Select Page

    Don't Miss

    Lean Banking Can Transform Your Institution. Don’t ignore it.

    Let’s start with the great news – financial institutions that are leveraging Lean banking operations achieve up to 30% cost reduction within 2 years, and are maintaining cost-efficient operations better than the average in the industry.
    Lean processes are being adopted globally by organizations prone to inefficiency that are negatively affecting their earnings.

    Loading

    MOST RECENT

    This Week in Consulting: Could your pilot be replaced by AI?

    This Week in Consulting

    Wednesday, April 1st 2020

    Could your pilot be replaced by AI?

    THIS WEEK’S MUST READ
    “In 2020, airlines are expected to transport a record of 4.72 billion passengers. With an ever-increasing number of fliers, airlines had to find an efficient and cost-effective way of handling vast quantities of customer queries. In fact, 68 per cent of airlines and 42 per cent of airports have implemented AI-powered chatbots to provide flight information, reservation details, and answer common questions related to arrivals and departures​. “
    The introduction of AI to the aviation industry has simplified numerous tasks for airlines and airports.
    This Week’s Must Read  is an is an insight piece from Richard van Hooijdonk about how AI can be used to improve and simplify customer service, airport security and maintenance. But it also alerts companies to be more rigorous in safety measures to avoid the pitfalls of AI.
    Read on to Find out More: “AI is taking the aviation industry to new heights“ | Richard van Hooijdonk.

      Thank you for Signing Up

    Receive "This Week in Consulting" in your Mailbox

    Please complete this form to create an account, receive email updates and much more.
      Please correct the marked field(s) below

     
    1,false,1,First Name,2

     
    1,false,1,Last Name,2

    *

    1,true,6,Contact Email,2

     *

    *Required Fields

    Note: It is our responsibility to protect your privacy and we guarantee that your email address will be completely confidential.

    THIS WEEK’S VIDEO:

    Somewhere, in a parallel universe, there is an Ella Atkins who happily does her research on autonomy in aerial vehicles, licenses software to aircraft companies and generally makes airspace a safer place. In our universe, aerospace hasn’t been ready for her​.

    THOUGHT LEADERSHIP

    Digital Transformation-where we are today: “ICF segments the global fleet into four technology categories: Old, Mature, New and Next. The Next generation of aircraft includes the Boeing 787s, the Airbus A350s and the Bombardier CSeries (now Airbus 220) as well as the Boeing 737MAX and Airbus A320NEO, the Embraer E-Jet E2, and the Mitsubishi MRJ. These are new aircraft with enhanced data capability which has an important impact on people in maintenance in terms of what can be done with that data.” The author provides his perspective where the aerospace industry stands in the digital transformation journey. | Martin Harrison, ICF for Aircraft IT
    Artificial Intelligence (AI) in Aerospace: “For decades, commercial aerospace companies built systems to assist pilots in transporting passengers from one destination to another. Flight assistance technologies like radio communication, air traffic control (ATC) towers, flight manuals, and electronic flight instrument systems (EFISs) assisted pilots in navigating cloudy, stormy and low-visibility conditions.” The author explores AI applications and ideas in the aerospace industry. | Slava Kurilyak, Produvia
    Machine Learning &Artificial Intelligence in Aerospace Industry: “Artificial intelligence plays a significant role in cutting costs, reducing the design cycle time, simulation, prototyping, optimization, maintenance, manufacturing and updating products and is all set to drive many developments in the aerospace sector in the next 15 years. Advances in AI could help aerospace companies optimize their manufacturing processes.” This whitepaper explores how AI can be a disruptive technology for the aerospace industry. | AXISCADES
    Is it right to use artificial intelligence in aviation security? “Humans, who are limited by slow biological evolution, couldn’t compete and would be superseded.” On the face of it, a chilling statement made by the late Stephen Hawking. The world-renowned theoretical physicist was speaking of his fears of an unleashed artificial intelligence (AI). “The development of full artificial intelligence could spell the end of the human race,” he said, adding, “it would take off on its own, and re-design itself at an ever-increasing rate.” Here is a debate around the pros and cons of HEXWAVE, a new security imaging system supported by artificial intelligence.| Airport Industry Review.

    TRENDS
    On the same theme,here is a selection of conferences that you might find useful
     
    For 2020 the Global Aerospace Summit has a new theme – Insight and Integration. How will data driven insight and digital transformation enable aerospace to identify new opportunities and anticipate challenges?
    2020 Canadian Aerospace Summit : The 2020 Edition will bring together Canadian and international companies of all sizes, government, and academia for two days in Canada’s capital discussing a variety of topics on a cutting-edge theme presently in development
     
     

    CONSULTING INDUSTRY NEWS

    The coronavirus has pushed 3.3m American workers onto the dole in a week: “ECONOMISTS KNEW that the figure for American unemployment claims would be bad. Yet many were still stunned when the Department of Labour released its data. On March 26th government statisticians reported that 3.3m Americans had filed unemployment claims in the week ending on March 21st, by far the highest total since the series started in 1967.” | The Economist
    IBM launches Weather Channel map to track coronavirus: “In an effort to keep folks abreast of the spread of the novel coronavirus that causes COVID-19, which has sickened more than 400,000 people, IBM today announced the launch of an incident map on The Weather Channel. It will join the news and information feeds already available on Weather.com and The Weather Channel mobile app, which IBM says has more than 300 million active monthly users.” | Kyle Wiggers, VentureBeat
    POPcodes Announces Initiative to Help Acquirers and ISOs Instantly Deliver COVID-19 Safety Messages to Merchants: “POPcodes, a trusted payment terminal software provider, today announced that it is offering to provide personalized, white-labeled versions of its point-of-purchase communication software for free with a turnaround time of 48 hours. The technology will be configured to deliver COVID-19-specific cleaning instructions directly to the merchant’s in-store payment terminal, helping keep employees and customers safe. POPcodes is committed to helping stop the spread of the virus and start recovery.” |PRNewswire
    Consultants should embrace RPA to grow their client impact: “Robotic Process Automation, an increasingly popular technology, can reduce costs and boost productivity, accuracy, data analysis and decision-making. The Centre for Management Consulting Excellence recently ran an evening symposium focused on how robotics can help consultants improve their impact at clients.” | Consultancy.uk

    DIRECTORY
    The Consulting Quest Global Directory is the largest professionally-managed directory in the consulting industry. Searchable by consultancy , name or by region, capability or industry it lists and describes more than 6000 consultancies worldwide with links to their websites and social media channels.
     
     

    Interested in submitting?
    If you are interested in submitting an article, an event or an ad, contact us!

    Contact Us

    CONSULTING SOURCING TIPS

    Consultants and Executives – 6 Relationship Misconceptions to Dispel
    "I like to set aggressive targets; without them, you will get ordinary performances." - Piyush Goyal As an executive and ...Read More

    5 Things About Performance & Competition We Can Learn from Neymar Jr.
    The Brazilian football star is one of the most recognizable faces in the world, and an inspiration to millions of ...Read More

    The Future of Consulting (Consulting 4.0) and How Disruption Can Benefit Clients & Providers Alike?
    The disruption in the Consulting value chain can benefit clients in many ways. Due to the digital transformation affecting modern ...Read More

    About Consulting Quest

    Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.

    Follows

    How consultants can help you with Covid 19 Now

    How consultants can help you with Covid 19 Now

    This article is a bit unusual. It is meants to be a living document, and we will update every week. Feel free to add comments and suggestions to help the community.
    When companies are facing difficulties such as Covid 19 and start to be cash constrained one of the first actions is often to initiate a consulting freeze. Well not so fast ! In times of crisis, Consultants can help companies to get their battle plan in order, identify short and medium term opportunities and prepare for the aftermaths.
    There are many projects where working with consultants can help companies to create value better and faster or to help sorting out priorities when issues are piling up. As an outsider, a Consultant often can form a perspective that others in your organization, can’t provide.
    We have asked consultants in our network to share how they approach this crisis, and how they support their clients.
    We have organized the answers in 6 main themes:
    1. Manage customer relationship
    2. Lead your teams and keep them engaged
    3. Secure business continuity
    4. Manage cash, costs and risks
    5. Find opportunities in chaos
    6. Prepare for what’s next
    Feel free to contact directly the consultants. And if you can’t find what you are looking for, you can always contact me at: Helene.laffitte@consultingquest.com
     

    Read also...
    Competition inspires people to go for peak performance, and lack of it creates opportunities for subpar results.

    Learn more

    1-Manage customer relationship
    “Now is the time to lean into mobile and audio efforts to reach both employees and customers wherever they may be. All about #dataprivacy and cybersecurity, as well as threats loom.
    The most urgent need for most brands and organizations is to “know their customers” through data unification that provides more accurate insights and lowers media/operational expenses across customer service, marketing & sales. Empathy and delivering contextually relevant experiences (support, content, products…) across every point of engagement is paramount for survival and sustaining revenue. Now is not the time to over-invest in shiny objects and nice-to-have tools. “
    Tim Hayden, Brain + Trust Partners

    2-Lead your teams and keep them engaged
    “I’ve been consulting and training from afar for the last few years…If you’ve done “live” work only, it can take a little getting used to. I converted all my training work into webinars – mostly 90 minutes, some 60. It is very different from being live. Most platforms allow for surveys during the presentation – do 3 or 4 to get a little integration going. There are lots of training out there. If you attend webinars yourself, you’ll soon see what works and what doesn’t. Slides with pics that tell the story and few words work best. Avoid typical “bullet points” and use some of the more creative looking ways to present “bullets” available in PowerPoint or other programs. Remember, you cannot use automation. Instead, use a series of several slides to build up a sense of automation. Have some fun with it. Include references and even some additional handouts to supplement the session, stimulate connection, and keep the connections going.”
    Rebecca Staton-Reinstein, Advantage Leadership.
    “As nation-states and citizens rally together to strengthen the collective social response to COVID-19, uncertainty is the only current certainty for many business leaders. With supply chain disruption, changes to working arrangements, constantly-shifting state guidance, and cash flow concerns, the next weeks and months will have major ramifications on the personal and professional lives of leaders’ employees, their customers, and their wider supply chains.
    All too often, leaders can be gripped by inertia when action is needed. And while leaders can only do so much in times such as these, there are some small, perfectly achievable actions that can have a hugely positive impact on the lives of those working to deliver in difficult conditions.
    In these complex, ever-changing times, we help companies with leadership, HR, remote working tech and well-being offers”
    Katherine Henley, PA Consulting.
    “We are talking to our clients about recognition during high-stress times is even more important.  For those businesses still running, the staff is under tremendous stress.    Now it’s more important than ever to remind the team how greatly they are valued, the commitment of the company (if they are able) to support them, and their deep appreciation for staying focused on getting the job done.    Simple spot rewards and public “thank you” opportunities can be found every day.    People need both appreciation and hope during really difficult times.
    We all want to be proud of what we did and how we led and provided wise guidance and hope when this is all over.”
    Tom Frederick, CoreCentive.
    “We empower people and groups for meaningful action by unleashing the power of groups and individuals. In this time of social distancing, we can help by facilitating virtual meetings, Coaching individuals and teams, training for better online engagement and even adapting strategy”
    Allison Larsen, Tadzo Consulting.
    3-Secure business continuity
    “At Lavister, we help energy, chemical, and services companies operate better. We have pivoted our offer to support our clients during the crisis built around:

    People: Establish task force network to tele support / counsel employees in stress management
    Operations: Forensically review the business for risks and opportunities
    COVID-19 Responses: Support the local community in combating COVID-19
    Emergent Plan for the upcoming emergence for a new business normal order.”

    Brian Flis, Lavister.
    “From a procurement and supply chain point of view, you want to trigger your business continuity plans (which hopefully you have in place). There is a range of various challenges that you need to master depending on the industry your company is in. Whilst the FMCG sector might be struggling with the supply side of things and the timely production and distribution of finished product to the retailers, which clearly see an increase in demand, other sectors such a car manufacturers or the hospitality sector experience subdued demand and required quick interventions by procurement and supply chain teams to assess and limit liabilities and financial exposure that could further impact your company’s bottom line. Both are very challenging undertakings. Managing this market uncertainty in a way that you support the business, your end consumer and your supply base in the right way is a humongous task. Those companies that have invested into a strong, customer centric supply chain and procurement function in the past will reap the benefits now and might come out even stronger after this crisis.”
    Jens Hentschel, The Fivis Partnership.
    “A lot of concepts and tools application for this environment. The proper application and sustainability of 6S to ensure we are cleaning and sanitizing to the right standards. Using Standard Work Instructions (SWI’s) for the quality of product that’s being produced for the customers. Establishing or maintaining a high standard of Good Manufacturing Practices (GMP) being able to apply Practical Problem Solving (PPS) is imperative during the pandemic to truly getting the right containment’s and countermeasures. There are many other rules, tools, and principles that are very applicable to what companies are dealing with today and in the future.”
    Herb Thompson, Lean Business Transformation.
    “In the “scary times,” I believe we have to redefine our approach to any process (sales, logistics, production). So far, we do support the companies form high-mix low-volume industries with QRM (quick response manufacturing) approach. Nowadays, I see even bigger need for fast reaction in other industries. We can support with our team #4Results  any company operating in Poland, as we have more than 5 years of practical experience with #QRM. If you have any question on fast reaction let me know, I would share any experience, case that could help you (at least inspire you) to adapt to the actual challenges.  “
    Michał Paradowski, 4 RESULTS.
    4-Manage cash, costs and risks
    “Pricingutilities.com provides A to Z transparent, automated energy procurement solutions for its clients. Creating a competitive environment and comparing electric and natural gas offers is a critical part of our service offerings. Our consulting and management services provide positive and successful customer experience, resulting in savings, and no hidden loopholes. I think the PricingUtilities.com model works well for businesses in times of crisis”
    Andy Kirchhoefer, PrincingUtilities.com.
    5-Find opportunities in chaos
    “As I’ve been in the game over 28 years, I have seen plenty of “crises” come and go, though this is somewhat different. Where we often see more localized crises, many businesses are reacting out of fears instead of responding to opportunities to initiate positive change.
    The main question I ask is, how can you turn an obstacle into opportunity in these scenarios?
    We have always offered customized consulting solutions based on a business need. We are actively working with all of our clients right now based on change initiatives and potential opportunities.
    We are also offering consulting time with any company in need, at no charge, based on our availability. Our primary focus for this offer is small and medium-sized companies.”
    David Hall, Trustway Marketing.
    “The crisis generates the selection for ‘survival of the fittest
    The economic impact of the corona pandemic, which is now beginning at full force, is dramatic, and its full impact on all areas of life is not yet foreseeable.
    However, one thing is already foreseeable: Only the most adaptable companies with a ‘brilliant strategy’ and appropriate management will master the crisis and emerge from it stronger. In reference to Darwin: “The crisis generates the selection for the ‘survival of the fittest,’ for the survival of the companies that are best adapted to the environmental conditions.
    However, the current crisis also offers opportunities – please take advantage of the time.
    Today more than ever, new strategic and organizational decisions are necessary for your company to survive and secure its future. In the period after the crisis, your company must be on the “pole position” in the selected industry. We help you effectively through this:

    Joint development of medium and long-term strategies with new competitive organisational structures.
    Suitable, highly qualified management personnel.

    Talk to us – business transformation – is our passion!
    Your future starts now.”
    Rainer Ulrich, SEViX.
    6-Prepare for what’s next
    “Here are some questions we are helping to explore:
    1. How to secure Organizational responsiveness in these very hard times? Through purpose driven initiatives and increased remote braiding within the Organization?
    2. What will happen to supply chains immediately and in the future. This will be at the heart of a global transformation bearing in mind that this change will not happen overnight.
    3. What will be the value in the future of global strategies vs multi local ones in order to avoid propagation effects due to heavy interdependencies.
    4. The crisis shows that resilience is not at the heart of decision making. Having performed with Fortune 500 companies, in depth analysis with management boards and boards of directors on that topic leading to changes in strategies, behaviours and monitoring of performance.
    5. On the short term, business continuity is at stake . New work environments have to be defined. Because Covid-19 is probably not a parenthesis but the first global sanitary crisis, that question of work design is becoming critical to face forthcoming crisis.
    6. New skills and probably new jobs will appear and globally speaking workforce management have to cope more largely with sanitary or other crises. The impact on workforce planning and the future of work are another critical”
    Michel Zarka, Theano Advisors.
    “We think it’s not the time yet. But we can do two appropriate things after : « Cathartic counsel with philosophical engineering, to see more clearly » / « Strategic Counsel with philosophical engineering, to better understand the world that will come out of this Krisis / how to be a new start for all of us » “
    Baptiste Canazzi, Noetic Bees.
    “For 10 years, we have advised and supported investors, owners and managers in complex, emergency and crisis situations – From the decision process to the implementation of their strategy. This period (COVID-19) is a time of change and opportunity during which, and now the inspiring leader have to think about the “world after”. To perform, it is better to adapt. Numbers/Data will no longer be the only reading grid in the world ! Reintroducing confidence in intuition and human judgment in order to re-inject meaning into the mass of data. With our Clients and Partners, we share the conviction that sustainable performance is in simplification (decomplexification), resistance to emergency, the definition of a new relationship to time. This will help overcome slow growth and low profits.”
    Christophe MAUBOUSSIN, Value Action.
    “Specifically we are doing a lot of scenarios based thinking for broad industries. Understanding the main uncertainties with executive teams and developing qualitative and quantitative implications to their business and operating model.”
    Georges Hemingway, Stratalis.

    Feel free to add comments and suggestions to help the community,
    Or contact us at helene.laffitte@consultingquest.com
    Book your call

    Your browser does not support the video tag.

    5 Things About Performance & Competition We Can Learn from Neymar Jr.

    5 Things About Performance & Competition We Can Learn from Neymar Jr.

    The Brazilian football star is one of the most recognizable faces in the world, and an inspiration to millions of kids who love and play sports. Besides the exceptional talent that he has, we can look at something more tangible and applicable to almost any other professional field – the desire to compete. And the desire to win.
    If you like to get the best performance from your Consultants, create competition among them.
    Competition inspires people to go for peak performance, and lack of it creates opportunities for subpar results.
    As an executive, you’re probably used to making quick decisions. Given the amount of work that you have to do, we get it. You want to be efficient. But don’t let that efficiency come at a higher cost of mediocre outcomes for your Consulting projects.
    5 Things We Can Learn from Neymar & How to Get the Best Performances from Your Consultants –

    “Our objective is always to win. Every day, every game, and every competition.” – Neymar Jr.

    Get Crystal Clear on Your Priorities

    What are the exact reasons you need to hire a consultant, and who can be the best fit for your specific project and your organization? The most natural solution is to look into your pool of existing Consulting Providers and to pick and choose from there. However, the best consultant for one project is not necessarily the best for the next one.

    Read also...
    The disruption in the Consulting value chain can benefit clients in many ways. Due to the digital transformation affecting modern industries.

    Learn more

    Look for the Most Talented Experts in The Field –

    People are good at different things, and the degree of talent and abilities can vary substantially from one person to another. Make sure to compare the skill sets of candidates.
    And It’s necessary to find a consultant who has substantial experience, creative problem-solving skills, and excellent interpersonal skills. It will be a great idea to interview a number of Consultants and evaluate their skills and talent in the process.
    However, if you do all this work, you may find that different consultants have different strengths. One might have excellent interpersonal skills, while another might have many more years of experience. One might be endlessly creative and great with design, while another might be a lot more blunt and honest about what your organization really needs. A good way of identifying strengths and weaknesses is also to check references on prior similar assignments.

    Put Consultants in Competition –

    People naturally do more and do better when the job or the reward is at stake. They know they need to do their best and prove themselves. And who benefits from this type of competition? You, the client. This way, you will also get the best value for money with your Consulting Spend.

    Have the Desire to Win –

    This idea does not apply just to sports. To get the best performance, and to make sure you hire the right people for your project, there is one more aspect to look at – their passion and willingness to win. But since this is not a match, the outcomes are progress, improvement, and solving a particular issue, so make sure they have the motivation to deliver these results. You can’t win if the desire is not shared among all team members, including your Consultants.
    It’s way too easy to skip a step and put a little less motivation, and still pass the test, but that’s not what winners do.

    Get the Best Value for Your Money –

    There is a price advantage to put Consultants in competition. If the consultants know that you will examine other offers, they will give their best effort to design and price their proposal.
    You could always argue that you will take the best for the job regardless of the price, but we all know what pressure on expenses the executives have to live with, especially operating expenses. The better the cost for value tradeoff will be, the easier it will be to convince your boss or your board that this consultant is the right choice.
    And to end this on a lighter note, Neymar Jr. might currently be the highest-paid athlete in the world, but we can be sure that the revenues he brings to his club are way higher to justify the cost of his contract.
    Get the star Consultants, and watch the benefits multiply as you successfully complete your projects.

    Do you get the best performance from your Consultants?
    Let’s discuss your projects in more detail
    Please give us a call today, at no obligation.
    Book your call

    Your browser does not support the video tag.

    This Week in Consulting: How to get ahead of the curve in project management

    This Week in Consulting

    Wednesday, March 18th 2020

    How to get ahead of the curve in project management

    THIS WEEK’S MUST READ
    “Executive leaders are no longer simply bracing for change. Instead, they’re rebuilding their organizations to make agility and creativity part of the organizational DNA. More than half (53 percent) of organizations surveyed in Pulse say they place a high priority on building a culture receptive to change​.”
    New technologies make executive leaders rethink some fundamental questions: Why do we exist? What do we offer?
    This Week’s Must Read  is an insight piece from Project Management Institute about disruption in project management.
    Read on to Find out More: “Ahead of the Curve- Forging a Future-Focused Culture“ | Project Management Institute.

      Thank you for Signing Up

    Receive "This Week in Consulting" in your Mailbox

    Please complete this form to create an account, receive email updates and much more.
      Please correct the marked field(s) below

     
    1,false,1,First Name,2

     
    1,false,1,Last Name,2

    *

    1,true,6,Contact Email,2

     *

    *Required Fields

    Note: It is our responsibility to protect your privacy and we guarantee that your email address will be completely confidential.

    THIS WEEK’S VIDEO:

    Every sector is touched by digital transformation – and more and more project managers will be required to manage the rapid changes it’s causing.

    THOUGHT LEADERSHIP

    Project Management Trends (2020): What does the Future Look Like– “Many companies have already started using AI in project management to perform their daily tasks that require human effort through task automation. The effect goes beyond automating simple tasks but is also quite helpful in obtaining performance insights. Project managers can use automation to perform complex tasks ranging from scheduling to data visualization and make informed decisions based on the captured insights.” The author explores the emerging trends in project management happening all around the world. | Vartika Kashyap, ProofHuby
    Gartner Predicts 3 Digital Business Impacts on PPM: “Emerging technologies like artificial intelligence (AI) or virtual reality (VR) will not be realized for at least the next four years for PPM practitioners,” says Kopcho. “This lack of urgency is directly associated with the lack of digital-friendly solutions offered by PPM technology providers, but we’re expecting the newer generation of PPM end users and startup providers to begin applying pressure based on the limitations of today’s PPM tools.” Do you think that continuing with the historical, predigital status quo will be enough to keep operations going across program and portfolio management offices? | Gartner
    Agile and project portfolio management: “ One common misperception of PPM is that PPM is a waterfall related methodology that needs to be theoretically modified before it can be associated with Agile. Project/Program Management in the closed loop PPM diagram is not waterfall centric. The upper chevrons do not contain a Software Delivery Lifecycle methodology. Instead, they show project initiation, project execution, and project closure. All three of these activities relate to both Agile and waterfall projects. They also fall within the same sequence regardless of project type. The attribute boxes below the chevrons (scope, cost, communication, time, quality, procurement, resource, risk, and integration) are all attributes common to all managed work, regardless of the delivery methodology.” The author debunks some common misperceptions about Agile and explains why it is a strategic move to align your Agile and PPM capabilities proactively. | Michael Ravin, Deloitte
    4 Ways Digital Transformation Is Changing Project Management: “At its core, digital transformation is “the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers.” While this seems like a straightforward concept, the “transformation” part is critical. A full-scale digital transformation can cause major disruptions in long-standing business practices and operations, and often necessitates cultural changes within a company as well.” What could be the consequences for a company that rejects digital transformation?| Jeremy McAbee, Wrike.

    TRENDS
    On the same theme,here is a selection of conferences that you might find useful
     
    Gartner Program & Portfolio Management Summit: In this age of continuous change, only those with an agile and adaptive mindset can survive.
     
    CM2020 Status: Change Management 2020 is your time to explore The Future of Work!

    CONSULTING INDUSTRY NEWS

    Amid coronavirus, Amazon offers more economic supports to workers: “The company said it will now offer up to two weeks of pay for any Amazon employee diagnosed with the COVID-19 illness or placed in quarantine. This payment is in addition to Amazon’s offer for unlimited unpaid leave for all hourly employees through this month, which the company started offering last week.”” | Ben Fox Rubin, CNET
    PwC selects Salt Edge to join Digital Ecosystem Banking initiative: “Salt Edge, a leader in offering open banking solutions, was invited by the consulting firm PwC to be part of the development of Digital Ecosystem Banking, which has the scope to empower banks towards next generation agility, seamless customer experience and integration with external ecosystems.” | Salt Edge
    Mentice Expands Coronary Product Portfolio with the Introduction of Coronary Intermediate Software: “Mentice , a world leader in simulation solutions for endovascular therapies, introduces Coronary Intermediate as the latest software addition to the Coronary Product Portfolio. Coronary Intermediate follows the introduction of Coronary Essentials three months earlier at the 20th International Meeting on Simulation in Healthcare (IMSH 2020).” |PRNewswire
    Is artificial intelligence a threat to industrial jobs? “Along with the hype surrounding artificial intelligence (AI) and its potential to make firms more efficient and productive, it faces continued scrutiny in relation to its impact on the jobs market. Cameron Batt from digital transformation consultancy Crum Consult reflects on how AI has affected the labour market in the industrial landscape so far.” | Consultancy.uk

    DIRECTORY
    The Consulting Quest Global Directory is the largest professionally-managed directory in the consulting industry. Searchable by consultancy , name or by region, capability or industry it lists and describes more than 6000 consultancies worldwide with links to their websites and social media channels.
     
     

    Interested in submitting?
    If you are interested in submitting an article, an event or an ad, contact us!

    Contact Us

    CONSULTING SOURCING TIPS

    The Future of Consulting (Consulting 4.0) and How Disruption Can Benefit Clients & Providers Alike?
    The disruption in the Consulting value chain can benefit clients in many ways. Due to the digital transformation affecting modern ...Read More

    Top 3 benefits from Providing and Receiving Feedback in Consulting
    "Feedback is the breakfast of champions." - Ken Blanchard Creating dynamic and healthy relationships between Clients and Consultants benefits the ...Read More

    4 Major Flaws of Consulting That Will Foster Disruption and New Opportunities for Clients and Consultants
    Let's take a look at how clients and consultants are responding to the challenges of disruption. In a recent report ...Read More

    About Consulting Quest

    Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.

    Follows

    The Future of Consulting (Consulting 4.0) and How Disruption Can Benefit Clients & Providers Alike?

    The Future of Consulting (Consulting 4.0) and How Disruption Can Benefit Clients & Providers Alike?

    The disruption in the Consulting value chain can benefit clients in many ways. Due to the digital transformation affecting modern industries, we see disruption unfolding in major areas such as Marketing & Sales; Knowledge; Data Analysis; Methodologies & Solutions; Services and Resources. Clients today have an abundance of opportunities to source talent, expertise, and to use offerings tailored to their specific needs.

    Read also...
    Providing and receiving feedback is key to create dynamic and healthy relationships.

    Learn more

    Understanding disruptions can help you take advantage of the powerful new trends and position your company to optimize for the trends that will shape the future.

    If we take a quick look back, we will see that the Consulting industry is pretty resilient and adaptable. It started with a value proposition around work optimization, and then shifted swiftly to more value and a focus on strategy.
    Since then, consulting firms have shown a high capacity in embracing the top trends in management. They developed specific offerings to help their clients implement new management concepts such as: total quality, globalization, voice of the customer, design to X, value pricing, lean six sigma, and succession planning.

    Today is all about digital-
    Pretty much every Consulting firm today has incorporated a digital layer in its offering.
    The recipe for success until now was rather simple. Consultants had to accumulate experience, gather knowledge and data, organize information, process information at light speed, and organize findings into superior looking reports. Sounds simple? Let’s see how digital seems to be reshuffling the cards.
    The Consulting Value chain is constantly evolving, in all its sectors, from Marketing & Sales, to Knowledge and expertise, Data and Data analytics capability, Management tools & Methodology, Proliferated Talent pools, and much more.
    It’s important to mention that Clients are evolving simultaneously as well, expanding their knowledge and expertise, access to Data, and are relying on in-house Consultants more than before.
    In that line of thought, the Consultants’ role is shifting too.
    The Consultant added value becomes their capacity to frame the problem and analyze the data provided by the expert.
    Companies such as Evalueserve are offering outsourced knowledge services to management consultancies such as knowledge management, business intelligence, market-specific or clients insights to support business development. Until recently most companies had none or very scarce resources dedicated to data analytics.
    With all the hype around artificial Artificial Intelligence, Big data and Machine learning, that situation is about to change. Major companies are building teams of data scientists to take advantage of their data and even for some of them to create new business models..
    Now let’s take a look at the future of Consulting-
    We are now entering the era of Consulting 4.0 – a term borrowed from the industrial revolutions’ stages – industry 1.0 to industry 4.0.
    New technological developments, or digitalization to be more exact, have affected the Consulting category as well.
    The fundamental business model based on solving problems, whether developing a new strategy, cost-cutting solutions, or implementation of new technologies, guaranteed the Consulting industry’s success.
    But in the aftermath of the 2008 economic downturn, things have dramatically changed.
    Declining revenues, growing competition, and market consolidation are among the main factors that make Consulting firms worry.
    However, a better perspective to look at this, is to frame it as the beginning of a new era – Consulting 4.0
    The consulting industry has to reshape itself with new business models, new growth areas, and innovative products and services to be created. We can confidently say that Digital transformation is at the core of Consulting 4.0
    Consulting 4.0 – Main Characteristics:

    Consulting 4.0 is more than the digitalization of the industry. It includes a fundamental change in almost all sectors.
    Some of the factors behind it include volatility and uncertainty, as the global economic environment is constantly changing, and to a big extend has created to the disruptive forces we are witnessing.
    Clients-Consultants relationship has changed – a complex and uncertain global economic environment created many new challenges for Client organizations.
    Clients today have more information – with the launch of many new platforms and information services in the past ten years, clients have access to quality and quantity of information, giving them a strong preference for which consultants they want to hire.
    The demand for Consulting services has changed – and Clients today are less dependent on Consultants. They are either doing in-house consulting or prefer very niche and specific services rather than general management Consulting services.
    Low cost and high-end expertise services – as Client perceptions evolve, they are reshaping the consulting industry, driving it into two distinct directions – Low-cost consulting fixing problems and discovering solutions. And on the other end of the spectrum – high-end, specific consulting solutions to problems that Clients don’t have the confidence or expertise for.

    How to be a winner in this new economic domain?
    Both Clients and Consultants need to understand the new dynamics and utilize the latest developments, while building their relationship on transparency and mutual interest.
    The consulting industry’s market leaders – strategy consultants, IT consultants and system integrators or the Big Four – have the chance to position themselves as multi-specialists, sometimes by eagerly acquiring smaller specialist consulting firms.
    Smaller consulting companies on their own too, with their deep specialist know-how and innovative business models, could be well-positioned to make a remarkable amount of work in nearly all sectors as clients realize the possibilities for wide-ranging change, major transformation, and are rethinking their business models.

    So who is the right Consultant for your project?
    The one who is able to navigate through this complex consulting landscape, and deliver the best solutions and desired outcomes.
    Let’s discuss your projects in more detail, and we can offer you an expert perspective on how to move forward.
    Book your call

    Your browser does not support the video tag.

    This Week in Consulting: What does digital transformation in Mining and Metals looks like

    This Week in Consulting

    Wednesday, March 11th 2020

    What does digital transformation in Mining and Metals look like

    THIS WEEK’S MUST READ
    “The mining and metals industry is recovering from one of its most difficult periods in decades. Market volatility and a downturn in commodity prices have created a new normal where cost cuts, automation and operational efficiency are vitally important. Meanwhile, industry-specific issues related to regulation, geopolitical risk, legal limits on natural resource use, shareholder activism and public scrutiny have created additional challenges​.”
    Disruption is everywhere, even in traditional industries. What are the forces shaping the future of mining and metals? Automation? Digitalization? What else?
    This Week’s Must Read   is an insight piece from the World Economic Forum, where the author lists trends that will shape the future of the mining and metals industry.
    Read on to Find out More: “Seven trends shaping the future of the mining and metals industry“ | Nicolas Maennling and Perrine Toledano for World Economic Forum.

      Thank you for Signing Up

    Receive "This Week in Consulting" in your Mailbox

    Please complete this form to create an account, receive email updates and much more.
      Please correct the marked field(s) below

     
    1,false,1,First Name,2

     
    1,false,1,Last Name,2

    *

    1,true,6,Contact Email,2

     *

    *Required Fields

    Note: It is our responsibility to protect your privacy and we guarantee that your email address will be completely confidential.

    THIS WEEK’S VIDEO:

    The top 10 issues transforming the future of mining.

    THOUGHT LEADERSHIP

    Rethinking Energy and Natural Resources for a Net-Zero Carbon Future: “Until very recently, many energy and resource executives believed they could meet sustainability requirements by publicizing a few carefully chosen environmental projects and technology programs. In annual reports and TV ads, these companies have highlighted their successes in, for example, reducing fugitive emissions, developing biofuels and protecting fragile environments—initiatives of which executives can justly feel proud.” The authors offer his take on the obstacles that stand in the path of sustainability for companies in the energy and resources sector. | Peter Parry and Dave Rennard, Bain & Company
    Disruption in the African mining and natural resources sector: “Despite concerns regarding regulatory and policy uncertainty across Africa, as demonstrated by the implementation of radical new laws in Tanzania, and the publication of the third version of the Mining Charter in South Africa, perceptions surrounding corruption and nepotism, and inadequate infrastructure (water, roads, electricity and ports), there are a number of current and potential investors who hold a positive view of investment in Africa, including the natural resources sector.” Can Africa develop a long-term sustainable mining industry, and at the same time, address the key challenges it is facing?. | Warren Beech, Eversheds Sutherland
    Digital transformation of Gold mining operations: “Gold mining companies have several challenges in operating their mines. The value of the gold mining company reflects its mineral resources and its ability to extract, process and recover the gold and get it to the market in a sustainable way. Often deposits are low in grade (between 1 to 4 grams per ton on an average across the Life of Mine) and occur in veins in fractured rock. External dilution further lowers the grade,which impacts the recovery. For low-grade deposits, more ore must be mined to extract the same value as a high-grade deposit.”  Data is a key enabler for digital transformation and an essential source of insights for operational teams to make decisions in the gold mining sector. | Sudip Kumar Chaudhuri, Joseph Plant and Prasant Kumar Padhy, Wipro
    Mining industry on the cusp of digital transformation: “The digital transformation journey in mining has started, and we as a company are willing to drive that with mining houses. We will embark on this journey with them, through identifying the appropriate technology from other industries that could be applicable to mining.” This interview of David Osborn, Managing Director at Dassault Systèmes South Africa, shows how the mining industry in South Africa is on the cusp of the digital transformation journey.| David Osborn for Mining Weekly.

    TRENDS
    On the same theme,here is a selection of conferences that you might find useful
     
    Section of Environment, Energy, and Resources: The premier forum for strategies and information for environmental, energy, and resource lawyers, advisors, and decision-makers.
     
    ICNRME 2020: The International Research Conference is a federated organization dedicated to bringing together a significant number of diverse scholarly events for presentation within the conference program.

    CONSULTING INDUSTRY NEWS

    FTC Rejects Planned Coal Joint Venture by Peabody, Arch: “Last June, Peabody and Arch agreed to combine operations in those states, where both companies produce thermal coal that utilities use in power plants. The plan called for integrating Peabody’s North Antelope Rochelle and Arch’s Black Thunder properties, two mines that abut each other in Wyoming, among other changes.” | Micah Maidenberg, The Wall Street Journal
    HSBC evacuates Canary Wharf office after confirmed coronavirus case: “HSBC has evacuated part of its Canary Wharf office after a confirmed case of coronavirus, following at least two false alarms at the bank’s London headquarters in the last seven days.” | Financial news
    Pharmacovigilance Outsourcing Market revenue to hit USD 10.5 Bn by 2026: “According to the latest report “Pharmacovigilance Outsourcing Market by Service (Pre-marketing Services, Post-marketing Services), Service Providers (Contract Research Organizations, Business Processing Outsourcing), Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026”, by Global Market Insights, Inc., the market valuation of pharmacovigilance outsourcing will cross $10.5 billion by 2026. The increasing prevalence of adverse effects and safety concerns associated with medical products will drive market growth.” |PRNewswire
    Publicis Sapient co-launches new AI lab: “A collaboration between Publicis Sapient, Elder Research and Tquila is behind the launch of a new lab, aimed at helping clients scale their artificial intelligence programmes. PS AI Labs aims to leverage the expertise of the three organisations to build unique enterprise efficiency and cost optimisation models.” | Consultancy.uk

    DIRECTORY
    The Consulting Quest Global Directory is the largest professionally-managed directory in the consulting industry. Searchable by consultancy , name or by region, capability or industry it lists and describes more than 6000 consultancies worldwide with links to their websites and social media channels.
     
     

    Interested in submitting?
    If you are interested in submitting an article, an event or an ad, contact us!

    Contact Us

    CONSULTING SOURCING TIPS

    Top 3 benefits from Providing and Receiving Feedback in Consulting
    "Feedback is the breakfast of champions." - Ken Blanchard Creating dynamic and healthy relationships between Clients and Consultants benefits the ...Read More

    4 Major Flaws of Consulting That Will Foster Disruption and New Opportunities for Clients and Consultants
    Let's take a look at how clients and consultants are responding to the challenges of disruption. In a recent report ...Read More

    Our Proven Negotiating Approach – When to Negotiate, When Not to, and How to do it Right
    "It's our own ability to have an idea and to go after the idea and make it happen. That's what ...Read More

    About Consulting Quest

    Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.

    Follows

    Loading

    Most Popular

    Is it better to work with familiar consultants?

    Is it better to work with familiar consultants?

    When you have a new project, you might wonder whether you should return to the consultants you’ve used in the past or start over again with a new set of proposals. There are a number of factors to consider, with good reasons for doing either. Whether you work with someone you already have a relationship with, or you take a chance and start from scratch, there are some key questions and considerations to keep in mind.
    Do you want a consultant who is familiar with your business and your style?
    A consultant with whom you’ve worked in the past has already done the necessary research to understand your company. She will understand your values, your core beliefs, and the fundamental information that shapes your company. This means that she will already have a solid understanding of how all of those things will shape the project that you want done, which makes her more likely to be successful the first time. She also will have existing relationships with the members of your company, which will make working with them easier.

    Source Consultants

    If you’re looking for the right consultant, there are several factors that will help you decide whether a specialist or a generalist is right for your needs.

    Read More

    Working with the same consultants on a regular basis will improve your ability to effectively communicate what you want from them. The individual relationship with each consultant isn’t cultivated overnight. In fact, you’ll start working on this relationship when you hire a consultant for the first time. If you like a consultant’s style, you can cultivate her into a fully informed and regular consultant for your business with a minimum of effort.
    On the other hand, a consultant who is familiar with your business and your style won’t necessarily bring the fresh new ideas to the table that you’re looking for. After all, taking a chance on a different consultant will give you the opportunity to interact with someone new and benefit from the talent that she brings to the table.
    What is the consultant’s area of expertise?
    As with any other profession, there will be consultants who are more skilled in some areas than others. When you work closely with a consultant, you’ll learn quickly where her specific skills lie. Over time, you will learn when it’s best to call in a particular consultant who has the skills necessary for the task at hand and when it’s better to look to a different consultant.
    You should always choose the consultant with the best skills for the job, rather than allowing yourself to stay with the old and familiar, simply to avoid needing to go through the proposal process.

    A returning consultant will need less input from you, but a new consultant will be more likely to come back to you for feedback.
    After the job has been outlined, a returning consultant will be able to get down to it. This means that your time is freed to deal with other issues, while the consultant takes care of the job that you hired her for. There might be less frequent communication as you hire the same consultant more often, which can be both good and bad.
    As you develop a relationship with a consultant, you’ll learn what information she needs to work, without quite as much supervision.
    On the other hand, this does mean that she is more likely to assume that she knows what you want, right up until the final product is handed over. If you’re not satisfied, it may mean that you have a delay while you wait to see the changes.
    Is your business becoming too dependent on a particular consultant?
    You don’t want to feel as though your business can’t function without the input of a familiar consultant, especially one who could become aware of that dependency. You always want to be able to enter into a new relationship with a new consultant if prices change or you start to see a decline in the quality of your consultant’s work.
    New consultants offer new ideas and new skills.
    You’re always looking for fresh new material, and bringing in new consultants is one of the best ways to get it. Your familiar consultants will bring their usual ideas and experience to the table, but a new consultant will have a different perspective to offer.
    Ideally, you should always ask for a quote from at least a couple of different consultants before diving in with a single one. This will help ensure that you receive the best possible price. There’s a balance to be struck in knowing the right time to use familiar consultants and when to bring in new ones. Choosing the best option will ensures your company the greatest success.

    Consulting Playbook: Key Steps to Navigate Antitrust Regulation during a merger

    Consulting Playbook: Key Steps to Navigate Antitrust Regulation during a merger

    The Consulting Playbook, Edition #15
    Two big Energy Organizations were merging and the newly formed company was an entity subjected to some issues with Antitrust Authority, and it had to get clearance. That predicament required both companies to follow certain procedures, while creating the future company of such scale. During the negotiation process neither company was permitted to share information regarding bid content, pricing, cost structure, their strategy or teams. The negotiations with the authorities continued for about a year, and pushed the companies depending on location, to divest some of their activities before the merger.
    The fines for non-compliance with the antitrust regulations would have been double digits of a year’s revenue of the whole new company if they found any violations, and naturally that had to be avoided.
    The company decided to hire a consulting firm to help with planning the integration, designing the new business model with clean team processes while ensuring compliance with regulatory requirements.
    Setting the Ground Rules for the Integration
    The Consultant focused on the most important objective – to ensure successful merger and smooth launch of the new company, while in case that the antitrust authorities didn’t okay the merger, to have both companies successfully function as independent entities, in their competitive landscape.
    Clean Team Consultants sanitizing the information exchange, did their work based on 3 Main principles:

    No discussion and disclosure of financial, dealings, and negotiations parties
    Meeting were attended by a lawyer and clean team member to ensure the agreed agenda was implemented
    Sensitive topics discussion had to be sanitized and their content could not be revised by either party.

    Preparation Pays Off in the End
    The Clean Team Approach allowed the two companies to prepare for the merger while awaiting the Antitrust authority’s decision of the new company.

    New Company’s vision was created
    New Company’s key executives and staff were selected
    Synergies were identified and associated implementation plan drafted
    Labor negotiations prepared
    Day 1 Readiness and Launch executed

    Additional Information

    Overcoming Antitrust Issues in Mergers
    Mergers and acquisitions are for many companies and in many cases, the most viable option to survive and thrive. However antitrust regulations and other serious complications can derail the process. Many arrangements and negotiations can become risky matters between competitors in pending mergers.
    Here are a Few Steps that can Help Parties Better Prepare for a Merger and Minimize Risk:

    Consult a reputable law firm and receive the necessary support in assessment of the pros and cons of the pending deal. Specifically, in regards to type of industry, what investigating enforcers will look at, and for preparation of negotiating agreements.
    Notifications and exemption review – while they differ for various industries, a number of notifications must be filed prior to the merger. Knowing the exemptions in each case is also very important when preparing the documentation for pre-merger filing.
    Careful examination of all relevant directives under the Federal Trade Commission, Department of Justice, European Union Merger Control and the Hart-Scott-Rodino Act, must be carried out, and necessary clearance obtained.
    Additional clearance by over a 100 jurisdiction bodies and regulatory organizations might be required too. The process can be lengthy and tedious.
    To facilitate the merger review process, and minimize the scrutiny as well as longer delays, have a full set of economic and legal presentations, data, and evidence, and be ready to respond to any inquiries in a timely manner.
    Organize the non-parties and witnesses to assist the review process as called up by authorities, and have them prepare to cooperate as necessary.

     
    For Further Reading –
    – 20 Key Due Diligence Activities In A Merger And Acquisition Transaction
    – How to Avoid Antitrust Violations
    – Antitrust Compliance Booklet

    t

    About The Consulting Playbook
    The Consulting Playbook is a collection of posts designed to offer insights into how businesses and their executives can utilize consulting as a strategic lever to boost performance. Each Consulting Playbook post is broken down into a few elements: Case Study, Additional Information regarding the technical application, and Additional Links related to the topic.

    What Happens Once You Diversify and Optimize Your Consulting Providers’ Panel?

    What Happens Once You Diversify and Optimize Your Consulting Providers’ Panel?

    “The core of the consulting business is going in and essentially making yourself indispensable by eating the brain of the organization, meaning consultants go in and assume key functions in the organization.” – Matthew Stewart

    You might or might not have an official list of preferred suppliers, but most likely you have consulting firms that you work regularly with. We will refer to them as your panel, just to simplify things. So now, let’s see how to upgrade and prepare the right panel for your future challenges.
    Most Companies work with consultants to access their skills and experience that are not available In-house.
    One of the main procedures to do is a Performance Diagnosis, that will allow you to measure the Performance of each of your suppliers and identified the high- and low-performers.
    Rationalizing Your Panel –
    #1- Let Go of Low-performers –
    This is a no-brainer. You don’t want to work with Consultants that are not delivering the results expected. Get rid of the companies that are consistently underperforming.
    When the feedback is alternating from good to bad, try to identify a pattern.
    The poor feedbacks are on the same type of projects. They don’t have good results when they work in a hostile environment. Or they don’t really do well with very operational teams. Maybe you shouldn’t consider them for these projects in the future.
    Only one of the Consulting partners has low-performance. Why not ask to work exclusively with the partners that have positive feedback?

    Create Value Through Consulting

    Looking at your Consulting Spend as a whole doesn’t always bring enough information to identify trends and patterns. 

    Read More

    #2 – Lack of Bench Is Not an Issue –
    It’s best to avoid tying yourself to only one supplier on your strategic needs. Think Supplier Risk management and apply the same sound principles than for other purchases.
    Besides, each Consulting Firms have a different DNA profile and a different portfolio of projects at which they excel.
    Find 2 or 3 different Consulting Firms for each strategic need. You might end up with the same supplier for several needs, and that is fine. And competition will keep all providers on their toes.
    #3 – Identity Rising Stars on Your Team –
    You will probably realize that you need to find new Consulting Providers for some strategic needs. When you are screening for new profiles, don’t forget that you only want high-performers. Ask for references and check them or ask a third-party to do so (when references are with competitors, or if you want to remain anonymous). Make sure they have done projects that are relevant to the said strategic need.
    #4 – Diversify and Expand Your Sourcing –
    Lack of actual knowledge of the current Consulting market leads many Executives into sourcing locally for their Consulting Projects. It’s also a fact of life that most sourcing is based on word of mouth and personal networks.

    But you need to know that the Consulting Industry is not one homogeneous block. There some regional specificities, including on the capabilities. If you are looking for Operational Excellence Experts, you might have a look at Europe where companies are more mature in that field. For Leadership capabilities, on the other hand, you should explore the other side of the pond, where North American firms are more numerous and experienced.
    Besides, you might need Consultants in locations that are on the other side of the globe. Will you have your Consultants travel thousands of kilometers to work on a project? Or should you just find Consulting Firms in any part of the world, when they best match your project’s needs? You know the answer.
    #5 – Hunt for Freshness of Ideas –
    Another key winning component is the freshness of ideas. Independently from the performance of your existing Consulting Providers, you might want to bring in new blood and fresh ideas. The Consulting Industry is constantly evolving, and new concepts are emerging. To stay current on the innovation trends disrupting your market, for instance, you want to look at the emerging players to test them out on projects.
    Focus on Developing Synergies –
    An interesting insight of the portfolio of projects is the potential synergies between different groups or business units, in particular for smaller projects.
    For instance, you might find that you bought several times more or less the same project in different parts of your organization. Depending on the feasibility, you might consider grouping these needs in the future and organize a joint competition.
    You might also realize that the same Consulting Firm sold more or less the same project in different business units. Putting all the projects together would have helped you to increase your bargaining power and get better prices.
    Last, if one part of your organization has a high-performer of a specific type of Consulting Project, while its neighbor had a low-performer, you probably want them to share the love (while you take out the low-performer from your panel).
    So, we just described a best-case scenario, the steps, and the approach you can take.
     The results will be worth the effort! As extra value and savings are generated, you will be jumpstarting your transformation.
    This is the most efficient way to win the buy-in of the stakeholders and to fund the desired transition.
    The next step is to hire a data scientist, get started on crunching the numbers, add a pinch of artificial intelligence and a good dose of machine learning. Cool trendy techniques are fun but don’t forget classic methods can be very efficient also.

    Do you have a List of Preferred Suppliers for Consulting? How did you build it?
    Or do you want a little boost to get started? Don’t hesitate to reach out.
    Share your opinion, and if you need our perspective, we love to debate.
    Book your call

    Your browser does not support the video tag.

    How to measure the value created in Consulting?

    How to measure the value created in Consulting?

    “The best way to predict the future is to create it.” – Abraham Lincoln

    The Consulting industry today is considered to be in good shape, but we can all agree on one thing – that there is plenty of room for improvement and growth. The more interesting question, however, is: what is the best direction to explore these possibilities?”
    Let’s discuss in more detail the Value creation – the pinnacle of opportunities for the industry to deliver more.

    Read also...
    Main points for every business to develop an efficient Consulting Group to serve their needs.

    Learn more

    1-The Value Creation Equation – a Look at 5 Different Options–

    There are many Schools of thought when looking at how value coming from consulting can be put into equations. Let’s try to explore from the simplest to the most elaborate one.
    The simplest way to look at it is to consider the savings side of the equation. The value becomes what you were willing to pay for a given project minus the price you actually paid. So you were willing to pay 100 for a given project and ended up paying 80, you would consider a savings of 20.

    Option 1: What you think you saved = Willingness to Pay – Price Paid

    Unfortunately, your willingness to pay is all relative as it is at times difficult to assess, and might not be representative of the actual value of the service. You could, therefore, consider the value created using a more robust savings stick. Comparing what you paid to what you would have paid if you had selected one of the highest bidders. You could refine this notion and take the average of a representative sample of proposals (make sure you consider the full cost, including bonuses and expenses).

    Option 2: What you saved and can be measured = Reference Cost – Actual Cost

    If this notion covers partially the impact of a good sourcing and a good selection/negotiation, it, unfortunately, does not address the value brought by a quality scoping, with tapping into an infinite reservoir of cost avoidance if you buy more than you need. Why would you, for instance, purchase a market study covering the entire market when you only need one segment?

    Option 3: What you actually saved = (Reference Cost – Actual Cost) + Cost Avoidance

    However, you probably would not have launched the project if it was not creating an attractive value for your company. Depending on your company and your natural tendency to use consulting, the expected returns can be quite high. As a minimum the costs have to be paid back within a year. By experience the expected returns are usually minimum three times the cost. If you consider a cost corresponding, for instance, to one year of savings, the net present value with an average discount rate is around 7 times the costs involved.

    Option 4: Theoretical Value = What you were expecting as return + What you actually saved

    Value = Expected Return * Reference Cost + (Reference Cost – Actual Cost) + Cost Avoidance
    Interestingly you can see that if your expected returns are greater than three times your costs, the first part of the equation will always trump the second one. The only caveat to this reasoning is that indeed, depending on the projects and the quality of the providers you select, the impact can be quite heterogeneous. Therefore there is a multiplier effect in the first part of the equation.

    Option 5: Actual Value = Returns you will get based on the impact + What you saved

    Actual Value = Impact * (Expected Return * Reference Cost) + (Reference Cost – Actual Cost) + Cost Avoidance
    There are three major factors in this equation. Demand management will determine the expected returns. Quality of sourcing and negotiations will drive the savings. The efforts on the scoping will pay off through cost avoidance. While selecting the right consultants and managing them properly will drive the impact. Unless the expected returns from the project are quite low, the impact will be the determining factor.
    2. Where to Focus the Efforts – Present & Future –

    Where is the focus today?

    Many organizations are leaving consulting procurement to the executives needing the services. In this case, the executives usually focus on scoping the project and managing it. The sourcing and negotiation parts are often overlooked as the organization does not manage enough projects. When organizations leverage the procurement teams, they tend to address Consulting Procurement as an indirect purchase among others. As such, the procurement organization is often looking at savings as a measure of performance. The focus is therefore on organizing a proper competition and negotiating lower prices at the back end of the process.

    Where should it be?

    In the same way that mature procurement organizations for direct purchases are looking at the total cost of ownership, mature consulting procurement organizations are now looking at the entire Value equation. It will drive a much higher focus on the impact and the value created. Those organizations are also implementing some form of demand management to make sure they invest where the most value will be created. As a consequence, the focus is placed on selecting the right projects, sourcing the right consultants, and managing them during the project to maximize the impact achieved. It does not prevent from taking care of the savings side of the equation but will ensure an optimum result.
    3. Charting a New Route and Going Further-
    As we discussed, maximizing the value creation of a project is where most efforts should be focused on. Should you remember only one rule when it comes to value created through sourcing of consulting projects, just remember that unless the expected impact is low, the value created by the project itself will most of the time outweigh the savings realized through the sourcing. It is particularly true when you look at one specific project.
    If you are using consulting regularly and are managing a portfolio of providers, many other actions can yield substantial value. Those actions will range from implementing a performance management system or demand management to ensuring the full alignment between your strategy and your consulting investments.

    Ready to get started on your next project?
    Need a fresh point of view? We will be happy to help.
    Please give us a call today, at no obligation. Let’s get the conversation started​
    Book your call

    Your browser does not support the video tag.

    Leverage Management Consulting to boost the Performance of your Business

    Leverage Management Consulting to boost the Performance of your Business

    The world of consulting has been seen as out of reach for small to midsize businesses for far too long. In the past, only large corporations had the resources to find, vet, and pay for consultants, giving them a distinct competitive edge over smaller companies in their industry.
    However, with advancements in technology and communication changing the way we all work, the consulting industry has suddenly opened up to businesses of all sizes and stages of development. Large players in search of growth pockets have turned to SMEs, while spin-offs focus on medium-sized businesses.
    Companies and nonprofit organizations that would never have been able to find or afford the right consultants in the past, now have the opportunity to get world-class consulting services for an affordable price.

    Use Consulting Strategically

    Nothing says brilliant execution like a Request for Proposals (RFP) that sings to its potential suppliers or partners.
    Read More

    Naturally, when new opportunities and tools become available, there’s a learning curve that goes along with that.
    I was recently speaking with the CFO of a small business from the Food Manufacturing Industry. He confessed he had never used management consultants, and asked for some more information about what they could bring to the table.
    So, how do you find the right consultant? How do you know if they can actually do what they say they can? What are the real benefits of using a consultant?
    This is a very common conversation that we, at Consulting Quest, have with friends, colleagues, and clients every single day. So, we thought we’d answer some of the most common questions we hear and provide you with the “why,” “where,” and “how” of leveraging consultants to enhance your business’s performance.
    Why
    There’s a famous story of a manager in the Toyota corporation briefing an executive on how well the company is doing. Profits are up, customer satisfaction is up, production is up, sales are up, and costs are down. From the manager’s perspective, nothing could be better.
    After the manager’s gleaming report on the state of the company, the executive asked: “where are the problems?” Shocked, the manager replied, “There are no problems.” The executive simply shook his head and said, “No problems is a problem.”

    Sometimes, you can’t read the label when you’re inside the jar. Meaning, it can be hard to be unbiased and objective about your business, while also being emotionally and financially invested in the company.
    Hiring a consultant allows your business to get objective, unbiased, third-party expertise that can not only offer solutions to problems you know exist, but also root out and solve problems that you didn’t even know you had. A consultant can act as a sparring partner, of sorts, who can bounce ideas back and forth with you and help you identify areas where you can improve.
    Consultants also fill the skill and knowledge gaps that may exist in your current workforce, diagnose the problems in your organization others can miss, and help you get through special projects and periods of increased demand with ease. They can play the “bad guy” in tough situations where you’d prefer not to involve your regular staff, help you brand your business, or articulate and convey important messages. Essentially, a consultant can be there to support your business in whatever way necessary.
    The role of a consultant is simple: help your business achieve a goal as effectively and efficiently as possible, while helping you, if necessary, with your management or shareholders in the process.
    Where
    The beauty of using consultants is that you can bring someone on board that has the exact expertise you need, at the exact moment you need it.
    Because of this, consultants can be used in any area of your business that needs help or attention (or they can be used to locate which areas of your business need help and attention).
    Consultants can be particularly useful in the top levels of organizations, when executives may be looking for guidance on strategic planning, resource allocation, culture, leadership development, or other areas that have widespread impact throughout the organization. In these kinds of situations, consultants can be seen as coaches or advisers that help businesses make big decisions and implement those decisions afterwards.
    Similarly, consultants can be a great source of guidance during special projects or demands that your business’s core staff doesn’t have the experience or manpower to handle. These could be anything from ensuring compliance with new regulations, handling a special request from a top client, or deploying new technologies throughout your organization.
    Consultants can also be assets to your company’s top line, helping to drive sales and profits through new strategies. For example, if you have a major marketing campaign on the horizon and want to be sure you have the best possible team assigned to the task, hiring a consultant may give you that additional competitive edge you need. With an outside perspective, a consultant can bring fresh ideas to the table that can increase marketing reach, improve audience engagement, and drive greater sales.
    If inefficiency and soaring costs are plaguing your business, a consultant can come in to help you streamline those parts of your business. A consultant can provide expertise that allows them to better see areas within your business that could be made more efficient, or identify expenditures that could be reduced or eliminated altogether. Whether it be a breakdown in your production process, a lack of communication and cooperation between your team members, or a product or service that is eating away at your operating budget, a consultant will help you pinpoint, and then fix, those problem areas, in order to reduce costs and maximize efficiency.
    Regardless of what your business’s needs are, the size of your organization, or the challenges that your face, there’s a consultant out there who can help.
    How
    So, you’re ready to get a consultant to come in and help you re-vamp your business. Now, where do you go to find the consultants, evaluate their skills and expertise, research their past performance, and negotiate their rates?
    Those are great questions. In the past, you would have had to know someone who knew someone who used a consultant that could give you their contact information, or you had to put out a call for a consultant and hope that someone with the right skills responded.
    However, in an age where you can look up reviews and shop online for anything from boats to goats, houses to airplanes, it only makes sense that you should be able to go online to find the right consultant for your needs.
    Ultimately, justifying the hire of a new consultant can be difficult if you don’t know what exactly it is they can offer your business. But, with the right tools and the right people behind you, leveraging consultants to improve your business’s performance can be a seamless experience. Many companies have already dared to take the leap. Why not you?

    Consulting Playbook: Boosting on Time Delivery in Food Services

    Consulting Playbook: Boosting on Time Delivery in Food Services

    The Consulting Playbook, Edition #26
    The delivery to a major client has spiked to an all-time high thus new buy concept and internal operations excellence booster was required. The shareholder and a major client too, needed a robust recovery plan of increased missing parts, avoiding new missing parts backlog and adequate measures for maintenance planning, headcount demand, flexibilization and supply chain optimization. The company decided to call for support from a consultant.
    Creating and Implementing the Recovery Plan

    Appointment of Recovery Manager was made to implement measures for recovery assignments from Management Board to shop floor level.
    Diagnostic of the current situation, root cause analysis and Daily Action Tracking was implemented covering supply chain, synchronization of production control rooms, for all the three plants, enabling to achieve targets and recovery plan.
    Design and application of workshops and meetings for reporting to shareholders and stakeholders, work councils conducted.
    OEE was performed to stabilize recovery, and lean workshops done to enhance team’s understanding of the changes.
    During the duration of the project, the consultant provided support to the CEO as Trusted Advisor, acting as sounding board to define the course of action and facilitating the convergence of stakeholders in a difficult period.

    The Success of the Project Delivered Desired Outcome
    An aligned recovery plan, daily management action tracker, weekly missing parts report were implemented. A stringent tracking process was applied with well-defined measures. There was a restored trust in transparency and management control by the shareholders achieved. A result and recipient oriented requirements catalogue was produced for Shareholders.

    Additional Information

    Are You Well-prepared for Crisis Management?
    Check out Our List with 12 Points on Crisis Management Below
    The Food industry is especially vulnerable to various types of crises, and many Executives feel that they can always improve their level of preparedness. Being good at crisis management should be a priority for Executives and designated employees. Food recall, Food disease outbreaks, and Product withdrawal can be extremely costly and cause serious supply disruption, as well as result in costly law suits by Consumer Advocacy groups, and the list with troubles goes on and on.
    The public, your consumers, as well as the media can be unforgiving and your business, and organization can suffer serious damages. We like to think that your organization tales all necessary and legal measures, to avoid situations like that, but here are a few great insights on how to deal with crises.
    12 Points List

    The outcome of a crisis and the effect of your business strongly depends on how your company responds and the attitude it demonstrates.
    Be prepared in advance, do not wait for an event to occur, and act afterwards. It might be too late, and the damages harder to control.
    How quickly you respond and how flexible you are in dealing with the parties affected in the crisis is very important.
    Big businesses have an advantage over smaller companies, as they are usually better organized and more prepared pre, during, and post-crisis period.
    An essential part is to have a detailed Crisis Management plan in place, and the designated parties to be well-familiar with it.
    Have a list with outside Experts who can help you manage the crisis.
    Stay on top of the developments and have the latest information, so you can take the most effective actions.
    Practice empathy and understanding of the affected party’s situation in the crisis.
    Take responsibility and make necessary commitments in resolving the crisis.
    Communicate honestly and openly with the media, outside vendors, the public, and finally with your team members and employees, to reach to the solutions as efficiently as possible.
    Manage your cash flow – a crisis event might sometimes freeze your sales and cash flow completely, so it is crucial to have an action plan in moving forward and enough cash supply for business operations.
    Plan with Insurance companies to protect your assets, business, and ensure the recovery steps and receiving compensation.

    For Further Reading:

    Food Safety Crisis Management
    Crisis Management in the Food & Beverage Industry
    Preparing for a crisis in your food business
    Opportunities to Strengthen Your Brand
    Crisis Management in the Food Chain – A Canadian Perspective

    t

    About The Consulting Playbook
    The Consulting Playbook is a collection of posts designed to offer insights into how businesses and their executives can utilize consulting as a strategic lever to boost performance. Each Consulting Playbook post is broken down into a few elements: Case Study, Additional Information regarding the technical application, and Additional Links related to the topic.

    The Importance of the Other Elements in your Consulting RFP – 8 Points to Consider

    The Importance of the Other Elements in your Consulting RFP – 8 Points to Consider

    “The whole is more than the sum of its parts.” – Aristotle.

    Synergy is really what most Clients and Consultants aim for when joining forces on a project. There are logic and advantage in synergy, and that’s how a single project creates extra value.
    The best way to view your Consulting project is this: You are not making a purchase, but solving a problem – don’t look at the means, but focus more on the outcomes you expect from the project.
    When you work on your RFP, there are 8 points to consider in regards to the other elements:
    1. Approach to the selection process  –
    Clarity and transparency in the selection process matters a lot and can make a big difference in the quality of the product you will receive. You need to communicate and describe to the prospective providers how the selection process will unfold.
    First, let’s outline the key milestones for the RFP process. It is important for consulting candidates to understand how much time they have to prepare and submit their proposal. It will also give them an idea on when the project could start.
    Usually, at this point, you should have signed a Non Disclosure Agreement with the potential candidates. Even if this step is not mandatory, we highly recommend protecting your confidentiality.

    Know the Consulting Category

    Is your organization expanding into Asia? Let us walk you through some of the stats and unique features of the regional markets in Asia.
    Read More

    2. Stages in the RFP process –

    Distribution of the RFP and intention to Bid
    Questions and Answers pre-proposal submission (Answers should be shared with all participants)
    Timeframe for the reception of the proposals
    Short-list and feedback
    Presentations
    Selection
    Project kick of

    3. Stakeholders engagement –
    It’s advisable to get several stakeholders involved. They can participate in the selection committee, and organize face to face discussions with the finalist (or you can leverage new technologies like Skype, Zoom, and Google hangouts).
    And now let’s have a look at the proposal’s content.

    4. Proposal’s content –

    Give some background information about who you are – Unless you are working exclusively with companies you already know (but not always a good idea), you need to let them know about your organization.
    Explain the context of the assignment – A project is rarely unidimensional. Understanding the political and technical implications of a project is key to design a customized solution to your problems.
    Detail your expectations in plain English – Put on paper the benefits and documents you expect from the project but also the constraints you might have.

    To enable proper comparisons, do not hesitate to specify in your RFP a few expectations of the proposal and from the consultant, for example, you can include:

    A description of the objectives pursued, the approach and deliverables, the planning for the project highlighting the key milestones as well as the project management structure proposed (including the contribution required from the client).
    Demonstration of competence, also the consulting firm should provide references on similar projects (industry/capability), the CVs of the actual consultants that are expected to work on the project and examples of thought leadership they have produced in the field.
    Fees and workload should be detailed enough to enable a clear understanding of the cost structure associated with the project.

    Finally, you should describe how the Q&A between sending RFP and receiving the proposal will be organized. When should the question be sent? How will the answers be shared with the consulting providers.
    5. Sharing your decision’s criteria –
    Your selection criteria and expectations of the proposal have to be explicit. In principle, you know already how you will perform the selection. If not, well, that is the right moment to think about it. Selection criteria are usually a blend of components such as:

    The capability of the firm to get the job done – Leveraging feedback from previous clients on previous projects.
    The expertise of the firm in the required field – Ideally, the consulting firm should provide some thought leadership or position papers in the niche.
    The clarity of the approach and the deliverables – You need to understand if the deliverables are those you expect but also to understand how the consultant intends to get there.
    The composition of the team – You need to make sure that the consultants who will work on the project daily have the right seniority and experience.
    The fit with the company – In short, do you think you will work well together? Will they have the right impact and recognition with your peers?
    The price of the project – Can you afford their services? Are you getting a clear value for your money? Are there hidden fees to be considered?

    As you can see, these considerations are much broader than the sole price. Even though there is no magic formula using clear criteria, communicating them to the Consulting firms early in the process is key for getting a high-quality proposal, and taking informed and fair decisions. 
    6. Providing schedule and budget clues –
    Whether your project is urgent or not, you likely have a timeline in mind. Or at least some internal deadlines or meetings. Knowing your schedule for the project is key for the consulting candidates. It will directly impact the team composition and the cost of the project.
    Users and buyers rarely include their budget in the RFP. However, if you are on a very tight budget, it can make sense to include that information in the RFP to make sure that you don’t lose time for proposals you cannot afford. Besides, the consultants will be able to come up with trade-offs or design-to-cost proposals.
    7. Indicating your other requirements –
    You might have other requirements that you want to include in your RFP. For instance, you might be interested in having references and contact information to check the references. You can also have some eligibility criteria linked to your internal procurement policies. Maybe your consulting providers have to be registered as a provider.
    8. Giving a single point of contact –
    You also need to define the main point of contact during the process. Will it be someone from procurement, one of the executives, or even a third party? All the interactions with Consulting firms during the RFP process should go through that person. Letting the Consulting firms connect directly with the Executives of their choice would give an advantage to the incumbents and distort the competition.

    Ready to get started on your next Consulting project?
    We will be happy to help.
    Please give us a call today, at no obligation.Let’s get the conversation started.
    Book your call

    Your browser does not support the video tag.

    Consulting Playbook: The Importance of Trust and Trustworthiness for a Successful Merger

    Consulting Playbook: The Importance of Trust and Trustworthiness for a Successful Merger

    The Consulting Playbook, Edition #4
    Trust is understandably considered one of the building blocks in every successful team and organization. And the lack of trust will therefore present a major obstacle to most operations. In case of mergers, the issue becomes even more substantial and often challenging.
    Overcoming Cultural Differences for a Smooth Merger –
    When two large global mobility solutions providers merged, each organization had its own successful operating model. Their cultural values presented a concern to executives who thought the two might not get smoothly integrated and impede the merger. An in-depth analysis of the two operating models was conducted to identify strengths and weaknesses of each party. These findings built the foundation for developing new operating systems. All concerns were openly addressed to make sure differences would be resolved to facilitate the integration process.
    Establishing a Productive Dialogue with All Parties –
    In order to address each party’s points and criticism, and ensure the smoothest merger, the Consultant needed to complete a comparative analysis of each organization’s cultural DNA, their key management, values and behavioral characteristics.
    Being an expert in the field, the Consultant developed a pre-defined interview protocol that included questions on activities, restrictions, rules and procedures, cultural norms, and the perceived pros and cons of the merger. The interviews were confidential, and proved to be extremely useful in conducting an alignment session for each Executive Committee. New operating models were discussed and shared with staff and management teams. The Consultant established a dedicated Steering Committee to determine: corporate center, centralization, control, new decision-making procedure, executive behavior, and responsibilities’ delegation.
    The Impact on the Business Achieved the Following:

    Resolution of many initial differences
    Shared agreement about cultural gaps endorsed by both executive teams
    The merger risks were sufficiently reduced throughout the remaining phases of the effort

    Here you can create the content that will be used within the module.

    Additional Information

    Trust concerns within an organization can arise for many reasons. As part of the overall organization’s culture, trust is the bond that connects departments, team members, leadership and employees. An organization with a high level of trust behaves in a trustworthy fashion, and merits the trust of all its employees and business partners alike.
    How Do We Promote Trust?
    Some of the most effective principles in building a culture of trust are:

    Competence Trust – Allowing each team member to make their own decisions, express their opinions, and value their input
    Contractual Trust – Consistency in keeping agreements, commitments and defining and delivering on expectations.
    Communication Trust – Openly sharing information and providing constructive feedback

    And What About Trustworthiness?
    There are 4 Main Aspects to Look at When Trying to Define an Organization’s Trustworthiness:

    Serving Clients – Focus and strive to best serve clients, not just aim at making money. Your employees should genuinely believe that this is your core purpose and share the same vision which goes beyond sales and profits.
    Collaborative team environment – As an executive, don’t be tempted to just manage others. Many achievements are a product of a team play and effective collaboration.
    Transparency – There is no trust if there are secrets. Avoid any hidden agendas, and practice openness to sustain trustworthiness.
    Long-term Perspective – Building trust is all about consistency over a period of time. You need to deliver on your promise time and time again. Sales might be transactional, but you need to develop long-term relationships.

    For further reading:
    – Trusted to Lead: Trustworthiness and its Impact on Leadership
    – The Enemies of Trust
    – Trust Rules: The Most Important Secret About Trust

    t

    About The Consulting Playbook
    The Consulting Playbook is a collection of posts designed to offer insights into how businesses and their executives can utilize consulting as a strategic lever to boost performance. Each Consulting Playbook post is broken down into a few elements: Case Study, Additional Information regarding the technical application, and Additional Links related to the topic.

    Loading

    Most Recent

    Loading

    Most Popular

    Challenges of Open Innovation and How Consulting Can be a Catalyst for Open Innovation

    Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.
    Beyond the extended role given to R&D, the concept also requires a contribution for all stakeholders in the company. Rendering the innovation process much more collaborative and guess what … open.

    Loading

    Top 5 Articles

    Loading

    Top 5 Articles

    Loading

    Hot off the Press !

    Links

    Follow Us