Consulting

1. Low-cost structure


2. The entry of many global giants into the Indian market


3. Relaxation of FDI restrictions


4. Strong capabilities in certain areas such as IT, management, engineering, etc.

Categories of Consulting Firms

1. Industry Elite – They are the council for the top management of large corporations; they include Arthur D Little, AT Kearney, BCG, Bain & Co, McKinsey & Co, etc.


2. The Big Four – They also help in strategy but their primary focus is on implementation. This group consists of Deloitte Consulting, Ernst & Young, KPMG and Pricewaterhouse Cooper


3. Boutique Firms – These firms specialize in a particular field; they include Oliver Wyman ( financial services), Gartner (research), etc.


4. IT specialists – They aid in the planning and implementation phase of companies that are involved in Computer systems, telecommunications, and internet. They include IBM, Accenture, etc.


5. Human resource Advisers – they provide solutions in the domains of employee management, compensation, and pension programs. Hewitt Associates, Mercer, etc. belong to this category 


6. Independents – These are experienced business veterans who have expertise in a particular domain and are hired for their domain knowledge in a specific field 

Types of Consulting Services

1. Management/Strategy 


2. Human Resources


3. Technology


4. Marketing


5. Legal/accounting


6. Media/public relations


7. Financial/investment

Challenges for Indian Consultancies

• Firstly, competition & differentiation – There is a need for Indian consultancies is to differentiate from the other global firms and specialize in specific fields


• Secondly, adoption of new Org. Structure – As firms are becoming more and more global and as more global companies are outsourcing their work to India, Indian firms need to adopt a style that is more suitable to their style


• Moreover, managing the knowledge flow – Firms find it difficult to leverage the organizational structure and the knowledge so that there exists a balance between using the current knowledge base and creating new knowledge

Trends in Consulting Industries

1. Multi-Sourcing – Most companies nowadays do not stick to just one consultancy, instead they hire multiple consultancies and give multiple projects to them in order to optimize the results 


2. Fast Growth – With the consulting companies in India getting more and more demand from various global organizations in different domains, they are expanding at a fast pace and the big firms are hiring at a very fast pace and  also they are acquiring smaller firms as well


3. Offshoring – The consulting firms take large projects to form a client and further outsource the work to smaller firms in order to produce good quality work at a fast pace


4. Premium Hiring 

Sources

1. https://www.ibef.org/download/Temporary_Staffing_250909.pdf


2. https://www.consultantsreview.com/ceoinsights/consulting-industry-in-india-prospects-challenges-vid-679.html


3. http://www.careerizma.com/industries/consulting/


4. https://www.insightssuccess.in/future-of-consulting-industry-in-india/