1) " Consultancy" -- As it applies to Consultancy Management consulting is the process of helping companies to improve or transform themselves. This may involve theidentification and cross-fertilization of best practices, analyticaltechniques, change management and coaching skills, technologyimplementations, strategy development or even the simple advantage of an outsider's perspective. They generally bring formalframeworks or methodologies to identify problems or suggest more effective or efficient ways of performing business tasks. Management consulting grew with the rise of Management as a uniqueprofession. In the US, management consulting was often an outgrowth of the accounting profession. During the course of an audit, the accountantwould find a business problem and propose the solution. During the latter half of the twentieth century, as business problems andaudits both became more complex, the large auditing firms segregated their audit and consulting arms into separate businessunits. Management consulting bloomed during the era of reengineering and ERP implementations. In the earlytwenty-first century, a series of accounting scandals and allegations of a loss of independence drove US regulators to insist onthe formal separation of audit and consulting service providers. An auditor can disclose a problem which he/she found but can nolonger propose to fix it.Management consulting is the butt of many business-related jokes. Management consultants are often criticized for overuse of buzzwords, reliance on management fads and an emphasis on form over function.On the other hand, successful management consulting engagements bring resources and/or expertise which the company's internalmanagement team did not have in order to create real changes in the way the company runs its business. In research arena, we found many expert reports for both public and businesswere announced by leading consulting firms after a series of independent researches over years. ...
Common terms in this field are:
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