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What are the best industry-specific data sources to use in management consulting?

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As a management consultant, you need to access reliable and relevant data sources to support your analysis, recommendations, and insights for your clients. However, finding the best data sources can be challenging, especially when you work across different industries and sectors. In this article, you will learn about some of the best industry-specific data sources to use in management consulting, and how to evaluate their quality, credibility, and usefulness.

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Isabelle Le Guay

ESG | Circular Economy | Transformation
Larry S.

Latam Vicepresident @ Impact Strategy Group | Digital & Innovation | Technology | Quality & Client Service | CX & EX
Anthony Gorman

Director at Wyman Bain

1 General data sources

Before diving into industry-specific data sources, it is essential to consider some general sources that can offer useful information for any management consulting project. Government agencies, international organizations, and industry associations can provide macroeconomic, demographic, social, environmental, and regulatory data to help understand the context, trends, and challenges of a client's industry and market. Academic and research publications from reputable institutions, journals, and experts can offer insights, frameworks, and evidence-based findings to develop hypotheses, methodologies, and solutions for a client's problem. Additionally, market research and analysis from credible firms, platforms, and databases can provide data on market size, growth, segmentation, competition, customer behavior, preferences, and satisfaction for a client's industry or product or service category.

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Larry S.

Latam Vicepresident @ Impact Strategy Group | Digital & Innovation | Technology | Quality & Client Service | CX & EX
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Based on industry-specific data sources, here are some of the sources to use in management consulting (to fit in 750 characters): Healthcare: medical records, patient surveys, clinical trials, and health insurance claims. Technology: data sources like market research reports, industry publications, technology patents, and customer feedback. Retail: sales data, customer loyalty programs, point-of-sale systems, and market research reports. Energy: energy consumption data, renewable energy reports, government policies, and industry publications can be valuable. Financial Services: financial statements, market data, economic indicators, and regulatory filings can be important.

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2 Industry-specific data sources

In addition to the general data sources, you should also look for industry-specific data sources that can provide more granular, detailed, and relevant data for your client's business and situation. Depending on the industry, some of the best industry-specific data sources to use in management consulting are healthcare, technology, retail, energy, and financial services. For example, IQVIA, Evaluate Pharma, and Truven Health Analytics can provide data on healthcare spending, utilization, outcomes, quality, performance, innovation, and market dynamics. Gartner, IDC, and Forrester can provide data on technology trends, adoption, usage, impact, and forecasts. Nielsen, Kantar, and IRI can provide data on retail sales, performance, distribution, pricing, promotions, and consumer behavior. EIA, IEA, and BP can provide data on energy production, consumption, trade prices reserves and emissions. Lastly Bloomberg Thomson Reuters and S&P Global can provide data on financial markets instruments transactions performance risk and regulation.

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Isabelle Le Guay

ESG | Circular Economy | Transformation
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OECD is another great source of quality data for quantitative market intelligence. You can find export and import data, in the past and forecasted.

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Anthony Gorman

Director at Wyman Bain
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I agree that industry-specific data sources are essential for consultants and researchers who want to provide their clients with the most granular, detailed, and relevant data possible. Here are some industry-specific data sources in a variety of industries: Technology: Gartner IDC Forrester CB Insights PitchBook Financial services: Bloomberg Thomson Reuters S&P Global FactSet Moody's Analytics Healthcare: NCHS CDCi AHRQ MedPAC Kaiser Family Foundation Retail: Nielsen Kantar IRI NPD Group eMarketer Energy: EIA IEA BP Statistical Review of World Energy WRI BloombergNEF There are many other industry-specific data sources available-consultants should choose the data sources that are most relevant to their client's business and situation.

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Andreas Pages

Strategic leader & consultant driving sustainable digital transformation & innovation | expert in consulting | change management | software | sustainability | AI | Balancing work, fatherhood & passion for sports.
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I agree. Industry specific is great but also brought and deep. The best way to start is with what your clients use. You will be surprised by the outcome of combining just 2-3 resources.

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3 How to evaluate data sources

When it comes to data sources in management consulting, not all are equal - some may be more reliable, accurate, timely, and relevant than others. It is essential to evaluate the quality, credibility, and usefulness of the data sources you use. Criteria you can use to evaluate data sources include the source (e.g., who is the author or publisher of the data source and what is their reputation, expertise, and agenda?), scope (e.g., what is the coverage, granularity, and frequency of the data source?), accuracy (e.g., how accurate and reliable is the data source?), and relevance (e.g., how relevant and actionable is the data source?). Utilizing the best industry-specific data sources can help you deliver high-quality services to your clients. Additionally, it is important to remain critical when using data sources and look for new or alternative sources that can enhance your perspective on your client's industry or situation.

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Ingrid Schrijnemaekers

Global Consultant and Culture Development
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Many years ago when working for a Bank, developing the Strategic Plan, I needed official Gross Domestic Product (GDP) data, different official sources had different numbers. In this case I chose what I preferred since all had the same credibility, this was tough.

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Anthony Gorman

Director at Wyman Bain
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I agree that evaluating the quality, credibility, and usefulness of the data sources you use in management consulting is essential. Here are some additional tips on how to evaluate data sources: Look over the source? Who is the author or publisher? What is their reputation, expertise, and agenda? Credible and unbiased source of information? Assess the scope? What is the coverage, granularity, and frequency of the data source? Do you know if the data is comprehensive & detailed enough for your needs? Up-to-date? Evaluate the accuracy? How accurate and reliable is the data source? Any known errors or inconsistencies in the data? Assess the relevance? How relevant and actionable is the data source for your client's business and situation?

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best industry-specific data sources to use in management consulting?

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1 General data sources

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3 How to evaluate data sources

4 Here’s what else to consider

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What are the best industry-specific data sources to use in management consulting?

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1 General data sources

2 Industry-specific data sources

3 How to evaluate data sources

4 Here’s what else to consider

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