Consultation has been a part of human history for a very long time. As per ancient history, we’ve had top advisors such as Marco Polo, Colbert, and Hamilton who in their own ways, provided consulting to the world.
The Birth of the Consulting Sector and its Evolution Through Centuries
Modern consulting came into the limelight during the second industrial revolution in Europe, at the end of the 19th century.
Following the 1929 stock market crash, the focus of consulting shifted to strategy, resulting in the formation of today’s strategy powerhouses such as McKinsey, BCG, and, Bain. At the same time, the Big 4 accounting firms increased their consulting activities by using their C-level executive ties.
Moving further, during the 80s and 90s, there was a steady rise in the demand for organization and strategy. And this opened up a whole new field in consulting known as IT consulting. At the same time, there was an ongoing scandal called the ENRON scandal due to which the big 4 accounting and consulting firms had to be split up.
While all this was emerging and taking place, McKinsey established a concept known as business excellence. This was soon adopted by various other consultants and applied to all the elements of a company’s operations including Research & Development, Sales, and Marketing.
The entry of numerous new competitors stimulated the market’s split and specialization in terms of skills first, then followed by industries served.
The consulting industry has now become an integral part of world business, and despite the recent lull due to COVID-19, it has always maintained its stronghold across the globe and continues to move in the upward direction!
To learn more about the global consulting industry, you can take a look at this comprehensive guide written by none other than the CEO and co-founder of Consulting Quest and the author of Smart Consulting Sourcing, Hélène Laffitte.
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