Once the board of directors of a large local conglomerate or company realizes the necessity to transform from a traditional management system to a professional management system, the first question that comes up is how to do that and who should do that.
There is no doubt that this job is the job of the leader; the managing director who is the leader of the company. But it’s also important to take the opinion of the board of directors from time to time, as well as disseminate the views to the professionals from top to bottom and also align the things accordingly.
So, it’s teamwork and it needs a core strategic team to assess, design, execute, evaluate outcomes and re-design or adjust.
So, management can choose among internal human resources, external multinational management consultants and local management consultants to get the job done.
This is a long-term project as it starts with the assessment of the current status to ultimately implementing the strategic plan that may take 3-5 years to execute, depending on the size and complexity of the organization. The first step of the management consultant is to understand the details of the current status of the company clearly to plan the sequences of future steps.
Next is to navigate the progress, find out distortions and obstacles and move forward as a team from top to bottom to keep the momentum and strive in the right direction. There are lots of human, resource and functional interfaces involved during this process.
The management consultant can see through to communicate, make decisions, coordinate and drive the process from top to bottom passionately until it is done.
Now, let’s see what could be the options available for a traditionally managed company to transform into a professionally managed company: –
- Internal Human Resources: The best option would be to do it through internal resources. These kinds of projects require a special set of expertise, skills, integrity, character, track record and higher risk appetite that may sometimes make it more logical to outsource the service from management consulting firms.
- Multinational Management Consulting Firms: They are the second-best choice to get the job done as they are specialized and have the right kind of experts and the right sets of tools for these kinds of projects.
- Local Management Consultancy Firms: They could be the third choice for this job. Since there are many levels of traditionally managed companies in the context of Bangladesh, local management consulting firms would be in an advantageous position in this context, in understanding the current status and navigate the progress.
- Hybrid: This option is in a combination of the above options (1+2, 1+3, or 1+2+3).
Which option is the most suitable has to be decided by the top management; i.e. Managing Director. Whatever might be the desire of the top management of the company could be reflected well for improved performance, sustainability and a good working environment for progress.