Social Consulting 101
RCIG's Social Consulting Challenge - our first case competition of the year - is coming up next week! The theme is of course, social consulting. Let's take a closer look at what that is;
The words "social impact" are huge in any industry right now - whether companies embrace it as a part of their regular operations to companies that entirely focus on social impact. There are a growing number of companies in Toronto that focus on social impact investment or consulting - often providing a way for the public, private and the social sector to work together to solve problems that affect everyone. These projects address major social issues such as education, economic development around the world, inequality, and many others.
Major consulting groups such as Deloitte and the Boston Consulting Group may undertake social consulting using their expertise to help their clients. There has also been a rise in smaller firms such as Impakt that focus solely on social consulting.The goal of social consulting is to use professional expertise to solve pressing social problems - Deloitte describes their purpose is "to ignite and inspire social change".
The actual cases in social consulting are as diverse as the clients - from working with national governments to international environment protection groups on anything from implementing healthcare to creating start-up funds for entrepreneurs in developing nations. For instance, to respond to the issue of financial inclusion in South Africa, BCG has done an analysis on the financial system and proposed solutions for improvement. An excellent example of a detailed social consulting case, the full report can be found here.
Already, social consulting projects have resulted in major impacts globally. In cooperation with impact investing initiatives, many funds have been created to support women, youth, and minority groups to become entrepreneurs. Consultants also work with global not-for-profit groups on ways they can more effectively deliver resources and provide essential services in developing countries.
Social consulting and change depends on the creativity of many unique individuals to create new solutions to pressing issues. As a very new and unconventional way to solve social challenges, the nature of social consulting involves using innovation to analyze every case and create solutions tailored to each situation.
If any of the above sounds interesting to you, join RCIG's Social Consulting challenge to experience social consulting for yourself and see where it can take you! This unique case competition is on December 2nd, 2017, and is open to all students - regardless of your field of study or school. Compete in a team of four, and register through the Rotman portal.