytics) to drive business transformation. Known for its deep industry expertise in healthcare, life sciences, and private equity, L.E.K.
By the end, youll have a clear picture of the work consultants perform, the skills they bring to the table, and why their work is so crucial for businesses around the globe. An Introduction to Consulting At its core, consulting is all about problem-solving. Consulting can be divided into several kinds of work.
Many leaders of companies, governments and other institutions started their careers in consulting but have not spoken extensively about their experiences and what it taught them. Indro Nooyi was the CEO of Pepsi and now works with the Yale School of Management as well as working with the state of Connecticut on the Covid-19 rollout.
For example, under “Threat of new entrants,” they might consider factors like economies of scale, brand loyalty, or government regulations. It’s not just about your direct competitors, but about the entire ecosystem your business operates in. Do you have a toolkit for businessproblemsolving?
The history of strategy consulting starts with Frederick Taylor and the Scientific Management movement but took many twists and turns as it evolved into its current state, an industry looking inward and pondering where it fits in the new technology-powered business world. Chapter 1: Frederick Taylor: “The System Must Be First”.
But outside of these firms, there’s a huge spectrum of smaller consultancies doing similar strategy work with directors, VPs, and middle management, often building successful businesses with long-term clients. They also help with CEO transitions, governance structure, and crisis management.
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