There is a notion that all human beings are born same, the resources they have access to and how they choose to use them making up for the differences between individuals and the outcomes of their engagements. This is supported in part by the socialization theory that states that the behaviors and characters of individuals are dependent on the information that they are subjected to through the process of socialization. Consultancy believes strongly on the effect of the proper application of resources to guarantee a predetermined outcome. Consultancy firms believe expressively on the provision of quality input in a bid to ensure success ("McKinsey & Company," n.d.). Consulting is an English word whose meaning is to seek authoritative input from professionals in a particular field and thus spans across various fields. The purpose of the consulting industry is, therefore, to provide information for potential investors in any particular venture.
The consulting industry makes up an integral part of business primarily because the information that is used in decision-making in businesses is guided by information and the direction of consultancy firms. Consulting firms are responsible for the better understanding of potential customers and their preferences to aid in the formulation of marketing strategies in a bid to boost sales and ultimately profitability. For example, Deloitte has been credited by providing information that led to some of the biggest mergers across the globe ("Deloitte Kenya | Audit, Consulting, Financial Advisory, and Tax services," n.d.). Performance consulting helps to gauge the success of the strategies in use thereby enabling for adjustments if need be thus acting as great evaluation tools also ("Retirement - Health - Talent Solutions | Aon," n.d.).
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When an individual intends to partake in a new venture and especially in a field that is foreign to them, there is a need to seek out information from people well versed in the field. This is important because it might be the difference between success and failure. It is for this point that consulting is the most important part of investment. In seeking clarity and understanding, one can immediately avoid failed ventures and loses and thus consulting, and the consulting industry is essential aspects of all fields spanning from aerospace to business as is evident by the massive worth of the industry "Hay Group," n.d.). Current figures show that the consulting industry is worth $250 billion making it one of the largest and perhaps mature market with regard to professional services ("Global Consulting Industry," n.d.)
References
Deloitte Kenya | Audit, Consulting, Financial Advisory and Tax services. (n.d.). Retrieved from https://www2.deloitte.com/ke/en.html
Global Consulting Industry. (n.d.). Retrieved from https://www.consultancy.uk/consulting-industry/global
Hay Group. (n.d.). Retrieved from http://www.haygroup.com/
McKinsey & Company. (n.d.). Retrieved from https://www.mckinsey.com/
Retirement - Health - Talent Solutions | Aon. (n.d.). Retrieved from
http://www.aon.com/human-capital-consulting/default.jsp
