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SCHULICH CONSULTING CLUB
INDUSTRY OVERVIEW
Consulting is a dynamic industry that works across various industries and many clients. On this page, we have outlined the various streams, or specializations, that you can go into if you choose to break into consulting.
Specializations include:
Brand
Branding consultants assess whether a company delivers value aligning with their customer’s needs and are responsible for developing strategies for new and existing products. Brand consultancy expands from the cosmetics of a company which encompasses logos and advertisements, all the way to pricing and placement. By utilizing metrics and conducting market research, consultants are better able to understand customers, competitors, product needs, and market trends. Branding consultants then help ensure that companies have a clear target group, effective methods in reaching the target group and consistent internal company goals. With this information, a customer-focused brand strategy is built.
Key Concepts
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Branding – process of discovering and communicating the overall image of a company.
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Brand - image you project in the market to your target audience
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Target Market – The desired potential customer audience. The best way to determine who is in your target market involves creating a “customer profile” of a fake person who represents your ideal client.
Companies that specialize in it
Business Transformation
Business transformation consultants work with organizations to prepare them for change. Not only is business transformation consulting about how to anticipate and best respond to inevitable changes in the external environment but it is also about how to initiate change and be the disruptor in an industry that a company may already dominate. Business transformation consulting is about rethinking the way business is done. In today’s ever-changing business world, companies big and small are realizing the importance of an ongoing business transformation strategy.
Companies that specialize in it
Corporate and Business Unit Strategy
Corporate and business unit strategy consulting primarily focuses on assisting businesses in creating, developing and achieving goals and targets successfully. The role of a corporate and business unit strategy consultant consists of offering a variety of services, including evaluating specific areas of the business as well as the business structures, operations, and processes as a whole.
Companies that specialize in it
Financial
Financial consultants work with the finance function of a company to help them more quickly and easily understand financial data and use that data to make informed decisions. Financial consultants are tasked with increasing the value that the finance function provides to the overall business. Financial consultants work in all industries from energy and mining to healthcare to the public sector.
Some examples of the tasks of financial consultants
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Improving internal controls
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Increasing the efficiency of financial systems while meeting the increased standards for transparency in financial reporting
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Implementing advanced analytics to find ways to cut costs or streamline supplier selection
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Guiding businesses through post-M&A integration
Companies that specialize in it
Human Capital
Human capital consultants serve to strategically plan and design an organization. These consultants manage performance, professional development, and human resources. It is important to make sure the employee’s values align with the company’s in order to maximize performance. A human capital consultant takes every step possible to implement strategies to create a better organization. Some aspects include organizational design, change management, leadership development, talent development and maintaining culture and diversity.
Companies that specialize in it
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Marketing
Marketing consulting includes a series of processes that consist of creating strategies to improve business opportunities and customer engagements, by maintaining existing customers and attracting new clients. The role of a marketing consultant involves assessing the internal and external factors affecting the business, which includes customer satisfaction, market trends, customer needs, technological advancements, and environmental factors.
Companies that specialize in it
Sales
A sales consultant helps businesses look for potential clients and create different strategies to effectively sell products and services. They are the bridge between the customer and the business. It is their responsibility to fully know and understand the firm’s offerings in order to maintain a long relationship with clients. Sales consultants help drive most of the revenue to the business and are vital to its success.
Companies that specialize in it
Strategy and Operations
Strategy consulting is the second subgroup of management consulting (human capital consulting being the other). Strategy consulting advises companies on high-level decisions using in-depth industry knowledge. It supports the client in answering “what do we do” when the client is faced with a difficult situation.
Companies that specialize in it
Supply Chain
Supply chain consulting includes creating and promoting various supply chain consulting strategies in order for the company to attain successful and efficient business processes. The role of a supply chain consultant primarily consists of determining client needs, proposing improvements to methodology, as well as identifying client issues and concerns regarding their business processes.
Key Concept
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Methodology – a system of methods used in a particular area of study or activity
Companies that specialize in it
Tech/IT
Technology consulting consists of many different roles, a tech consultant can expect to design business technology strategies, develop technology architecture and deliver enterprise applications. Technology consulting aims to solve business problems in the tech space using industry knowledge. Technology consulting is a thriving facet of consulting as many companies have started looking into how they can integrate technology.
Companies that specialize in it
