Over the last few decades, the term “Management Consulting Industry” has been the fundamental business model that revolved around sending smart people into client organizations, in order to solve their most prevalent challenges and problems. Any clarification or a definition that required a new strategy cost-cutting programs or the implementation of new technologies, the management consulting industry always had the right recipe for the problem.
Over the last few centuries, the need for management consulting firms is increasing in t“he market. There is an increasing need for system implementation and process approach. The stakeholders in the company are also looking for a standardized approach and they seek experts consultation to do so. The management consulting industry is evolving from the increasing number of mechanical inventions and the emergence of mass production or more recently from technological development. In spite of the need for such expertise, there is a lack of supply to the growing demand especially in under-developed countries like Nepal.
The role of the consulting industry varies globally and culturally. In developed countries like UK, USA there is a growing need and demand for such types of services because companies want to have that competitive advantage. When it comes to underdeveloped countries like Nepal, the term management consulting is still very new, where traditional forms of business processes still exist. It is the job of the consultants to create that need here and supply the expertise required in a minimum cost available. This scenario is having a difficult understanding as to if there is any future for management consulting firms in Nepal.
This is the age of digitalization, where companies want more efficient resources for functioning. There is also a rumor about machines replacing technologies in developed countries. The main question here is will management experts and consultants also be replaced by such technologies that can give companies double-digit growth rates. This is still a doubtfulness as to when this will happen and who will it affect.
The future is unknown for now for the management consulting industry. In some areas of the globe the demand exceeds the supply whereas, in some countries, the need is to created. The importance and expertise of the management consulting industry are beyond expectations but in underdeveloped countries, it is ignored even by the government.