WHAT DOES A CONSULTING COMPANY DO?
The word “consulting” means “advising”. It is a field in management focused on providing business entities and organizations with advisory services. Consulting services are highly diversified and include restructuring, financial, project-related and IT activities. A consulting company may simultaneously advise on how to manage human capital and how to implement state-of-the-art IT solutions. Let’s check what else can a consulting company do?
Consulting – economic advisory services
Consulting is a form of economic advisory services and the concept behind it was born at the end of the 19th century. It was the result of a growing need to improve efficiency. The first consulting company offering economic advisory services was established in 1926 in Chicago. Modern consulting companies offer the following advisory services:
- Strategic consulting. It involves drafting and implementing development plans. Such form of consulting usually focuses on strategic analyses (of resources, the industry and competitiveness), identifying strategies and implementing quality and incentive systems.
- Operational consulting. It’s focus lies with optimizing a company’s current operations. These services include such aspects as process management and outsourcing.
- IT consulting. It entails identifying the technological needs of the company and implementing an appropriate IT infrastructure. It also includes technical supervision over the information flow at a company.
- Tax consulting. As part of providing advisory services, a consulting company establishes tax strategies to optimize tax burden, interprets changing legal standards and represents clients in court proceedings.
- Financial consulting. A consulting company alters its clients financial structure to improve its profitability. It performs financial analyses, identifies needs, selects the best offers and drafts business plans.
- Personal consulting. It entails implementing effective HR management solutions (especially with respect to recruitment processes) and analyzing training needs.
- Marketing and PR consulting. A consulting company may also act as an intermediary in drafting promotional strategies, creating a company’s image and managing the distribution of information between a company and the public.