Top 5 Inspiring Business Consulting Examples that You Must Know
If you’ve ever faced a business challenge that you were not equipped to handle, you might have sought the help of a business consultant. Business consulting is a professional service that provides expert advice to businesses in a particular field or industry. Consultants work alongside owners and managers to improve their business strategy, identify opportunities, and improve overall performance. In this article, we’ll take a look at the top 5 inspiring business consulting examples that you must know to understand how consulting can help businesses.
1. Apple Inc.
Apple Inc. is one of the most successful technology companies in the world. In the early 1990s, however, the company was in a state of turmoil. The leadership was in disarray, and the company was struggling to create new products that would appeal to consumers. In 1997, Steve Jobs returned to Apple as CEO and brought in a business consultant, Larry Ellison, to help him turn the company around.
Ellison advised Jobs to narrow Apple’s product line and focus on creating innovative and high-quality products that would appeal to a specific market. The result was the development of the iMac, which became a huge success and helped Apple regain its position as an industry leader. This inspiring example shows how business consulting can help a company identify opportunities and develop a successful strategy.
2. Nike
Nike is a world-renowned sports brand that has been around for over 50 years. In the early 2000s, Nike was facing declining sales and struggling to remain relevant. The company turned to a business consulting firm, IDEO, to help it develop a new strategy.
IDEO recommended that Nike should focus on the customer experience and design products that meet people’s needs. The result was the creation of the Nike+ platform, which included innovative products such as the Nike FuelBand and Nike+ Running app. These products helped Nike reinvent its brand and become a leader in the fitness industry. This example illustrates how consulting can help a company generate new ideas and pivot in a new direction.
3. McKinsey & Company
McKinsey & Company is one of the world’s most well-known consulting firms. The company has worked with many high-profile clients over the years, including governments and Fortune 500 companies. McKinsey is known for its ability to analyze complex business problems and provide actionable solutions. For example, McKinsey helped a global pharmaceutical company develop a strategy for entering emerging markets.
This example highlights how consulting can help a company address complex business challenges that require the expertise of a highly experienced consulting firm. McKinsey’s work with its clients is a testament to the value that consulting can add to a business.
4. Marriott International
Marriott International is a global hotel chain that has been around for over 90 years. In 2016, the company acquired Starwood Hotels & Resorts, making it the largest hotel chain in the world. However, the company was facing a challenge: how to integrate its operations with Starwood’s operations seamlessly. To tackle this issue, Marriott turned to the consulting firm Accenture.
Accenture helped Marriott develop a new technology platform that would integrate the two companies’ systems and processes. This inspiring example illustrates how consulting can help a company address complex challenges, such as mergers and acquisitions, and develop innovative solutions.
5. Walmart
Walmart is one of the world’s largest retailers, with over 11,000 stores worldwide. In the early 2000s, Walmart was facing pressure from competitors to reduce costs and become more efficient. The company turned to a business consulting firm, McKinsey & Company, for help.
McKinsey recommended that Walmart should focus on reducing its supply chain costs by working closely with its suppliers. The result was the creation of the Retail Link system, which allowed Walmart to track inventory levels and sales data in real-time. The system helped Walmart reduce its inventory costs and become more efficient, which resulted in increased profits. This example illustrates how consulting can help a company identify areas for improvement and develop innovative solutions to address them.
Conclusion
Business consulting is a valuable service that can help companies of all sizes and industries. The examples discussed in this article illustrate how consulting can help a company identify opportunities, develop innovative strategies, and address complex challenges. By seeking the assistance of a business consultant, companies can gain a competitive advantage and improve their overall performance.
