Seizing Opportunity in Emerging Fields

Question: Discuss about the Seizing Opportunity in Emerging Fields. Answer: Introduction: The management consultancy projects are helpful for the organization to detect the problems with the different existing business operations by analyzing the organizations performance in the market (Radnor and O'Mahoney 2013). The consultancy has lack of expertise in the organization and the company faces different challenges for the management of the in-house project. Thus, the opportunities of the consultancy for maximizing the chances of the project are discussed that would help the organization to gain competitive advantage in the market (Nawi et al. 2016). This consultancy projects is helpful in assisting the operational changes inside an organization. I can also help in development of operational strategies, latest technology implementation in order to increase the productivity and efficiency of the different operations. However, hiring the management consultancy firms also includes several challenges; some of them are briefed below. Challenges with the methodologies: Whenever a firm works with the new clients, therefore as a management consultant, my company has to change the methodologies according to the clients requirement, which asks for changes in methodologies that is adopted and nurtured by the organization for several years. On the other hand, it may happen that, the client have to change the total setup for the transition as suggested by my consultancy firm (Smith 2013). This becomes difficult due to the resistance from the employees which is oblivious. Complicated organizational hierarchy and leadership: While suggesting and implementing the transition from the existing organizational structure, it is important to understand and evaluate critical functional areas (Radnor and O'Mahoney 2013) for me. This critical analysis is important for me in order to suggest proper change or transition plan for the client organization to achieve its desired objectives through the change. Communication issues due to be an outsider: As a management consultant, I come from another organization and different background, having no idea about the way things are done and completed in the client company, thus results in communication gap between the staffs coming from the client organization in the project team (Kipping and Kirkpatrick 2013). Therefore, it results into extension of the duration of the project due to this problem. The opportunities of the management consultancy projects There are several opportunities that are available to the client organization that is hiring the consultancy firm. Some of them are discussed below. Availability of high expertise: In a consultancy firm, the consultants like me, are highly professional, trained and experienced. Therefore, we are able to provide the best advices as per their area of specialization, which will be helpful in achieving the business, organizational and administrative goals (Nawi et al. 2016). These expert advices from the consultants like me can be useful in achieving better efficiency in the market resulting in better revenue collection from the business. Confidentiality of the business data and processes: The services to the client companies are provided on an individual basis. These services are based on the confidence and trust. Management consultants like me have to keep all the client data confidential. The credibility of the firm plays a vital role while selecting the firms by any organization (David, Sine and Haveman 2013). Therefore, the consultancy firms having experience, integrity and reputation in maintaining the confidentiality is mostly preferred by the client organization. This helps client in gaining the competitive advantage in the market against the contenders. Helps in understanding the customers: we can also help the service providing organizations to better understand the customer needs and demand in the market. For this, we can help with customer surveys, reports and annual reports that are necessary for getting the customer perceptions, developing business strategies to meet the customer needs, requirements and analyze the strengths, weakness of the organization in a particular market (Kipping and Kirkpatrick 2013). Thus, the collaboration of the firm and the organization will end up in providing niche assessment of the existing strategies, development of the strategies by segmenting the whole customer base (Radnor and O'Mahoney 2013). In this way, the client organization will be able to provide value added and rare services to their customer that will improve its performance in the market. Helps in transition: Often it is seen that, a change in the organizations structure and operations is also required to achieve the business as well as organizational goals. For this management consultants like us help them by suggesting strategies and implementation of the latest technology to improve the productivity of the operations (David, Sine and Haveman 2013). In this way, management consultants help the organization to be highly productive and successful organization in the concerned market. References David, R.J., Sine, W.D. and Haveman, H.A., 2013. Seizing opportunity in emerging fields: How institutional entrepreneurs legitimated the professional form of management consulting.Organization Science,24(2), pp.356-377. Holstius, K. and Malaska, P., 2014. Advanced strategic thinking: visionary management. Kipping, M. and Kirkpatrick, I., 2013. Alternative pathways of change in professional services firms: the case of management consulting.Journal of Management Studies,50(5), pp.777-807. Nawi, M.N.M., Azimi, M.A., Pozin, M.A.A., Osman, W.N. and Anuar, H.S., 2016, August. Project Management Consultancy (PMC) procurement approach: Suppliers evaluation and selection dilemma. InProceedings Of The International Conference On Applied Science And Technology 2016 (ICAST16)(Vol. 1761, No. 1, p. 020072). AIP Publishing. Radnor, Z. and O'Mahoney, J., 2013. The role of management consultancy in implementing operations management in the public sector.International Journal of Operations Production Management,33(11/12), pp.1555-1578. Smith, P.V., 2013. BIM Project Cost Management-Implementation Issues Creative Solutions. InCC2013 Creative Construction Conference. Diamond Congress Ltd.