Management Consulting Procurement Intelligence

In this management consulting procurement intelligence report, we have estimated the pricing of the key cost components. Consultant salaries, office rent/utilities, consultant training, and recruitment, IT & technology costs, and legal costs are some of the key cost components of the category. The other costs include travel expenses, marketing & advertising, and insurance. Starting a management consulting business requires a significant initial investment to cover various expenses. Marketing and advertising are important aspects of this business. 

The average cost of marketing and advertising can be from USD 5,000 - USD 10,000. In recent years, consulting firms have embraced online advertising and social media marketing as highly popular and economical methods to promote their services. Utilizing platforms such as Google Ads or Facebook Ads, these firms can effectively reach their desired audience and create potential leads. The expenses incurred on these advertising platforms fluctuate based on specific keywords and audience demographics. For instance, in 2023 Google AdWords has a monthly cost range of USD 1,000 to 10,000. Google Search Network's average cost-per-click (CPC) ranges from USD 1 to 2, whereas Google Display Network averages USD 1. On average, consulting firms may allocate a few thousand dollars monthly towards online advertising campaigns.

To cut expenses, providers of management consulting services are adopting technologies designed to store and retrieve data, assist in data analysis, and facilitate data visualization. These tools decrease the time employees spend on manual and repetitive tasks, allowing them to focus on work that cannot be automated, ultimately enhancing overall productivity.

Order your copy of the Management Consulting category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Operational Capabilities - Management Consulting

• Industries Served - 20%
• Employee Strength - 20%
• Revenue Generated - 20%
• Key Clients - 20%
• Years in Service - 20%

Functional Capabilities - Management Consulting

• By Type
• Digital Consulting - 14.3%
• Financial - 14.3%
• Technology - 14.3%
• Organizational - 14.3%
• Strategy - 14.3%
• Operations - 14.3%
• Others - 14.2%

Rate Benchmarking

When analyzing rate benchmarking of management consulting, the type of services, and the location of the firm play an important role. The average project value of consultants who predominantly utilize value-based pricing is higher than that of consultants who employ hourly fees. For consultants in their beginner or intermediate stages, the project-based pricing approach is a powerful approach. Similarly, in the U.S. salaries of management consultants can range from USD 90,000 to USD 200,000 each year. The senior consultants can earn up to USD 400,000 each year.

According to Payscale, in 2023 the average salary of a management consultant in India is USD 11,000 to USD 30,000 annually. For entry-level management consultants, it can be around USD 5,000 to USD 20,000. Management consultants with 1-4 years of experience earn from USD 10,000 to USD 30,000 each year.

Supplier Newsletter

In October 2023, Accenture completed the acquisition of The Storytellers, a consultancy specializing in creative change management. This strategic move will boost Accenture's creative consulting services, with a focus on utilizing AI for optimized outcomes.

In October 2023, Boston Consulting Group (BCG) established a strategic collaboration with Anthropic, an artificial intelligence startup. Through this partnership, BCG and its clients will gain access to Claude 2, Anthropic’s competitive AI assistant product to Open AI. This will enable BCG's client team to integrate extensive documents and research effectively.

In February 2023, Bain & Company announced a strategic alliance with Open AI to help its clients identify and realize the complete potential and value of AI. Bain & Company has embedded the technology into its research, internal knowledge management system, and process to enhance efficiency.

List of Key Suppliers

• Boston Consulting Group
• Bain & Company
• McKinsey & Company
• KPMG
• PWC
• Alvarez & Marsal
• Oliver Wyman
• A.T. Kearney
• L.E.K. Consulting
• Accenture 

Browse through Grand View Research’s collection of procurement intelligence studies: 

• Disposable Medical Gloves Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Cyber Security Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape) 

Management Consulting Procurement Intelligence Report Scope 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to): 

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions