Now we have science which says that the management consultants add value to any firm. A formal study which was sponsored by the World Bank or by using a control group of factories and a treatment group has quantified the real results of it. For the first year, the economic benefits exceeded the normal cost of the consulting with all later years’ benefits pure gravy.
The project had examined all the textile factories in all over the India and then it was initially somewhat little skeptical that proved that the results would have applied here in the other countries. After reading the overall details, one can think that the American managers may or can learn a lot of things from the study. The research group team had begun with a list or count of approximately thirty-eight good management practices or formulas. Hong Kong company formation services are available widely in Hong Kong.
Although they are all given as specific to the various textile industries, it’s easy for them to re-state in terms of one own operation. For instance or example, some scientific methods are also used to define the inventory norms or regulations for yarn which could be also applied for any of the input material.
It is strongly an advice for all operations managers to review that list or self-evaluate it at their own firms. Some standards are also met in virtually very well in every factory I visit such that the shop floor is much clear of waste or obstacles. For others, it’s not so much because customers are segmented for their order limitation and prioritization. Customers also do not have to be specially served in the order by which they have asked for goods or services. First come first served makes all the sense in some cases but also not in other cases. They have a reason for all prioritization system that very well reflects the different values or combinations of all different customers as well as it does operational efficiency.
The list of such thirty-eight management practices misses almost two good areas where one can see lots of opportunities in the field of sales or pricing. Too few companies can also have systematic procedures to simply call on prospects for the past customers. Too few of them use the sales coaches confidently to help their own representatives perform much better. On the total pricing side to few companies have used the marginal cost pricing method. Instead, of that, they either can have nothing and also they use an average of the overall cost estimate that surely and fully loads in overhead. Using such wrong numbers is always or often worse than the system of no number at all!
So one is running a good company or a division but one wonders where we have rooms for all such improvement. Firstly, bring in a good consultant with the very broad background just to help all identify the areas of various focuses. That’s something one can be good at. Next thing brings in all expertise to generally focus on the area’s that are most ripe for all the improvements. That one can be the first consultant or it might be a general specialist in a field of sales training or also cost accounting. Third thing is that one can evaluate those results. The fourth fact is studied that hit the next very opportunity for all improvement. Along the long way pat yourself on the constant back simply for taking the company to higher levels of profitability. The general management consulting industry is like the growth of consulting clear services in India on the Panel discussion.
The abstract thing about management consulting is that as a profession it is a totally coveted aspiration for many management professionals. Such an academic note also seeks to define the management consulting concept as the main industry which draw its boundaries as well as highlight all the unique contributions of overall management consultant teams and also consulting firms and organization and easily elucidate the challenges faced by the trial management consulting industry and that too with a specific focus on all the Indian context. The note is which is followed by a true panel discussion in which the all over fields or experts from the consulting industry participate.