07/14/2023
Consulting is the practice of providing a third party with expertise on a matter (giving expert advice to professionals) in exchange for a fee. The service can involve either advisory or implementation services. For the consultant, taking an independent and unbiased stance on an issue is central to their role. Over the past decades, the term has become synonymous with business advisory – which focuses mostly on business strategy, management, organisation, operational processes and technology.
The history of the consulting industry traces back to the late nineteenth century, with the founding of the world’s first modern consulting organisations, also known as business advisory firms. In the early days of the consulting industry (starting in the US and later crossing over to Europe and the rest of the world) the first consultancies focused their advisory services mainly on solving technical and financial concerns. Today, over 300,000 consulting firms in the US alone – of which the majority are sole proprietorships – offer all sorts of different services, spanning across countless fields, disciplines and sectors.
