Management Consulting - Essay Example

 Management Consulting Abstract Consultancy firms have been on the rise since many years as the industries on the daily basis face the problems. The clients from these industries are the ones who need the helping hands from the consultants who are not only professional but also know the needs of their clients. There are many consultancy forms on the rise but there are only ones who really are successful as they realize the needs of their clients. Introduction Curnow and Reuvid, (2003) have argued that James O' McKinsey has been the founder of McKinsey and Co. He was a professor at the University of Chicago when the firm was founded by the name of James O' McKinsey & Company in Chicago. This has been the firm that provides the consultancy tot eh corporate clients in terms of there businesses. The basic rationale that had led James o McKinsey to formulate the company wee the bitter experiences that he had faced in the terms of the failed corporate management in the Army Ordnance Department during the first world war. Thereby all the corporate managers who are in need of the best management advice are the ones, who should be helped in all ways, was the aim of James O' McKinsey. Rasiel and Friga, (2001) say that for the legal consultancy, Marvin Bower a law graduate from the Harvard University had been recruited after he had been working for another form known as the Cleveland Corporate Law firm for Jon Day but as he had felt the firm was not working in an analytical manner thereby he had joined James O' McKinsey & Company and this was the firm in which he felt that better analytical minds can be accommodated. Main aspect that had been appreciated by Marvin Bower about the way James O' McKinsey was dealing with the clients was that the legal and the corporate level consultancy was being given in a professionally independent manner and as it was seen that this was the main rationale for James McKinsey that was being followed and the clients were returning satisfied. One main strategy that was being applied by Mac in order to win the confidences of the clients was that the people who walked in the firm were thoroughly understood in terms of their needs and this was the main reason as to why the clients and the confidences were being gained at the firm. Sadler, (2001) says that there were two main offices for the firm, one was based at Chicago and the other had been at New York and as per strategy of Max, both offices were run in an independent basis rather than the offices depending on each other. Both the offices had been kept busy by building the greater client base as the networking was increased with the newer and the stronger clients by Bower. Wetfeet (2005) has notified that as the time passed Marshall Field and Company had hired James O' McKinsey & Company so as to increase the consultancy services. In order to keep the business going, James o McKinsey & Company was merged with Scovell, Wellington and company accountant (SW) and the management engineers' from McKinsey, Wellington, and company (MW) and this was the branch which was being handled by Bower. After this, there was some problem that was being faced by the merged firms as the issues started to rise in the greater sized firms. James O’ McKinsey passed away shortly after the mergers and this had been the greatest demise for the firm and after this one of the major decisions that were taken by Bower was that SW was separated from MW. The New York and the Chicago offices were the ones that were being dealt with accordingly and in a collective manner and the revenues were greater in this case as Bower had been able to manage the firm in this way. Case Analysis Schein, (1988) says that the management consultancy has been the one main field that has been researched by many analysts and these include Schein. He gave a theory related to management consultancy in the year of 1988. Models have been given by him and one of these models is the purchase of expertise model which refers to the fact that the clients need to bring the advice and the consultancy given by the consultants to their respective industries. Thus it can be said that the consulting work for the success of the clients and the consultancy that is given by the consultants is what makes successes for the clients. McKinsey and Company have been known as the best management consulting company since the year it had started and it is one of the top consulting companies that have been hiring top management graduated since the year of 1996. Rasiel and Friga, (2001) argue that the main strategy that has been implemented by the firm has been the collective decisions and collective management that has been undertaken at the firm. In addition to this the past managers at the firm especially James O' McKinsey believed that the firms had to be dealt in an independent manner as the New York and the Chicago offices were run in an independent manner. The clients have been dealt in an analytical manner and their issues and the problems were the ones that were properly analyzed and solved by the consultancy techniques. In order to make the customers aware of the strategies that the firm had, Bower agreed on one of the main ideas that the booklets should be printed so as the customers are more than just aware of the management consulting strategies being applied in the firm. In addition to this, the booklet will help the clients in gaining an edge as well as a confidence in trusting the consultants at McKinsey and Company. The strategy that had been employed by the managers and the employers at the McKinsey and Company is that the fresh management and accounting graduates are hired for the management consultancy rather than the experienced managers from different companies. This not only added to the newer brains in the firm but also made sure that the professionalism within the firm increases. The main advantage that has been earned in this case by the company deals with the newer and the more analytical ideas that these newer graduates can bring in the firm. Sadler, (2001) adds that not only the MBA graduates have been hired at the firm but the graduates from the other fields as sciences and law are being hired as this has been the main reason of the variation in the ideas and the strategies being implemented in the firm. This has been the client service philosophy that has been implemented by McKinsey so that the clients know that McKinsey and Company have the ability to deal with more than one clientele kind and they can provide a greater dimension of the consultancy to their clients. Lessons learned Wetfeet (2005) says that greater communiqué between the managers and the employees has to lead to greater success. The personnel at the firm are given an utmost importance. It has been seen that the decisions that are made by the personnel are taken into account and they are analyzed being any fruitful for the firm. The hierarchy and the concept related to the hierarchy is not dealt with in the firm and every employee is the one who has been seen as a strategic mind. Diversity helps in making success by hiring employees from different fields and expansion in the firm has increased as the clients belong to different industries The clients are not only from the transportation industry, but they belong to the medical health professionals, managers, pharmacists and much more. These are the variations that have given an innovation in the consultancy services for the firm. Conclusion Consultancy is another way to solve the issues that the clients from the different industries are facing the problems and the issues are the ones that need to be analyzed and the advice given in accordance. References Curnow, Barry., and Reuvid, Jonathan. (2003). The International Guide to Management Consultancy: The Evolution, Practice, and Structure of Management Consultancy Worldwide: Kogan Page Series. 2nd edition. Kogan Page Publishers. Rasiel, M. Ethan., and Friga, N. Paul. (2001). The McKinsey mind: understanding and implementing the problem-solving tools and management techniques of the world's top strategy consulting firm: NetLibrary, Inc. McGraw-Hill Professional. Sadler, Philip. (2001). Management consultancy: a handbook for best practice: Kogan Page Series. 2nd edition. Kogan Page Publishers. Schein, E. H. (1988). Process Consultation: Its Role in Organization Development. 2d ed. Vol. 1. Reading, Mass.: Addison-Wesley. Wetfeet. (2005). McKinsey & Company: Wetfeet Insider Guides: Insider guide (WetFeet (Firm) Insider Guide. Wetfeet. Read More