| When considering the context of business, consulting | | | | a particular field or industry. |
| is advice in exchange for a fee. When businesses | | | | There are management consulting firms available who |
| face problems and need assistance with problem | | | | offer advise for a fee to non-profit organizations, |
| solving to overcome them, they consult the | | | | leaders of corporations and governments. The most |
| expertise of a consultant that can provide solutions | | | | frequent services involve operations, strategy, HR, |
| through their advanced skills and knowledge. | | | | IT and finance. Organizations typically need assistance |
| By providing services as a specialist in a particular | | | | in finding solutions for marketing, IT implementation, |
| field, area or industry, individuals in these positions | | | | pricing, government policy and new product |
| may specialize in strategy, technology, management, | | | | strategies. |
| retail, or multiple areas in order to accommodate a | | | | Every industry offers advising services whether it is |
| vast array of company needs. People with | | | | energy, pharmaceuticals or any goods and services. |
| experience and expertise are the power behind | | | | There are companies that focus on a particular topic |
| successful consulting. | | | | and span across industries offering solutions for |
| In a business context, this type of advice refers to | | | | every kind of organizations needs. Some |
| management consulting and the ability to help | | | | management consulting firms concentrate on a |
| businesses problem-solve to create solutions for their | | | | particular industry but provide advice on virtually |
| organization. These solutions help a company to | | | | every kind of issue. |
| reduce costs, increase productivity and increase | | | | Consulting firms come in different shapes and sizes |
| performance also by using the expertise and advice | | | | and either be split apart by topic or organized based |
| of specialists to provide those solutions. | | | | on the industry or the type of problems they |
| Consultants create detailed plans to help a company | | | | specialize in. Some large companies have a system |
| first to assess their goals and isolate any problems in | | | | called a matrix where firms use functional practice |
| order to make that company run more efficiently. | | | | groups as well as industry practice groups. There are |
| The individuals who seek out these services are | | | | also companies that focus exclusively on financial |
| executives and other leaders of corporations that | | | | services or any type of specific industry and provide |
| need the expertise of an individual who specializes in | | | | advice on every type of issue. |