Source | www.forbes.com | Vicky Valet
Few professionals flourish in the face of disruption quite like management consultants. As economic uncertainty has surged, executives have increasingly turned to outside experts for strategies to stay competitive. Consequently, the consulting business has boomed, growing 3.4% to revenues of $259 billion for more than 774,100 firms since 2014. But with so many consultancies to choose from, how can companies find those that best suit their unique needs?
Forbes has partnered with market research company Statista to simplify this process by producing our annual ranking of America’s best management consulting firms. The list, compiled by surveying 7,500 partners and executives of management consultancies, as well as 1,000 senior executives who worked with such firms over the last four years, is divided into 16 sectors—from aerospace and defense to financial institutions—and 16 functional areas—including strategy, sustainability and digital transformation. The 222 firms that received the most recommendations are ranked according to star ratings: five stars for “very frequently recommended,” four stars for “frequently recommended” and three stars for “recommended.”
For the third year in a row, two firms tied for the title of most-recommended consultancy: Deloitte and McKinsey & Company. While both earned nods in all 32 sectors and functional areas, it was the former that received the most five-star ratings, securing 16 in categories from energy and environment to human resource consulting. London-based Deloitte is no stranger to this list, having appeared among the most-recommended firms since the ranking’s inception in 2016. Dan Helfrich, chairman and CEO of Deloitte Consulting, attributes much of the business’ sweeping success to the diversity of thought that its consultants bring to the table. “The types of challenges clients are facing demand advisory and implementation capabilities, and the ability to operate with industry, sector and domain understanding,” Helfrich says. “Our scale and breadth allow us to be in all of those dimensions.”