Consultancy

Consultancy refers to professional services provided by individuals or firms that offer expert knowledge and advice to organizations and other entities to help solve problems, improve performance, manage change, or implement new systems. Consultants may work with clients on a project basis or as ongoing advisers, and they can be external providers or internal specialists within larger organizations.

In a typical engagement, consultants diagnose issues by gathering data, performing analysis, and benchmarking against peers or best practices. They develop recommendations and may help plan and sometimes execute changes. Deliverables include reports, frameworks, roadmaps, or implementation plans. Fees can be time-and-materials, fixed-price, or retainers, and engagements are usually defined by scope, timeline, and deliverables.

Common specialties include management and strategy consulting, IT or technology consulting, operations, financial advisory, risk and compliance, human resources, and environmental, social and governance (ESG) consulting. The consultancy industry ranges from large multinational firms to small boutique practices, with firms offering broad services or highly specialized expertise.

Clients include corporations, government agencies, and non-profit organizations. Benefits of consultancy include access to external expertise, objective analysis, and support for implementing complex change. Potential drawbacks include high cost, variable outcomes, conflicts of interest, and reliance on external advisors. Effective engagements emphasize clear objectives, measurable impact, and knowledge transfer.