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Published date: 29/03/2010
The Management Consultancies Association (MCA) has just published a report following a year long research project on 'The Value of Consulting'. The MCA's research findings indicate that in 2008:
- The UK consulting industry spent more than £180 million on innovation, £85 million on training and £80 million on pro bono work for charities.
- 58% of clients say they are very satisfied with the work their consultants do; 41% say they are satisfied.
Very satisfied clients reported in interviews that the value of consultancy to them is a multiple of the fees that they spend. They estimate that this value ranges from around twice up to twenty times the cost, with most clients grouped around multiples of eight to twelve. Assuming an average of ten times the fees paid, and taking account of other projects where value is equivalent to price, this suggests that the benefits provided by consultancies are equivalent in value to around £56bn to UK clients, a return of £6 for every £1 spent.
For full copies of the report please access www.mca.org.uk
