Wednesday, July 13, 2005
History of Management Consulting
History
Management consulting grew with the rise of management as a unique field of study. The first management consulting firm was Arthur D. Little, founded in the late 1890s by the MIT professor of the same name. Though Arthur D. Little later became a general management consultancy, originally specialized in technical research. The first pure management and strategy consulting company was McKinsey & Company, still considered a leader in the field. McKinsey was founded in Chicago during 1926 by James O. McKinsey, but the modern McKinsey was shaped by Marvin Bower, who believed that management consultancies should adhere to the same high professional standards as lawyers and doctors. Andrew T. Kearney, an original McKinsey partner broke off and started A.T. Kearney in 1937.
After World War II, a number of new management consulting firms formed, most notably Boston Consulting Group, founded in 1963, which brought a vigorous analytical approach to the study of management and strategy. Work done at McKinsey, BCG, and Harvard Business School during the 1960s and 70s developed the tools and approaches that would define the new field of strategic management, setting the groundwork for many consulting firms to follow. Also significant was the development of consulting arms by both accounting firms (such as Arthur Andersen) and global IT services companies (such as IBM).
Current State of the Industry
Management consulting has grown rapidly, with growth rates of the industry exceeding 20% in the 1980s and 1990s. As a business service, consulting remains highly cyclical and linked to overall economic conditions. The consulting industry shrank during the 2001-2003 period, but had been experiencing slowly increasing growth since. In 2004, revenues were up 3% over the previous year, yielding a market size of just under $125 billion
Currently, there are three main types of consulting firms. First, there are large, diversified organizations, such as IBM's Global Services and Deloitte Consulting offer a range of services, including IT consulting, in addition to a management consulting practice. Second are the large management and strategic consulting specialists, like the venerable McKinsey, that offer purely management consulting, but are not specialized in any one industry. Finally, there are boutique firms, often quite small, that have extremely focused areas of consulting expertise, such as Canback Dangel in corporate analytics or First Manhattan in banking.
Approaches
Management consulting has become the primary source for innovation in the practice of management, forming a bridge between academia, firms, and thought leaders in other fields. As a result, management consulting firms use a variety of tools and techniques to approach business problems. See strategic management for more information.
Criticism
Management consultants are often criticized for overuse of buzzwords, reliance on management fads and a failure to develop executable plans that can be followed through. A number of highly critical books about management consulting argue that the mismatch between management consulting advice and the ability of business executives to actually create the change suggested results in substantial damages to existing businesses, see, for example Dangerous Company by James O'Shea.
Not surprisingly, management consulting is also the butt of many business-related jokes, such as: "Question: What’s the difference between a management consultant and a used-car salesman. Answer: A used car salesman knows when he is lying."
Leading Firms
The Vault Guide to Top Consulting Firms lists the following as the top five management consulting companies:
McKinsey and Company
Boston Consulting Group
LAWADM Consulting Group
Bain and Company
Booz Allen Hamilton
Monitor Group
Books about Management Consulting
Managing the Professional Services Firm, by David Maister
Guerrilla Marketing for Consulting, Jay Conrad Levinson and Michael W. McLaughlin
Flawless Consulting, by Peter Block
The Professional Services Firm Bible, by John Baschab
Managing Transitions, By William Bridges
Management consulting grew with the rise of management as a unique field of study. The first management consulting firm was Arthur D. Little, founded in the late 1890s by the MIT professor of the same name. Though Arthur D. Little later became a general management consultancy, originally specialized in technical research. The first pure management and strategy consulting company was McKinsey & Company, still considered a leader in the field. McKinsey was founded in Chicago during 1926 by James O. McKinsey, but the modern McKinsey was shaped by Marvin Bower, who believed that management consultancies should adhere to the same high professional standards as lawyers and doctors. Andrew T. Kearney, an original McKinsey partner broke off and started A.T. Kearney in 1937.
After World War II, a number of new management consulting firms formed, most notably Boston Consulting Group, founded in 1963, which brought a vigorous analytical approach to the study of management and strategy. Work done at McKinsey, BCG, and Harvard Business School during the 1960s and 70s developed the tools and approaches that would define the new field of strategic management, setting the groundwork for many consulting firms to follow. Also significant was the development of consulting arms by both accounting firms (such as Arthur Andersen) and global IT services companies (such as IBM).
Current State of the Industry
Management consulting has grown rapidly, with growth rates of the industry exceeding 20% in the 1980s and 1990s. As a business service, consulting remains highly cyclical and linked to overall economic conditions. The consulting industry shrank during the 2001-2003 period, but had been experiencing slowly increasing growth since. In 2004, revenues were up 3% over the previous year, yielding a market size of just under $125 billion
Currently, there are three main types of consulting firms. First, there are large, diversified organizations, such as IBM's Global Services and Deloitte Consulting offer a range of services, including IT consulting, in addition to a management consulting practice. Second are the large management and strategic consulting specialists, like the venerable McKinsey, that offer purely management consulting, but are not specialized in any one industry. Finally, there are boutique firms, often quite small, that have extremely focused areas of consulting expertise, such as Canback Dangel in corporate analytics or First Manhattan in banking.
Approaches
Management consulting has become the primary source for innovation in the practice of management, forming a bridge between academia, firms, and thought leaders in other fields. As a result, management consulting firms use a variety of tools and techniques to approach business problems. See strategic management for more information.
Criticism
Management consultants are often criticized for overuse of buzzwords, reliance on management fads and a failure to develop executable plans that can be followed through. A number of highly critical books about management consulting argue that the mismatch between management consulting advice and the ability of business executives to actually create the change suggested results in substantial damages to existing businesses, see, for example Dangerous Company by James O'Shea.
Not surprisingly, management consulting is also the butt of many business-related jokes, such as: "Question: What’s the difference between a management consultant and a used-car salesman. Answer: A used car salesman knows when he is lying."
Leading Firms
The Vault Guide to Top Consulting Firms lists the following as the top five management consulting companies:
McKinsey and Company
Boston Consulting Group
LAWADM Consulting Group
Bain and Company
Booz Allen Hamilton
Monitor Group
Books about Management Consulting
Managing the Professional Services Firm, by David Maister
Guerrilla Marketing for Consulting, Jay Conrad Levinson and Michael W. McLaughlin
Flawless Consulting, by Peter Block
The Professional Services Firm Bible, by John Baschab
Managing Transitions, By William Bridges
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All statements made are our express opinion only and should be treated as such. We may own, take position and sell any securities mentioned at any time. Any statements that express or involve discussions with respect to predictions, goals, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be \"forward looking statements.\" Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. This profile is in no way affiliated with the featured company. We were compensated one thousand dollars from third party (IR Marketing) to distribute this report. Forward looking statements in this action may be identified through the use of words such as: \"projects\", \"foresee\", \"expects\". in compliance with Section 17(b), we disclose the holding of FGS shares prior to the publication of this report. Be aware of an inherent conflict of interest resulting from such holdings due to our intent to profit from the liquidation of these shares. Shares may be sold at any time, even after positive statements have been made regarding the above company. Since we own shares, there is an inherent conflict of interest in our statements and opinions. Readers of this publication are cautioned not to place undue reliance on forward-looking statements, which are based on certain assumptions and expectations involving various risks and uncertainties that could cause results to differ materially from those set forth in the forward- looking statements. This is not solicitation to buy or sell stocks, this text is for informational purpose only and you should seek professional advice from registered financial advisor before you do anything related with buying or selling stocks, penny stocks are very high risk and you can lose your entire investment.
+++++++++++Current Profile+++++++++++
Faceprint Global Solutions (FCPG)
Current Price $0.15
A company with hot new identity solution products
and licenses with over 40 current governmental and
non-governmental contracts in negotiations.
+++++++++++++++++++++++++++++++++
FCPG is now offering the world's leading encryption software to IBM's North American clients.
Will It Still Go Higher?
Does It Sound New and Exciting To You?
Please Review Exactly What this Company Does.
BREAKING NEWS!!
Faceprint Global Solutions (FCPG) is pleased to announce that its European partner, Keyvelop, has teamed up with IBM's Partner World Industry Networks to deliver customer software requirement solutions for the international healthcare industry.
With FCPG owning the exclusive North American rights to distribute the worlds leading encryption and transmission software developed by Keyvelop, FCPG is poised to capture large volumes of sales generated by customers currently using IBM's software in the healthcare and other industries.
With traceability and security now deemed a serious business priority, companies are increasingly focused on employing procedures and controls designed to ensure the authenticity, integrity and confidentiality of electronic records.
\"This is a very positive move for FCPG and for Keyvelop,\" said FCPG CEO Pierre Cote. \"We are very happy about the decision to go with IBM. This is a continuation of the progress made by everyone associated with FCPG and its partners.\"
Buell Duncan, IBM's general manager of ISV & Developer Relations commented, \"Collaborating with Keyvelop will ensure that we develop open solutions that are easy to maintain and cost effective for our customers in the healthcare and life sciences industry.\"
Among other things, this new software technology which is currently being used by a number of European healthcare companies, is used to send any file, regardless of format or size. Encryption keys, evidence of transmission integrity with fingerprint calculation, time-stamping of all actions and status record updating, pre-checking sender and receiver identities, validating file opening dates are part of Keyvelop features.
About FacePrint Global Solutions, Inc.
FCPG operates a business, which develops and delivers a variety of technology solutions, including biometric software applications on smart cards and other support mediums (apometric solutions). FCPG's products provide biometric solutions for identity authentication and a host of smart card- and biometrics-related hardware peripherals and software applications. Apometrix, FCPG's wholly-owned subsidiary, combines on-card or in-chip multi-application management solutions with best-of-breed 'in-card matching' biometrics. Keyvelop's secure digital envelope solution and Apometrix's on-card biometrics work together to produce the winning combination in the fields of security, traceability and identity management.
Conclusion:
The examples above show the Awesome, Earning Potential of little known Companies That Explode onto Investor's Radar Screens. This stock will not be a Secret for long. Then You May Feel the Desire to Act Right Now! And Please Watch This One Trade!
GO FCPG!
All statements made are our express opinion only and should be treated as such. We may own, take position and sell any securities mentioned at any time. Any statements that express or involve discussions with respect to predictions, goals, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be \"forward looking statements.\" Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. This profile is in no way affiliated with the featured company. We were compensated one thousand dollars from third party (IR Marketing) to distribute this report. Forward looking statements in this action may be identified through the use of words such as: \"projects\", \"foresee\", \"expects\". in compliance with Section 17(b), we disclose the holding of FGS shares prior to the publication of this report. Be aware of an inherent conflict of interest resulting from such holdings due to our intent to profit from the liquidation of these shares. Shares may be sold at any time, even after positive statements have been made regarding the above company. Since we own shares, there is an inherent conflict of interest in our statements and opinions. Readers of this publication are cautioned not to place undue reliance on forward-looking statements, which are based on certain assumptions and expectations involving various risks and uncertainties that could cause results to differ materially from those set forth in the forward- looking statements. This is not solicitation to buy or sell stocks, this text is for informational purpose only and you should seek professional advice from registered financial advisor before you do anything related with buying or selling stocks, penny stocks are very high risk and you can lose your entire investment.
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Do continue writing, there aren't too many consulting blogs around.
Do continue writing, there aren't too many consulting blogs around.
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