Management consultants operate in the following areas:
Operations and implementation:
In operations consulting, strategy is put into action. In this, efforts are taken to save money and improve efficiency. Responsibilities in operations and implementation consulting are:
Human resources consulting:
Human resources consulting is concerned about enhancing the value of employees and placing the right people at the right place. Human resource outsourcing is a key aspect of human resource consulting. Many companies are going to HR consulting firms to administer their internal human resource department. Responsibilities of human resource consulting include assisting a company to come up with a leadership development plan for the junior staff, estimating the financial costs of altering benefits plans, and preparing a preservation strategy for a company with high revenue.
Health care/Pharmaceuticals consulting:
Typically, healthcare and pharmaceuticals consulting is responsible for preparing an electronic medical records system which is used in a hospital or pharmaceutical company, assessing the market situation when a new pharmaceutical product is launched and assisting insurance companies in the management of the repayments.
Economic consulting:
Economic consulting is formed using statistical studies, quantitative analysis, and modeling services. Economic consulting is engaged in activities like assisting clients in adhering to the tax regulations as per the country in which the company is operating, forecasting the financial effect of environmental regulations, and evaluating the feasibility of a proposed merger.
Financial consulting:
Financial consulting has gained momentum in assisting a company in managing crises and deals. Some engagements in financial consulting include implementation of proprietary financial model to enhance performance, assisting the investment company to develop a strategy for reaching new markets, and assessing the liquidity for the equity in a company.