In-house Consultants vs. External Consulting Firms
The decision to hire full-time internal consultants or work with external consulting firms on a project-basis is based on several factors including the cost, expertise required, availability of resources, urgency, and the credibility of the in-house vs. external options. The goal of both in-house consultants and external consulting firms is to evaluate problems and recommend feasible solutions, but there are several variations in how each of these groups function, the kind of projects they thrive in, and their overall value-addition to the business.
In-house consultants are employees within a business who work on the projects that they are assigned to internally. If the company has the resources to set up a department specifically for consultants, it will consist of specialists in subject-matters that usually revolve around the nature of the projects that the company is working on.
Advantages of In-house Consultants
Disadvantages of In-house Consultants
External Consulting Firms
External consulting firms are normally third-party companies who seek to optimize the success of the engagement they have been hired for. External consultants who possess the desired knowledge, experience, and skills can build a solid foundation to sustain the objectives of their clients and see their projects through to fruitful completion.
Advantages of External Consulting Firms
Disadvantages of External Consulting Firms
The Power of Combined Forces
Needless to say, working with subject matter experts does not have to be done in individual silos, neither do they have to be mutually exclusive. Even if you already have an in-house consulting team, you can still work with external consulting firms when the need arises. The decision should be taken after careful evaluation of the nature of the requirement along with wider economic factors.
If you are contemplating working with a well-reputed external consulting firm, feel free to reach out to us to learn more about how we can help your organization with our expertise in IT, risk, and management consulting.