[0:00]This is the only video you need to know everything about consulting. If you have clicked on this video, then I assume that either you are a complete beginner who has no idea about consulting. Or you work in some other industry field and you want a job in a consulting firm. But don't worry because in today's video, I am going to tell you everything about consulting firms. I have divided this video into 9 parts. The first part is, what is consulting? The second is, types of consulting firms. The third is, how do you actually get into a consulting firm? Fourth is, why do people actually go into consulting? The fifth is, why do people leave consulting? Sixth is, what does day to day look like for a consultant? The seventh is, the exit opportunities after consulting. Eighth is, do consulting firms actually provide value to society? And ninth is, who should go into consulting firms? So let's discuss these things one by one. But who am I to tell you this? So hi guys, my name is Hrithik Mehlawat. I have worked at Bain & Company, which is the world's top consulting firm. Also, I run India's biggest business analyst community called Analyst Club, where I teach people all the skills required to get into a consulting firm. If you want to join our community, you can go to analystclub.in or you can find the link in the description. In fact, if you use this coupon code HM10, you will get 10% off. But this is only valid till 1st of June. So apply now. So without any delay, let's start. But before that, if you like such content about consulting and business analyst, then subscribe to my channel and like this video. So let's start. The first part is, what is consulting? Consulting at a conceptual level is the business of providing advice to other businesses, government entities, other organizations or providing additional manpower to support those organizations' goals. In simple language, all the business problems that an organization or business faces are solved by a consulting firm. Any business problem that is a problem for the CEO or founder's office is in trouble, then they come to a consulting firm with their business problem and our job is to advise them and solve their business. So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it? What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[7:11]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[9:10]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[12:17]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it? What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India.
[14:38]You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem. So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it? What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[22:30]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[24:29]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[27:36]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[29:36]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[32:47]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[34:47]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[37:59]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[39:59]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[43:11]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[45:11]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[48:23]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[50:24]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[53:34]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[55:34]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[58:46]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:00:46]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:03:57]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:05:57]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:09:08]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it? What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India.
[1:11:30]You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:14:20]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:16:20]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:19:31]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:21:31]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:24:42]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:26:42]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:29:53]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:31:53]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:35:04]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:37:04]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:40:15]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:42:15]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:45:26]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:47:26]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:50:37]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:52:37]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[1:55:48]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[1:57:48]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[2:01:00]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[2:03:00]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[2:06:11]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it?
[2:08:11]What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[2:11:23]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it? What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India.
[2:13:45]You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm. Now let's talk about an implementation-based consulting firm. This is a firm that not only makes strategies but focuses on implementation. Some of the consulting firms are very famous, like EY, PWC, Deloitte, KPMG are massive in the implementation Consulting space. So these are 4-5 consulting firms that make implementation-based strategies. Now there is a very famous term in this, PMO which stands for project management office. In that, whenever a company hires a consulting firm, the consulting firm's people, they sit in that company's office and they solve their business problem in the company's office. They solve their business problem with their team. For example, Apple's iPhone sales are declining in India for some reason. And their internal team is not able to find out the root cause. So then Apple's company will go to a consulting firm, for example, Accenture's, that our sales are declining, please help us. So that Accenture will make a team of 4-5 people. They will send those people who are specialized in that particular industry to Apple's office. And those 4-5 people from Accenture will sit with Apple's people and solve that business problem. These cases are very big, it can be of 1-6 months or can be for a year. In this, Accenture or any consulting firm's employees go to another company's office. They work there literally like their employees. They understand their every system and data. They work with their internal team and solve their business problem.
[2:16:34]So every business problem in a consulting firm becomes a case. Now because this business problem can be anything, the role of a consultant is not defined. That's why many people say, what does a consultant do? To solve any business problem, whatever skills are required, whatever things have to be done, all the work is done by a consultant. This is not a very specified job role like investment banker or financial analyst. A consultant can solve any business problem. That's why his role is not very defined. But still we can divide consulting firms into 4 buckets. First is strategy consulting, second is implementation based consulting, third is functional specialist and fourth is industry specialist. So let's discuss all of them one by one. First is strategy consulting. So when people think about management consulting, they think about strategy consulting. In strategy consulting, you have to make strategies to solve a business problem. You have to advise the CEO or the founder that if you make these changes in your business, your problem will be solved. So all the work of making a strategy comes under strategy consulting. For example, if Nike launches new sneakers in Europe and because of some reason their sales are not increasing, it is declining, then Nike can go to a consulting firm and बोल सकता है that I launched new shoes and because of some reason their sales are declining. So the work of a consulting firm is to find its root cause and then tell the strategies on how it can increase the sales of a particular sneaker. Another example is that suppose McDonald's opened its store in India but its product is not selling at all, then what is the business problem behind it? What strategies can we use to increase its sales? You might have noticed that if you go to a foreign country, then McDonald's sells a lot of beef. But obviously if you put that beef burger in India, then it will be banned or no one will eat it. So because of this, they launched McAlu Tikki in India. You will not find McAlu Tikki in any other foreign McDonald's. You will only get McAlu Tikki in India. So these are some business strategies that a consulting firm makes that which product will go abroad, which will go to India, which will go to Bangladesh, which will go to Nepal. So all these strategies are decided by a consulting firm. And you must have heard that Google has fired 5000 employees or Tata has fired 2000 employees. So all these decisions are decided by a strategy consulting firm that if your revenue is decreasing or your expenses are increasing, then all these decisions to fire employees, or to expand your business, or to maintain profit loss, all these decisions are taken by a management consulting firm.
