Key findings: Management consulting services
This management consulting services market intelligence report offers insights into the supply chain margins, category pricing dynamics, and supplier cost breakup. An analysis of the top management consulting firms and the current market landscape are also offered in this report.
Industries across the globe are observing significant changes in their business strategies to cope with the business complexities which are the effects of industrial growth. Constant strides being made in the technological field are also changing the dynamics of the market on a regular basis. These scenarios are compelling buyers to invest in management consulting services, which is accelerating the category spend momentum to a significant extent. To cater to buyer’s requirement to make data-driven decisions, the top management consulting firms are adopting advanced analytics tools such as OCM, a framework to manage changes in organizational structure and culture within enterprises, that are boosting the feasibility of a range of management consulting services.
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Our reports from the professional services category offer buyers with actionable data on the current and future supply market scenario. Coverage of the US market, including category spend analysis, pricing outlook, supplier cost structure, etc., is also offered in this management consulting services market intelligence report. Additional information includes an analysis of the cost and volume drivers, top suppliers, and category management strategies.
Insights offered in this management consulting services sourcing and procurement report will help the buyers understand:
- Global and regional spend potential for the period of 2018-2023
- Pricing models and the factors influencing them
- Procurement strategies to achieve cost-savings
- Overview of the management consulting services market size
Analyze the global category spend for management consulting services
The rapid shift of the industrial infrastructure towards digitalization is driving significant end-users such as financial services, manufacturing, public sector, natural resources and power, wholesale and retail, healthcare and other industries towards leverage management consulting services. These services enable the sector to meet investor’s expectations, survive in the competitive marketplace, and pledge complete adherence to the prevailing regulatory framework. This is resulting in an impressive category spend growth rate. In the developing economies, the strategy advisory segment of the management consulting services market is gaining prominence because of the improving purchasing power of the populace.
Access the complete year-over-year spend growth rate and category spend details by downloading a free sample copy.
This management consulting services sourcing and procurement report offers coverage of:
- Regional spend opportunity for suppliers
- Global and regional spend segmentation
- Cost drivers impacting pricing
Optimize category spend for management consulting services
Expenses incurred by buyers for on-site management consults can keep spiraling if not limited within a designated expense policy. It generally constitutes a significant portion of the buyer’s annual budget. It is recommended that buyers dedicate a predefined budget to accommodate all the expenses related to maintaining an on-site consultant, which will enable them to identify cost-saving opportunities during the long run.
This management consulting services market intelligence report also offers coverage of:
- Total cost of ownership
- Supply chain margins and outlook for input costs
- Overview and comparison of pricing models
Assess category spend for the US region
The management consulting services industry in the US claims the largest market share that can be attributed to the incremental procurement spend done by the financial, manufacturing and public end-user sectors in the region. Financial institutions are exhibiting a preference for implementing new technologies to automate their administrative processes. This is driving the top management consulting firms to adopt technologies such as RegTech, AI, cognitive computing, and robotics. This is boosting the category scopes in the US to a great extent.
Additional information offered in this management consulting services sourcing and procurement report will help buyers analyze:
- Supplier cost structure in the US
- Management consulting services market size in the US
- Category spend potential in the US
Build strategies for effective supplier selection
Assessment of service providers based on their range of offerings plays a vital role in enabling buyers with cost-saving opportunities. In the management consulting services market, it is advised that buyers partner with service providers that can bundle services and products under a single contract. This will benefit buyers with reduced contract management complexities and reduced procurement spend in the long run.
This management consulting services sourcing and procurement report identifies the major costs incurred by suppliers and provides additional information on:
- Top management consulting firms
- Buyer and supplier KPIs
- Incumbent supplier evaluation metrics
Devise effective category management strategies for management consulting services
The unique needs of an organization necessitate partnering with multiple management consulting firms. Such large supplier bases typically result in inefficiencies in the process. Supplier base rationalization can enable category managers to clearly define the supplier pool and their spend profile. This offers better visibility on the organization’s spend on different services rendered by the suppliers.
Key insights offered in this management consulting services sourcing and procurement report will help the buyers identify:
- Critical KPIs for buyers and suppliers
- Category management objectives and risk management strategies
- Sustainability practices
Determine the spend dynamics for key geographies
The growing requirement for digital transformation and cybersecurity to safeguard businesses is driving organizations in North America leverage management consulting services. Currently, North America accounts being one of the highly mature markets in terms of the category spend growth. Lack of in-house expertise and automation of technology in APAC are compelling buyers to utilize management consulting services across significant business sectors. The recent regulatory changes imposed in Europe will favor the category growth in the region during the forecast period.
Key geographies analyzed in this management consulting services market intelligence report include the following:
- North America
- South America
A comprehensive overview of the current management consulting services market size, Information on the top management consulting firms and significant risks faced while procuring Management consulting services is offered in this market intelligence report. Download a free sample to access the report’s complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Management Consulting Services - Category Spend Analysis
According to SpendEdge analysts, one of the primary growth drivers for the global management consulting services market is increasing strategic partnerships with market research firms. Buyers prefer to engage with service providers that provide quick and flexible solutions compared to those that adhere to defined frameworks and policies. In line with this, several consulting firms such as BCG and McKinsey are engaging with market research firms such as Gartner and Forrester to cut short the TATs associated with gathering data and providing actionable insights by spending more time on formulating strategies.
Management Consulting Services – Procurement Best Practices
Buyers must ensure supplier competition exists – promote competitive bidding scenarios. Buyers should invite bids from all potential service providers with the ability to meet overall requirements. Requesting RFPs with pertinent details can ensure competition among suppliers and help compare and evaluate them better.
Management Consulting Services - Procurement Challenges
Based on the analysis in this report, a major procurement pain point experienced by the buyers is assess reliability of information provided by consultants. SpendEdge’s procurement specialists predict that the buyers must ask suppliers for the source of information and re-evaluate options provided by suppliers before implementation.