‘Consultancy services’ are the services provided by an independent and qualified person or persons to identify and investigate the problems concerned with policy, organization, procedures and methods. It recommends appropriate action and also helps in implementing the provided recommendation.
It is a business of one or more consultants who are responsible of providing feedback to an individual or an organization against some fees. The type of consultancy firms vary depending upon the type of organizations they deal with. For example, it can be advertising, healthcare or a technology firm.
The research suggests that pioneers of consultancy in India took the route of project consultancy and industrial engineering. Several institutions and firms were established during this period. These include the Administrative Staff College, National Productivity Council, A F Ferguson, Tata Consultancy Services and the Indian Institutes of Management (IIMs).
The consultancy services got a boost during the 1960s and 1970s when many retired executives and foreign trained consultants joined the consultancy organizations in India. The development banks and institutions encouraged consultancy services by conducting feasibility studies and project appraisal for better project execution.
The setting up of RITES (Rail India Technical and Economic Services Limited) in 1974 and lRCON (Indian Railways Construction Company Limited) in 1976 paved the way for development of specialized consultancy in the area of infrastructure projects. The 1980s brought consultancy to the areas of strategic planning and software development. The 1990s have seen the 77% phenomenal growths in information technology and consultancy for infrastructure sectors after opening up the economy for foreign investment.
Consultancy services didn’t emerge as a formal and professional field until late 19th century. Consulting was recognized as a profession only around the period when Industrial Revolution started.
The current scenario of consultancy in India ranges from individual consultants to large organizations and institutions. Consultancy services are available in almost all areas where expert knowledge or service is required. The emergence of foreign consultancy firms like McKinsey, Price Waterhouse Coopers and others in India in recent years have made the scenario more complex and prospective.
- Healthcare consultancy – Healthcare consultancy is a field of consultancy services which deals with healthcare industry. They are the management analysts to the healthcare industry. This field of consultancy services works towards the efficiency, structure of the company and profit of the company. They identify the problem that the company wants to get resolved. They then perform some research and analyze the available data that is related to the problem.
- Marketing consultancy – The main focus of the marketing consultancy is to develop strategies in order to sell, promote and distribute the products to their customers. Big companies generally seek the expert skills of the marketing consultancy so that they could generate creative techniques for launching their products and to maintain their status in the market.
- Legal consultancy – As the name suggests the role of a legal consultancy is to prevent, solve and identify the legal problems that are faced by a company. There are other specialization in this field like legal advice in banking, employment, tax, corporate, real estate or information and technology.
- Human resource consultancy – HR Consultancy is responsible for maintaining communication between the employees and the organization. A wide range of skills is required in the process of establishing human resource consultancy. HR consultancy is responsible for fulfilling the requirement of suitable employees for the company. Their role differs with the extent of outsource function of the organization.
- Strategy consultancy – Strategy consultancy helps the organization in figuring out the problem in the way the company works and design the work strategy so that their performance could be improved. HR consultancy can also be called management consultative as they can play an important role in implementing the technology and the workflow management of the company.