Business consultants provide management consulting to help organizations improve their performance and efficiency. These professionals analyse business problems and create solutions while also helping companies to achieve their goals. Business consultants provide advice and experience as a valuable resource for every country and every industry. The initial period of growth in the consulting industry was triggered and driven by demand for advice on finance, strategy, and organization.
The industry experienced significant growth in the 1980s and 1990s, gaining considerable importance in relation to national gross domestic product. In 1980 there were only five consulting firms with more than 1,000 consultants worldwide, whereas by the 1990s there were more than thirty firms of this size. The wave growth was driven by both strategy and information technology advice.
It is the economic organ of industrial society which means taking action to make the desired result pass. To manage is to forecast, plan, to organize, to command, to co-ordinate and to control. After globalization various changes took place in the management in India. The managers in Indian firms have to face a lot of problems. These challenges are relating to technology, globalization, intellectual properties, finance, marketing.
In today’s world, choice of technology is the main challenge. It is as per organizational size, goals and cost. It’s an important task for managers to choose options which suit them best. Implementation of the new technology and training all employees towards these changes is also a big challenge. It is a big challenge for management to decide who should get access to what information on the network. The conversion of implicit knowledge (the employee’s mind) into explicit knowledge (it is stored in any form of document) is the great challenge before management, as knowledge workers are the assets of any organization. Measurement of the use of any person’ intellectual capital in the organization is another problem in front of today’s management.
Strategies are the part of management but it’s important to bridge the gap between thinking and acting of any strategy which also is a challenge before the management. Management has changed from time to time which opens a door for the manager to face more challenges for his own as well as organizational development
Now the Indian marketing system shifted from seller to buyers due to the customer awareness. Consumer organizations are demanding to produce and supply quality goods at reasonable and competitive prices. It is essential for the Indian managers to take proper action to compete in the market and also give maximum satisfaction to the consumers. Thus, management has to face various challenges in the business right from technological, financial, social and cultural to personnel challenges. Management has to overcome these challenges in order to survive in the cutthroat competition and develop its business.
Growing crisis of development in organizations is a major problem. Many organizations have witnessed a serious problem of managerial development in decision making and even work performance due to poor understanding of related issues. In order to understand organizational strategy to develop managerial capabilities in their staff with help of consulting firms and what are the benefits of such managerial developments in solving the organizations key issues to be studied in this research.
