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Lecture 10

BNAD 100 Lecture 10: Session 10--Consulting

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Department
Business Administration
Course
BNAD 100
Professor
Rob Mateucci
Semester
Spring

Description
Session 10—Consulting I. Consulting A. Consultant = an "expert who gives advice" 1. People who work in consulting give advice to companies for a fee 2. Are hired and paid by companies to solve a specific problem 3. Gather information • Research (read) • Learn and interpret information • Analyze large sets of data • Interview people--another way to learn 4. Summarize and Present information • Write summaries and opinions--synthesize your findings • Summarize data • Create PPT slides to present--to boss, clients, B. Industry by numbers • 700K + consulting firms registered in the U.S. • Most of these firms are made up of 1 or 2 individuals • 1.5 million people work in consulting in the U.S. • $223 Billion of revenue in 2016 Why do companies hire consulting firms? 1. There's a problem they don't know how to solve 2. There's a problem they don’t have time to solve 3. They need a unique perspective to make the best decision 4. They need a lot of people to tackle a new project 5. Sometimes it is cheaper & easier to hire consultants instead of hiring more & the right employees D. 3 Primary Types of Consulting 1. Strategy Consulting = help a company's executive officers make high-level decisions to improve the company's performance -- "I HAVE A PROBLEM, WHAT DO I DO?" • 3 "elite" consulting Firms specialize in Strategy Consulting: • Bain (5700 employees) • McKinsey (11,000 employees) • Boston Consulting Group (6200 employees) • Expensive advice • Example: • You are a CEO of a company and are faced with a problem--hire a consultant to help you find a solution • EX: Cement Work stream Project • Consultants are like ambassadors for content • Gather and create content
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