Consulting Bodies of Knowledge

Opinion / Generic / None

Consulting Bodies of Knowledge
William Eastman , CxO / Board, United States

Kennedy Report - 5 Major Practices of Large Consulting Firms

We are building a working model for large corporate consulting and found these 5 common Practice Domains across the industry. What does the community think of the list and definitions? There is an indepth drill down for the sub-components on the web link listed.

Strategy & Organizational Development Domain. Our knowledge base of professional services focused on improving the long term, strategic health of a company. The Strategy component covers general business planning, organizational design and development, initial public offering, and the strategic aspects of mergers and acquisitions. The Organizational Development component focuses on systematic change to achieve strategic goals. This Professional Services Practice includes Strategy, Segmenting the market and create a distinctive Brand, Design the organization, build a Plan, create a High Performance Culture, and manage the process of Change.

Operations Management Domain. Our knowledge base of professional services focused on improving the operational aspect of an organization, which are often targeted at a specific process or function. These services include business process re-engineering, total quality management, logistics, and project management. This Professional Services Practice includes Performance Improvement, Operations Risk, Research and Development, Customer Management, and Financial Operations.

Technology Domain. Our knowledge base of professional services focused on improving the way organizations store, retrieve, disseminate, and utilize information. These services include IT strategy planning, design and analysis, and implementation. As second segment of focus is the application of Science and Engineering concepts, practices, and theory to promote business needs. This Professional Services Practice includes IT Strategy & Planning and IT Design & Architecture.

Human Resources Domain. Our knowledge base of professional services focused on improving the business performance of organizations through issues around people. Historically, Human Resources has been focused on the roles of control and compliance: operational and administrative tasks such as payroll and benefits, legal compliance, recruiting, onboarding, and training. All of these activities continue to be important management tasks, but effective Human Resources today is more about the strategic alignment people issues to organizational objectives. The effective management of human resources and ensuring people are a competitive advantage has 4 major components: Compliance, Safe Work Environment, Discretionary Performance, and Pay and Benefits.

Financial Performance Domain. Our knowledge base of professional services focused on business valuation, reinvestment's into growth, cash flow management. This practice covers sell side Mergers & Acquisitions (divestitures, private and public company sale), buy side M&A, Mergers, Joint Ventures and other business combination's. This includes financial restructuring, distressed debt and M&A situations, fairness opinions, board of directors advisory role (strategic business review, including both M&A, and non-M&A strategic initiatives), review of capacity (marketing, sales, production, service) and its return on budget. This Professional Services Practice includes Capital Strategy, Shareholder Strategy, Merger & Acquisition Strategy, and Growth Strategy.

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