When people think of consulting, I assume they first think “recommendations” or solving business problems. This definition may fit well into the dictionary. However, in the modern business world, consulting has shifted from the realm of providing recommendations based on market research, into a space of implementation. It is slowly becoming a one stop shop for solving all business problems.
If you look at the top strategy consulting firms today, strategy seems to be merely one aspect of the business. Take McKinsey & Company, a highly regarded management consulting firm. McKinsey has set up divisions focusing specifically on innovation and technological solutions called McKinsey New Ventures and Periscope, respectively. Through these divisions, McKinsey has been able to obtain deep industry expertise on breakthrough innovation, and has been able to integrate these solutions into their new and existing clients.
Some of the largest consulting practices are in the “Big Four” accounting firms. Deloitte is a major accounting firm but now a major player in consulting. Deloitte has subsidiaries in services such as audit, consulting, risk and financial advisory, tax, legal services, and other business needs to cater to their clients. Additionally, with a global staffing model, Deloitte has the power to improve a company’s global presence in a business ecosystem by providing multifaceted perspectives to a problem, deep analytical research, and worldwide business contacts to administer business solutions.
To stay relevant in today’s market, consultants must be able to jump into business problems and know when to outsource work to the right professionals. Therefore, consultants must build a business network to solve problems out of their reach. At Atlas Consulting, I had the opportunity to work with a firm in the pharmaceutical industry on a business venture. For this venture, applying strategy consulting and providing recommendations was not sufficient to implement a full solution. To administer this, our team integrated technological solutions into their business, while members of the firm could focus on the core business of selling their product.
At Atlas Consulting Group, we seek to emulate a one stop shop for solving business problems within startup and midsize companies. Our network allows us solve problems outside of the traditional strategy-focused consulting groups, allowing companies focus on their core business.