Difference Between Management And Strategy Consulting

 Consulting service is very diverse, therefore, challenging at the same time. A consulting professional works as an advisory body of an organization, company or any business firm. Sometimes their services overlap, so it becomes very difficult to differentiate between their services. For example – a business consulting and management consulting both are responsible to accomplish the target of an organization, for this they both implement strategies for the same organization. Let’s see whether there is any difference between management and strategy consulting.

To start with first understand what is management consulting and strategy consulting respectively –

Management consultation refers to the process through which a company or an organization improve their performances, achieve the goal sheet, reach the target consumer. On the side, Strategy consultants are responsible to throw lights on the big questions and strategic direction of an organization. Both the consultants are primarily responsible to plan, and implement strategies for the good of the organization. Though they are interrelated, yet, there are some differences which has been discussed here –

• Strategy is executed before starting of any project, or establishing a company or organization. Services of a Management consultant comes after establishing the firm or the organization, when there is need to manage overall employees’ performances, productivities etc.
• Management consulting can implement changes within an organization, which may bring improvement to productivity. In order to do this, he/she has to take consultations with the strategy consultants.
• Some of the biggest strategy consulting firms and management consulting firms are respectively - McKinsey, Boston Consulting Group and Bain & Company, and, IBM, EY and the ‘Big Four’ (Deloitte, Accenture, PwC, and KPMG).
• Strategy consultants should have strong aptitude for problem-solving, and knowledge on arithmetic, should have out-of-the-box thinking and high adaptability. Whereas, the services of Management consulting require specialization on various business areas. They have in-depth knowledge about their respective field.
• Few examples of strategy consultations are -

Ø  Launching a new product, service or line of business

Ø  Increasing market share

Ø  Mergers and acquisitions

Ø  Current and future trend analysis

•  Few examples of management consulting are –

Ø  Problem understanding

Ø  Deliverable agreement

Ø  Project plan

Ø  Discovery

Ø  Solution design

Ø  Implementation plan

Ø  Implementation

The other typical responsibilities of management consulting are like leadership quality, team building activities, innovations, lead generation and so on. To incorporate all these together there is a need for strategy consultants. Thus, they are interrelated