Strategy consulting is a type of management consulting that helps organizations make high-level decisions in an impartial manner. It involves using deep industry knowledge to deliver the best results and help companies remain competitive. Strategy consultants analyze business practices, identify industry trends, and create strategies to improve performance and revenue. They can also provide strategic advice for mergers and acquisitions, organizational strategy, and operations. Organizational strategy involves designing organizational structures and corporate governance to ensure the optimal delivery of a broader strategic mission.
This could include a root and branch review of IT systems that requires a large number of strategic decisions in different functional areas. A consultant with experience in this area may have to work with the company's internal team for several months to devise strategies and implement the best accounting system for the new market. Across the United States, there are thousands of smaller, independent consultancies that offer strategic advice. Strategic consulting is the process of hiring an external consultant or company to help guide companies on how to best achieve their objectives. The health of the strategic consulting market is tied to the strength of the overall economy, with growth driven by periods of prosperity and hampered during recessions. Strategy consultants are valuable to companies that need help developing strategies or finding solutions to complex problems.
One of the biggest challenges for strategic consultants is to maintain objectivity throughout this process. Rather than helping to redefine the corporate objectives of a commercial giant, strategy consultants are more likely to be hired to provide input on a specific strategic decision at a precise intersection between industry and function. In a sense, strategy consultants have become victims of their own success, as the need for strategic planning has been ingrained in American companies since the 1970s. Here, consultants not only create IT strategies but understand the vital link between technological capacity and a broader business strategy, designing plans to ensure that the customer's business framework can manage the adoption of innovative new technologies. Strategy consulting can be an invaluable asset for businesses looking to stay competitive in their industry. By providing impartial advice on high-level decisions, strategy consultants can help companies identify industry trends, create strategies for improvement, and develop solutions to complex problems.