siliconindia | | July 20199Smart investment is required not just in capitalistic methodologies but by employing a smarter and a more responsible human resourceand for a long run thus are produced at lower costs when data is collected across continents and countries. This is a source of derived demand for modern consulting firms. Bridging informational loop holes, visualising time-efficient and cost-efficient strat-egies to fill these industry specific manholes, consulting industry with threshold on technological devel-opment has had its proceeds in the 21st century. Specialisation into future-render-ing services and growing investment gives rise to a new type of competi-tion among industry known as busi-ness leadership shareholding. There are broadly two ranges of consultan-cies prevailing in this industry. The smaller ones known as boutique orga-nizations specialise in limited fields for advisory. The big business con-sultancies have equipped tools spread across human resource, operational management, strategic management, technology consultation and others. There is no astonishment if many of these consultancies inter-merge for effective returns. The essential concept that leads to the acceptance of the industry in modern era is the translation of equipped future based on the futuristic language the com-pany speaks with the help of pro-fessional advisory. These consulting tycoons decode the future language paving high risk/high return corpo-rate cultures. Industry attracts fresh talent with its enigmatic pays and superior business ethics, dure to its every emerging development. The shear focus within the indus-try has been on two new arenas that mushroomed recently. Starting with Information technology (IT) con-sulting firms which overcast major electronic advances including hard-ware/software designing, adaptation of improvised IT performances and practises, training employees on how to use these softwares comprehen-sively, handling social media market and help resolve IT related issues. Next in line are the Human resources/staffing consulting firms which have become the right hand in bringing about changes in output and organi-zation. Smart investment is required not just in capitalistic methodolo-gies but by employing a smarter and a more responsible human resource. HR consultancies play their ace card to help companies manage the benefit and compensation dues, advisory on staff policies, recruitment processes, hire-fire workers, and in organising leadership training workshops. Firms assert to moral suasions and other methods for the same. India realised the potential of this industry soon after the advent of the Liberalisation, privatisation and globalisation policy came into be-ing. With the surge of globalisation, Indian companies led by the Birla's asked foreign advisory for Hindu-stan Motors. Soon, magnetised by the success of this decision, many other Indian firms wanted to expand into the lines of business advisory since 1990s. Now, Indian consultants, par-ticularly those in the IT world, are most sought after, not only in India but also by world powers, for devel-oping their global businesses. TCS, Infosys, Wipro, Tech Mahindra, HCL Technologies, Genpact, Mphasis, and Mindtree are some of the leaders that have paved way across the globe for IT and outsourcing consultancies. Out of 10,000 big and small consult-ing firms in India, 6,000 of them are in the four metros of Delhi, Mumbai, Chennai, and Kolkata and are run-ning with fruitful returns.Although the dazzling side shines excessively bright, this industry too faces its dims eventually. One ma-jor issue that revolves is the distress caused to the workers. 60-80 hours of work a week is not uncommon. Conflict of interest guidance, pol-icies, or procedures for consulting firms, the ability to participate in other roles, project phases, or con-tracts. Conflict of interest identifi-cation, disclosure, mitigation plans, procedures, and many more haunt the future of this diamond industry. At the least, technology is unsettling not every industry and consultancy stands out. Meetu Bhasin
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