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Strategic Consulting is the sub-function of the broad concept of Management Consulting. Strategic consultants advise entities on making important decisions by following a research-based method. These strategic consultants use industry knowledge and studies to provide correct advice to the clients. Strategic consulting is considered as the high-end work of the consulting industry.
Strategy consultants support clients with strategic decision making. This includes the formation of strategy and also in the execution of the same. These consultants typically work with high-ranked management executives.
The main aim of strategic consulting is to provide strategic advice to clients on management concerns. Strategic consulting services exist across every industry, helping them from organizational management and business policy.
Financial consulting or related consulting domains exercise within a single stream of expertise or industry. Whereas, Strategic consulting functions across different domains and industries.
The main task of strategic consultants is to provide advice on management concerns of the organization. The process includes data gathering by way of research, survey, case studies, etc. Further, the consultants try to check the waters of this data by way of testing. Unlike, operations consulting and financial consulting, they function across different domains and industries.
The field of strategic consultancy is spanned into 8 branches, namely, Corporate strategy, Economic policy, organizational strategy, business model transformation, mergers and acquisitions, Functional Strategy, Strategy & Operations in Digital Strategy.
Strategy consultants are hired by companies to work along with the top-level management and achieve the organizational goals. They help in designing of vision statements, strategic plans, and roadmaps to proceed further. Additionally, help to determine the resources and activities that are necessary to reach the company objectives. They also help in the assessment of strategic options, development of business plans and market growth strategies, etc.
Strategic consultants work with value executives if the organization such as financial advisors, lawyers, and investment bankers.
They help in the development of economic policy covering the aspects of fiscal policy, taxation, budgeting, monetary policy, etc. They also assist in the development of policies to deal with regulatory authorities, partners, investors, and customers.
The strategic consultants ensure that the organization is functioning in the desired manner, and all the activities are in alignment with organizational vision. They help in framing or reframing of structures after assessing organizational competitiveness. They help to develop human resource management strategies to make optimum utilization of the human resource.
Strategic consultancy services help in the development of strategies for a variety of organizational functions ranging from sales to Human resources management.
Although the terms strategic consulting and management consulting sound similar, there are vital differences between the two. The largest difference between strategy consulting and other forms of management consulting is that their role is limited to the advisory value chain.
Typically they work on the strategic advisory part of the project. Their role in the execution part of the project is limited or active at the strategic advisory front, unlike the management consulting firm.
The strategic consultants work closely with the management to understand their needs and strengths. They help to provide special industry solutions for the client’s requirements and business goals. They ensure the organization is equipped to face strategic challenges such as a change in market conditions or economic shifts.
Strategic consulting helps in the growth of revenue for the organization. They advise to enhance the already existing revenue and help to develop new channels after sheer research and assessment.
Strategic consulting leads to the development of new channels of business innovation. They help in the development of new services and product along with advancement in pre-existing business processes.
The strategic consulting firms help to increase the efficiency of the organization by their sheer expertise. They guide the organization with plans and planning to harness its full potential.
Strategic consultants play a crucial role at the time of mergers and acquisition. They help to identify the possibilities that come in along with the merger or acquisition. They do the process of screening, due diligence, and post-merger integration.
Strategic consultants help in the formation of a complete functional strategy for the organization. They help to frame policies covering the activities of the organization at each level of management. They frame functional strategies for the development of all back-office operations, including human resources, finance, capital management, etc.