Consulting Tools and Tips

Go to Course: https://www.coursera.org/learn/management-consulting-tools-and-tips

Introduction

## Course Review: Consulting Tools and Tips on Coursera In the fast-paced world of management consulting, the ability to adapt, learn quickly, and apply effective methodologies is crucial. If you're looking to build a robust toolkit that will aid your journey in this competitive field, the "Consulting Tools and Tips" course, which is the fourth offering in the Management Consulting specialization on Coursera, is an excellent choice. ### Course Overview This course is designed for aspiring consultants and those currently in the field who are looking to sharpen their skills. It focuses on how to approach new clients and industries efficiently and effectively. The content is crafted to help you learn "how to get smart quickly" and make informed decisions that can impact project outcomes. ### Syllabus Highlights The course is structured around several key topics that collectively foster a comprehensive understanding of vital consulting tools and techniques: 1. **Work Smart and Quickly with Internet Research**: In today's digital age, knowing how to leverage the internet for research is non-negotiable. This module teaches you the first ten steps to take when confronted with a new client, equipping you with the skills to dive deep into understanding their business, financials, and industry trends quickly. This foundational skill sets the stage for effective consulting. 2. **Understand Industry Supply Chain Dynamics**: Drawing from Michael Porter’s wisdom on strategy, this section focuses on the competitive dynamics within industries. You’ll learn how to analyze suppliers, customers, and competitors and understand where your client stands within this structure. Grasping these dynamics is essential for helping clients maneuver their strategies and establish a competitive edge. 3. **Create Data Through Surveys and Observations**: Successful consultants rely heavily on data-driven insights. This module emphasizes various methods for gathering necessary data, including client interviews, observations, and surveys. You will learn to synthesize this information into a compelling narrative that supports your recommendations, which is critical when influencing stakeholder decisions. 4. **Use Benchmarks as a Starting Point**: Benchmarking is a vital aspect of consulting, providing valuable insights into a client’s performance relative to industry peers. This section delves into the complexities behind effective benchmarking—recognizing biases, understanding performance metrics, and identifying opportunities for improvement. This nuanced understanding is crucial for making sound recommendations. 5. **Use Excel to Model the Results**: Excel is a staple in a consultant’s toolkit. This module walks you through best practices in spreadsheet management, ensuring your data is organized and actionable. Importantly, it teaches you how to present your findings appropriately for different audiences, whether it be your managers or clients, which is essential for effective communication. ### Recommendations I highly recommend "Consulting Tools and Tips" for anyone interested in a consulting career or looking to enhance their skill set within this arena. The course presents a blend of practical knowledge and theoretical foundations, making it suitable for both novices and experienced professionals. The structured approach to essential consulting tools allows learners to gradually build their capabilities, while the emphasis on real-world applications ensures that the knowledge gained can be directly applied in various consulting scenarios. Furthermore, the course's relevance to current trends and methodologies makes it an invaluable resource in today's consulting landscape. ### Conclusion Don't miss the chance to elevate your consulting acumen with "Consulting Tools and Tips." You’ll end the course equipped with knowledge that not only helps you ask smarter questions but also equips you with the frameworks necessary for effective problem-solving in any consultancy project. Whether you are just starting or looking to refine your capabilities, this course will prove to be a valuable addition to your professional toolkit. Enroll today and embark on a successful consulting journey!

Syllabus

Work Smart and Quickly with Internet Research

What's the first thing you do when learning something new? Internet, of course. So, if you have a new client, in a new industry that you don't know a lot about, where should you start? Learn the first 10 steps you should take to learn the company's business, financials, and industry trends. Work smart.

All companies and organizations sit within an industry landscape; they have suppliers, customers, rivals, and even new entrants (new competitors). What's the power dynamics among those players and who has the leverage? Professor Michael Porter famously said that "strategy is how you cope with competition." How can your client create barriers to entry and dig an "economic moat" around their business profits?

Consultants require useful data to make persuasive recommendations. Some of that data is available in ERP (enterprise resource planning) systems and IT databases. However, some other data doesn't exist; you need to create it through client interviews, surveys, observations, benchmarking, or other methods. It's a beautiful thing when consultants are able to drive correlation between the disparate pieces of "data" and tell a coherent story.

Benchmarking is the simple idea of comparing performance against others. When you go to the doctor and they measure your vital signs (e.g., blood pressure, heart rate) against your peer group (e.g., women in their 50s), this is benchmarking. It's also a commonly used consulting tool because a) clients often want to know how they are performing relative to their peers, and 2) it's a convenient way for consultants to identify gaps in performance. While the concept is simple, it's incredibly difficult to do well. It's vulnerable to bias and manipulation. As a consultant, it can get you in trouble, and you should use it wisely.

Management consultants use Excel daily. They need to organize, analyze, and uncover correlations between data. So, consultants practice Excel hygiene to keep their file useful: a) don't hard code values, b) keep a copy of your source data, c) document assumptions, d) don't merge cells. However, once you get past these beginner tips, you should consider who the audience is for the file before you spend too much time "making it pretty." For example, your manager wants to quickly understand and audit your work. Your client wants you to use the Excel model to show them your thinking and make a recommendation.