One of the biggest growing industries in the world today is the consulting industry. The growth within the consulting industry is a direct result of the massive changes the business industry has seen over the past decade. To adapt to these changes, businesses of all sizes turn to consult firms for help.
The consulting industry’s success has resulted in many companies popping up worldwide. Where do you begin your search when you need professional consulting for your business?
Role of a Consulting Firm
A consulting firm provides one or more consultants with specialized skills to address clients’ needs who feel they should have the unique resources to do so independently.
In some cases, businesses want an outside perspective and are turning to the experience and expertise of a consulting firm for guidance.
As for what a consulting firm does, this varies. Most firms provide management or financial consulting services. In some cases, others will offer one or both.
A consulting firm will also develop or improve fresh business strategies and help find and solve inadequacies throughout business ideas. It will also assist in improving an organization’s specific aspects, including sales, marketing, HR, and IT.
The majority of consulting firms will focus their services on particular industries too.
The World’s Nine Most Prestigious Consulting Firms
Here are the top 9 consulting firms, along with vital details about each one and the type of services they provide.
- Entrance Consulting
This is not just any consulting firm, as it boasts quite a variety of services. Entrance Consulting prides itself on delivering quality services to its esteemed customers. It is run by a team of certified and experienced experts who work diligently to help you achieve your company’s goals.
- McKinsey and Company
This doesn’t come as a surprise at all! McKinsey & Company is undoubtedly the most promising consulting firm worldwide. They are also among the oldest, established in 1926 by James O McKinsey and Marvin Bower.
They currently have over 127 offices globally and boast over $8 billion in revenue. They are a firm that focuses primarily on management and deals in several practice areas. Some of them include; addressing organizational, operational, strategic, and technological issues.
- Bain and Company
Founded in 1973, Bain and Company is a management consulting firm with about 59 offices around the globe. They have made it to the list of consulting firms to work for by both Consulting Magazine and Fortune magazine.
They provide consulting services that address almost every aspect of an organization, including mergers, marketing, and acquisitions. Not to mention organization, operations, technology, and sustainability within several industries, from healthcare to media.
- Oliver Wyman
Founded in 1984, it attained its present status upon merging with the well-known Mercer Management Consulting and the Mercer Delta in 2007.
This move saw them earn several accolades as one of the most outstanding companies to work for by Working Mothers, Fortune Magazine, and Financial Times.
Their consulting services address sustainability, operations, strategy, risk management, digital, corporate finance, and restructuring.
- The Boston Consulting Group, Inc.
It was established in 1963 out of Boston. BCG has a reputation for innovation and has been among the pioneer consulting companies to emphasize more on leadership and its benefits.
They are second on the list of the biggest consulting firms, with over 90 offices in 50 countries. Besides serving many 500 largest companies globally, they are also associated with more modest mid-sized companies. This includes non-profit organizations and government agencies.
- EY-Parthenon
Parthenon-EY is the result of a merger between the Parthenon Group and EY in 1991. Their headquarters are in Boston, MA. Although traditionally a financial consulting service, they have expanded their consulting services to include marketing, strategy, and operations.
More specifically, they focus on corporate strategy, investment strategy, value optimization, and transaction evaluation.
They serve multiple clients, including private equity clients, Global 1000 corporations, non-profit groups, and more.
- IBM Global Services
IBM Global Services falls under management consulting and focuses mainly on business systems integration and consulting. It deals explicitly in human capital management, customer relationship management, strategy, and change, to mention but a few.
They serve various industries, including aerospace and defense, banking, travel and transportation, insurance, retail, government, and media. Considering their size, it shouldn’t be surprising that they have over 300,000 employees.
- KPMG
KMPG (Klynveld Peat Marwick Goerdeler) is based out of Amstelveen, the Netherlands. However, they are headquartered in NYC. KPMG is a financial advisory firm focusing on three main fields: advisory, audit, and tax.
Their advisory services are organized into deal advisory, management consulting, and risk consulting. KMPG can be traced back to 1870, although they are an international network of independent member firms.
However, it wasn’t the KMPG we are familiar with until the significant merger in 1987.
- Strategy&
Strategy& originated from Booz and Company, founded in 1914 (formerly known as the Business Research Service). When Booz and Company dissolved in 2008, it was succeeded by Strategy&. They currently have more than 3,000 employees in 72 offices across the world.
Conclusion
Picking out the right consulting firm for your company’s needs can be daunting. It only gets worse when entrepreneurs have no idea what to focus on during the selection process. Don’t you worry? You can never go wrong with the above list of highly-ranked consulting companies. They’ve done exceptionally well and will surely give your business the boost it needs.