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    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.

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    How Vital to Your Projects is The Relationship With Consultants?

    How Vital to Your Projects is The Relationship With Consultants?

    Successful management of your relationship with Consultants has a tremendous effect on each of your projects. In this article, we would like to outline a few progressive approaches to assure you to get the results you aim for.
    Like for any other category, Supplier Relationship Management (SRM) is a Huge Topic for Consulting Services. The way Procurement manages Consulting Providers should fit in the overall SRM practices for the company.

    How Vital to Your Projects is The Relationship With Consultants?
    1. Correctly identify your Strategic Suppliers
    The principles for segmenting the entire supply base for Consulting Services should be the same for other categories as well. Often companies will choose the largest Consulting Firms as strategic suppliers because they capture most of their spend. But the spend should not be the only or the most important criterion.
    The criteria a strategic supplier should meet:

    Having a unique strategic skill
    Working on strategic projects
    Working on projects with a significant impact on the company.

    2. Always qualify your Suppliers
    Suppliers, even for Consulting Services, need to be qualified. The requirements for these suppliers are mainly based on former clients’ testimonies, case studies, and relevant thought leadership.
    Three points to consider here:

    The references must be relevant to the scope of your qualification. For instance, if you want to qualify John Doe Consulting for Innovation Management projects, they need to give you references for the Innovation Management capability, or at least the Innovation capability.
    Don’t forget that Consulting has a very high human component. The partners or project managers have a significant impact on a project, but that impact, mostly intrapersonal skills and expertise, are not transferable. Very often, the partner who is initiating the relationship will be the owner of the account and will be in charge of most projects. Ask for references of projects s/he led personally.
    When you are inviting a Consulting Firm on a new capability, don’t hesitate to ask for further relevant references. If references are with your competitors, do not hesitate to ask a third party to help you with the process

    READ ALSO
    “Compensation models vary, and using the right one can benefit both parties, Clients, and Consultants, also ensure everyone is happy and gives their best to the project. “

    3. Regularly measure your suppliers’ performance
    Very few Companies measure the Performance of their Consulting Suppliers. Mainly because Consulting is an intangible service, and they are not comfortable evaluating the content of a project.
    We will get back to how to implement a Performance Measurement System in detail, but here is a sneak peek.
    The system should be based on what makes a Consulting Project successful. Top of the mind, you will find the quality of delivery with the time/quality/cost aspects. The impact of the Consulting Team on the business, even though not measurable in numbers, can always be estimated with the satisfaction of the sponsor and the project leader on the results.
    Other elements contributing to the success of the project are the talent and expertise of the team and the soft aspects (ability to build trust or transfer knowledge, for instance).
    For a long-term project, you should consider measuring performance at a mid-project checkpoint. It will help you make sure the project is progressing according to plan and implement necessary corrective actions and changes.
    4. Effectively manage the relationship
    The familiarity between a Consulting Firm and its clients can facilitate and accelerate projects. When you regularly work with a Consultant, s/he is “plug-and-play”: s/he knows your business and your industry.
    Consider and implement regular meetings with your Suppliers to keep them in the loop and communicate the results of their Performance Assessments.
    Implementing Category Management for the Consulting Category can drive significant savings and increase the return of investment of your Consulting projects. For all categories, it implies a close cross-functional collaboration, which can be challenging in a large organization.
    The nature of Consulting Services demands an even more collaborative and flexible approach to category management, since the decision-making and the knowledge are in the hands of the sponsor and the project leader only.
    5. Learn to leverage Consultants’ insights
    After spending a long time working on your projects, consulting firms start to acquire a good degree of familiarity with your business. Obviously, they would love nothing more than having another project with you (unless you have been a painful client, but that is another story).
    Ask your consultants for feedback about your company and what they would do if they were in your shoes. You will be surprised by the power of this simple question. In doing so, you will usually get honest feedback about your operations compared to the state of the industry or the latest thought leadership. It’s a valuable insight you can apply as you best see fit.

    Author detailsAuthor Bio

    Hélène Laffitte

    Co-founder & CEO at Consulting Quest

    Hélène is the author of Smart Consulting Sourcing, a step by step guide to getting the best ROI from your Consuting. You can follow @helenelaffitte on Twitter.

    View Profile

    Mail Me

    Call Me

    Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.

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    Consulting sourcing tips

    The 7-High Level Consulting Capabilities Categories That Every Client Should Know

    The Capabilities are the services offered by consultants. They usually mirror the business functions that client organizations need to perform. This dimension is crucial to describe the work in consulting.

    How Vital to Your Projects is The Relationship With Consultants?

    Successful management of your relationship with Consultants has a tremendous effect on each of your projects.

    Podcast | How to negotiate a consulting agreement?

    How to negotiate a consulting agreement?

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    Previous Weeks’ issues

    This Week In Consulting: How Chinese Companies Have Responded to Coronavirus?

    This Week in Consulting – Curated News on the Consulting Industry published every Wednesday brought to you by Consulting Quest. This week, July 8th ,2020, All you need to know about How Chinese Companies Have Responded to Coronavirus
    read more

    This Week In Consulting: How can the Nonprofit sector prepare for a post-covid future?

    This Week in Consulting – Curated News on the Consulting Industry published every Wednesday brought to you by Consulting Quest. This week, June 24th ,2020, All you need to know about what is post-covid retail going to be?
    read more

    This Week In Consulting: What is post-covid retail going to be?

    This Week in Consulting – Curated News on the Consulting Industry published every Wednesday brought to you by Consulting Quest. This week, June 24th ,2020, All you need to know about what is post-covid retail going to be?
    read more

    Choose the best next step for you

    Buy the Book

    Talk to usWe are always open to a discussion. Just book a 30-min virtual coffee with us and let’s get the conversation started
    Book a call

    Podcast | How to negotiate a consulting agreement?

    Now you have a consulting proposal that you think answers to your needs:  you can start negotiating. What are the key steps in the negotiation? How should you prepare the negotiation? How do you get the best deal for your organization?
    On this week’s Smart consulting Sourcing podcast, Consulting Sourcing Expert Hélène Laffitte explains how to negotiate a consulting agreement.
    Key Takeaway: Negotiating a consulting agreement is about getting the best deal for both you and the consulting firms and building long-term relationships.

    Podcast | Why Consulting is a standalone category?

    Mastering the sourcing process is essential to create more value through consulting. But to unleash greater value, you need to start looking at consulting as a category. What are the benefits of category management? How does it apply to consulting?
    On this week’s Smart consulting Sourcing podcast, Consulting Sourcing Expert Hélène Laffitte explains why Consulting is a standalone category, based on the criteria developed in Jon O’Brien’s book “Category Management in Purchasing.”
    Key Takeaway: The first step to optimizing the Consulting Spend is to recognize Consulting as a strategic category. Indeed, the size of the spend (0.5% to 3% of revenues) added to the potentially significant impact on the business makes it a key enabler of the strategy.

    How Using the Right Compensation Models Can Benefit Your Project

    How Using the Right Compensation Models Can Benefit Your Project?

    Compensation models vary, and using the right one can benefit both parties, Clients, and Consultants, also ensure everyone is happy and gives their best to the project. 
    Every project is different, so choosing the best Compensation model can have a great impact on the ROI of the project. To maximize your benefits, take the time to evaluate and select the Compensation model you think is right for you and your organization.
    Now let’s dive into the most used Compensation models and see how you can make your dream project happen while properly compensating your Consultants

    How Using the Right Compensation Models Can Benefit Your Project?
    Here is how this works – If you want to optimize your consulting spend, you might be tempted to attack the cost base with traditional cost-cutting measures (reducing budgets, negotiating discounts, setting up multiple validations, etc.). Even though this can provide short-term results, we should not lose sight of the fact that using consultants is about value creation. As such, despite all the bad press about consultants and their fees, discussions should primarily be about impact and value.
    Now, let’s review the most used Compensation models:
    1. Deliverable-based fees or flat fee
    Most Consulting firms use the flat fee structure for their projects. The Consultant will evaluate the work to be done and staff a little team. The total fee will reflect the total cost of the team to provide the work.
    Pros:  The Consulting team will do the work even if the workload is higher than expected. The risk for the Client is limited. Incentives for the Consultants are through repeat business and resource optimization.
    Cons: The Client pays the amount agreed, even if the consulting team does the work faster than expected. The Consultant can be tempted to “supercharge” their resources to mitigate the risks. The Consultant can allocate resources to the proposal that will never work on the project to create a buffer.
    2. Time-based fees or daily rates
    This system is very common, in particular with small projects and independent consultants. It can also apply to interim management assignments. The Consultant will define a daily rate, and invoice the Client based on the number of days actually worked for the Client.
    Time-based fees will be perfect for projects where you mostly need extra arms and legs such as interim management, or spot team reinforcement.
    Pros: The Client will only pay for the work done and time spent.The fee structure is particularly transparent and adapted to projects with a finite duration.
    Cons: A low-performing consultant will charge more days. Besides, the incentives for the Consultants are to stay longer to charge more. And what happens if you are not available and the work cannot progress as planned? The Client has little control over the total cost of the project. The risk is mostly on the Client’s side. 

    “As a consultant at McKinsey, I learned the value of data and the ability to shape that information into an answer.” – Pete Buttigieg .

    READ ALSO
    “Demand management allows the teams to make the difference between the “must have” and the “nice to have.” You can keep your money for what is really important.”

    3. Retainer-based fees
    When a client needs continuous part-time support, s/he can opt for retainer-based fees. The Consultant and the Client agree on a number of days per week/month/quarter where the Consultant will be on “stand-by.” The retainer can be paid in a lump sum or on a monthly basis, independently of the work done by the Consultant.
    Pros:  The Consultant has to stay on top of the Client’s organization and priorities. The Client is sure to have access to the Consultant for the agreed period. This type of model works particularly well when deliverables are unclear and can change during the assignment.
    Cons: The consultants can have several projects at the same time. The “retainer” client is not always their #1 priority as that project is secured. Some consultants tend to consider retainers as paid commercial time.
    4. Value-based Pricing
    Value-based pricing is a pricing strategy where the prices are set not on time and materials, or cost + margin, but rather on the perceived value for the Client of the service delivered. For Consulting services, it could be a share of the savings realized in a cost-cutting project, for instance.
    Pros: The clients and the consultants share the same interests: the more value created, the more value for each party. The risk for the Client is very limited. The Client only has to commit to a small flat fee.
    Cons: The baseline and the conditions of success have to be defined very precisely, so the Client doesn’t end up paying more than the value really created. The model is more difficult to apply for intangible deliverables with no direct, measurable impact on P&L. Traditional consultancies are reluctant to use this fee structure that does not fit their pricing and risk management models (you cannot reserve a team of four consultants from the pool when the payment for only two can be secured).
    5. Value Sharing – a Win-win Proposition
    More and more consultancies are exploring ways to share the value with their clients. The movement started with Bain & Company when they moved from pure strategy work to more operational support.
    Value-sharing fees make sense when the stakes are high, and you expect the consultants to go above and beyond their normal delivery by aligning their interests with yours and giving them, beyond the sole repeat business, the perspective of a substantial upside in case of success. Classical cases will include cost-saving programs, pricing optimization, and a new business launch. To mitigate the risk, you will have to implement governance to make sure the activities (and how they are performed) remain in line with your overall strategy and culture. Indeed, the consultants will take a very active role in the execution of the project, but you remain at the bar. And what are the expectations beyond their normal job that would justify a special bonus?
    The catch, when using value-sharing, is to define clearing the starting point and the parameters involved in the measure.
    In conclusion, for each project, you can identify the fee structures that will yield more value for your company. It will depend on the type of project, the nature of the deliverables, the context of the project, the flexibility you have on fees, and the level of commitment you expect from the Consultant.

    Author detailsAuthor Bio

    Hélène Laffitte

    Co-founder & CEO at Consulting Quest

    Hélène is the author of Smart Consulting Sourcing, a step by step guide to getting the best ROI from your Consuting. You can follow @helenelaffitte on Twitter.

    View Profile

    Mail Me

    Call Me

    Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.

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    Consulting sourcing tips

    The 7-High Level Consulting Capabilities Categories That Every Client Should Know

    The Capabilities are the services offered by consultants. They usually mirror the business functions that client organizations need to perform. This dimension is crucial to describe the work in consulting.

    How Vital to Your Projects is The Relationship With Consultants?

    Successful management of your relationship with Consultants has a tremendous effect on each of your projects.

    Your browser does not support the video tag.

    Previous Weeks’ issues

    This Week In Consulting: How Chinese Companies Have Responded to Coronavirus?

    This Week in Consulting – Curated News on the Consulting Industry published every Wednesday brought to you by Consulting Quest. This week, July 8th ,2020, All you need to know about How Chinese Companies Have Responded to Coronavirus
    read more

    This Week In Consulting: How can the Nonprofit sector prepare for a post-covid future?

    This Week in Consulting – Curated News on the Consulting Industry published every Wednesday brought to you by Consulting Quest. This week, June 24th ,2020, All you need to know about what is post-covid retail going to be?
    read more

    Choose the best next step for you

    Buy the Book

    Talk to usWe are always open to a discussion. Just book a 30-min virtual coffee with us and let’s get the conversation started
    Book a call

    Podcast | How to select the right consulting provider for your project?

    After assessing the proposals and selecting the most promising, you have now a short-list of the most promising candidates. How do you narrow down to one winner?
    On this week’s Smart consulting Sourcing podcast, Consulting Sourcing Expert Hélène Laffitte explains how to select the right consulting provider for your project.
    Key Takeaway: The presentation (or pitch) phase is an excellent opportunity to challenge the proposals, assess the chemistry with your teams, and get the buy-in for the different stakeholders.

    How Effective Demand Management Will Shield You From Mistakes?

    How Effective Demand Management Will Shield You From Mistakes?

    A few years ago, Joseph T. Hallinan wrote an amazing book called “Why We Make Mistakes,” which became a huge hit. It explained in a precise and entertaining manner how human it is to be wrong, and the examples from various industries and life were plentiful and astounding. He didn’t specifically write about Consulting, but this is what we’d like to discuss in this post.So let’s get started!

    “The real currency of life is not money; it’s time.” – Joseph T. Hallinan

    That’s one of the most memorable quotes from the book. And while time is universally considered the most valuable thing, money is maybe the second.

    Read also...
    Budget vs. Value: Assessing the written proposals is the first step to selecting your consultant for the project. Take the time to review all the proposals, grade them, and identify the most promising ones.

    Learn more

    1-Getting Better Value & Real Discount-
    Many Procurement Executives put a lot of time and effort into price negotiation and daily rates for Consulting Services. They leave the negotiation table with a 5% discount, with the feeling of having accomplished their duty. But is it so really?
    Consulting Firms know the game well. They build a 5% discount into their pricing. And if you are asking for a more significant discount, they can simply descope or staff down their project.
    Descoping will hurt the real value you are getting from the project, and staffing down will likely cause delays in execution.
    And getting lower on the list of priorities of your Consulting providers? It doesn’t sound right.
    If you want to make significant savings, you need to take control of the tap; not reduce the size of the bucket. But still, 47% of companies don’t use demand management or a make-or-buy strategy for Consulting Services.
    And that’s a big mistake we like you to avoid. 

    2. Misconceptions about Demand Management –
    Consulting is a strategic lever to accelerate the execution of your strategy. However, the pressure on operational budgets won’t go away. And Consulting, apart from restructuring projects, is still allocated to OPEX.
    Demand management allows the teams to make the difference between the “must have” and the “nice to have.” You can keep your money for what is really important.
    3. The Necessity of a Transformation Roadmap –
    Once your strategy is clear and shared within your Company, you need to build the Transformation Roadmap, or in other words, the IKEA notice to execute your strategy.
    Breakdown the work to be done and identify the main workstreams, as well as the skills and objectives associated. These workstreams should be led as stand-alone projects with or without external support.
    4. Why Prioritize Your Projects –
    You have a list of projects to be launched to execute your strategy, but you know that you cannot do them all at the same time.
    Define an analysis grid to sort your projects to determine which ones are more important. Impact vs. budget is often a good start, but nothing prevents you from being more creative in your criteria. Try to identify projects that are enablers for other projects with higher priority.
    5. Leverage Make-vs-Buy –
    This is where the understanding of the skills associated with each project kicks in. You may not have all the resources in-house, and may not be able to mobilize all of them for your projects.
    For each one of the projects, identify what can/should be done in-house, and what can/should be outsourced.
    Don’t forget to include a rough evaluation of the budget.
    6. Draw the Line & Stay Within the Budget –
    The reality of the situation is that you will not be able to handle all the projects this year. In order to keep control of your expenses (or the tap), you have to define what you will spend on consulting for the period, based on where you stand in your transformation (usually from 0.5% to 3% of the revenues).
    As a general rule, try to start with those that will generate immediate savings to fuel the additional projects. Another simple principle is to identify projects that will maximize the impact on a given time horizon and will accelerate the benefits.
    Besides, you need to define what part of the budget will be allocated to strategic projects, and what part will be left at the discretion of managers.
    7. Start with the High-Priority Project –
    The basic principles in Demand Management require to decide what projects will be outsourced in the next years. Start with the high-priority/high-impact projects.
    Once you have reached 2/3 of your targeted budget, have a closer look at the projects still in your portfolio. Do you have projects with lesser priority or impact, but an immediate return on investment? Or projects enabling other projects with higher-priority? They might be your next priority.
    8. No Budget Left For Unfinished Strategic Projects?
    After you allocate your budget, you might end up with projects that are still highly-strategic.
    You have several options: you can adjust your budget for this year to integrate them into your portfolio. You can reconsider other strategic projects, and reassess the strategic value. You can also reduce the “Use directly” budget to include one or two strategic projects.
    9. The Questions to Get You on the Right Path-
    When setting your priorities, it’s essential to ask the right questions.
    Demand Management has to be rooted in a robust decision-making process that allows maintaining the strategic direction of the Company while controlling the costs.

    The strategic value of the project

    Is this project an enabler for another strategic project?
    What is the expected impact of the project?
    How much are we willing to pay for this project?
    What is the best timing for this project?
    Will you need these skills for other projects in the next 3 years?

    The externalization value

    Are the skills involved in the project, core for your Company?
    Do we improve the business case if we accelerate the project?
    Do we have the skills and resources available internally?
    Do we have the necessary skills and resources to supervise the project?
    Are there companies that can provide that service?
    Is there sensitive IP or information involved in the project?

    Following the tips suggested above, you should be able to position your projects on a simple decision matrix. And this way, successfully implement demand management for the consulting category.

    If you are planning to launch a new project,
    Please check out our website to see how our various sources can benefit your organization.
    We can offer you also a fresh point of view to make your next project a success
    Book your call

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    Most Popular

    Never Miss Another Opportunity with the Right Collaboration

    Never Miss Another Opportunity with the Right Collaboration

    Most talented small and medium-size consulting firms are likely to have run up against the same type of frustrating conundrum while securing new work: staffing limits. No, this is not simply a matter of the number of colleagues on board. Instead, we are focusing here on other staffing-related limitations:

    What if an opportunity at hand includes a specific area of expertise that your firm currently lacks?
    What if a given opportunity requires widespread geographic and/or cultural challenges?

    The good news? There is one word to ensure you never miss an opportunity: collaboration.
    Effective consulting firms innately understand and value the idea of collaboration. The internal work habits of effective consulting firms reflect a constant flow of interconnecting collaboration. After all, consultants collaborate with clients all the time—and train clients’ staffs to strengthen their own internal collaboration.
    Let’s take a closer look at turning to collaboration to enlarge your consulting firm’s circle of opportunity. But first, we’ll briefly review impractical paths to avoid, as they may end up doing more harm than good.
    Impractical Paths
    The Eager Beaver
    The eager beaver is the one who jumps up and says, “Yes, we will do it!” while not quite knowing whether the specific expertise is there, sufficient consulting time is available within the client’s timeframe, or the ability to reach the client geographically is practicable. It’s similar to that old joke about the piano mover who says, “I got it, I got it, I got it …I don’t got it,” as his end of the piano crashes to the floor.
    We’ll just call Charlie Whatshisname.
    An opportunity comes your way, and you realize that you will need to add one specialist to round out the best team to tackle the job successfully. Possibilities race through your mind until you recall that at a recent conference you met Charlie (what was his last name again?) who has just the right experience. Or does he?

    Do you know the depth and breadth of his expertise?
    Does his value proposition complement or clash with yours? What about his consulting style?
    Have you checked references?

    The downside to precipitous consulting decisions? Damage all around: to your reputation and professional relationships, to your ability to attract new clients, and most importantly, to your and your client’s bottom lines. It is much better to take a pass than jump in too hastily and unprepared.
    So how can you accept and deliver on the opportunities that come your way, without taking one of these impractical (and risky) paths? Read on to learn how collaboration can rescue you from missing future opportunities and provide the value your customers seek.
    Preparing for Those Forks Along the Path
    Different forks along the path can stop consultants in their tracks—or worse, lead them astray—unless collaboration is built into the equation. Understanding those forks is the best preparation for deciding to create new collaborations. Here are six forks to look out for:

    If yours is a generalist firm, you often face the tough choice of whether to take on a job yourself, take on a subcontractor, or take a pass in favor of a specialist.
    On the other hand, as a specialist, you may be asked to expand a project into areas outside your expertise.

    Grow your Consultancy

    While you may not have current problems with recruitment, finding the appropriate level of staffing is tricky. 

    Read More

    In today’s global economy, some assignments will require a simultaneous presence in more than one part of the globe. For example, a manufacturing firm may need you at headquarters and at their plant, half a world away. A high-tech enterprise may require simultaneous services at their site and the site of an important partner on another continent. In other words, while some assignments are manageable with minimal travel, others require you to decide which fork to take: a consulting partner, or a pass.
    Globalization also provides the chance to land choice assignments with clients and stakeholders anywhere in the world—an exciting opportunity to be sure, but yet another fork along that path. I remember the story of a French consultant asked to facilitate the cultural integration between Korean and Chinese workers on the Chinese border. That French consultant faced the question, “If not me, specifically who would be the right fit to handle this project for the best outcome?”
    Let’s say you are considering taking on a consulting team as a subcontractor for a sizable project. Have you explored their comportment with clients, their stances on the situation facing your client, and how they go about working with a client’s staff? A partnership that works at cross purposes or is perceived by clients as incompatible will not only confuse clients but fail to provide the quality outcome the client deserves.
    The nature of a project defines your consulting relationship with the client’s staff. Some projects require you to be perceived almost as one of the team. Yet, the needs of that client may evolve, altering the nature of the work, which now may require you to be the bearer of tough messages—creating a perception among client staff that you are Dr. Jekyll and Mr. Hyde rolled into one. It’s more than uncomfortable; it impacts your ability to serve the client’s needs effectively. Are you ready to pivot to a collaborator?

    Tapping the Right Collaborators
    The ability to tap the right collaborator is your next challenge.
    First, be clear about the scope and boundaries of the collaboration, before you approach a key potential collaborator. Here are three options:

    Pitching the project together as a partnership: You may gain a competitive advantage to land the assignment with the combination of your respective skillsets and credentials.

    Subcontracting deliverables: It makes sense to turn to this option when you need a wider geographic range during the project and/or simply more help.

    Brokering a new consulting relationship between your client and another consultant: The consultant in question may just be the better fit for a specific assignment—allowing you to bask in the glow of the value you have added for the client.

    A partnership, of course, may be the most interesting and rewarding path to follow.
    Building a Collaborative Network
    One way to ground your decision to collaborate is to take the time to build a network of highly qualified specialists, over a wide geographic area, whose value propositions and styles mesh with your own.
    Vetting can take quite a bit of time up front. However, you can minimize that by taking a hard look at the types of work coming your way and the geography you would need to cover to handle those opportunities successfully. Look for specific partners who are able to fill the gaps you have identified in your firm, and don’t forget to factor in their potential availability.
    Regardless of how natural a networker you may be, if you are like most consultants, your time is tight and your current network typically consists of former colleagues, some consultants with whom you have crossed paths, and former clients-turned-consultants.
    Fortunately, for those times when you encounter an assignment leading to one of those forks along the way, you can turn to a company whose sole expertise is helping you find qualified consulting partners with the specific expertise and geographic area that will allow you to never miss another opportunities, reduce your risks and deliver the value your clients expect.
    Consulting Quest specializes in identifying consulting solutions that boost your competitive edge. We have put in the time, build the world largest database of pre-vetted the consultants, and understand that you need the perfect fit in terms of skillset, value proposition, style, culture, and geography. Do not hesitate to reach out if you want to discuss further how we could collaborate.

    Consulting Playbook: Executing a Strategic Change from Hospitality to Service Provider

    Consulting Playbook: Executing a Strategic Change from Hospitality to Service Provider

    The Consulting Playbook, Edition #29
    A large hospitality leader decided to initiate a strategic change from a pure hospitality business to becoming a service provider. As a result, all the global distribution teams needed to be repositioned, including all 800 direct and indirect sales people. The company decided it was best to look for the support of a consulting firm.
    The Consultant’s Approach
    The first task was focused assessing and optimizing the performance of the sales force and sales tools. The diagnostic addressed multiple dimensions of the sales force effectiveness: Sales force organization, sizing, territories, workload, talent, compensation, etc. The entire commercial perimeter was looked at: B2B sales in all sectors (by company, intermediary, etc.) and for all businesses, one shot sale, or multi annual contracts. The recommendation was made and the consulting firm also aided in the implementation of the strategy. The implementation of new tools was done in the first few months. They were able to save time by using standard tools and reducing costly customization. After the arrival of new tools, the organization adjusted and optimized all processes. Additional talent was brought in to handle the new scope of work.
    The Success of the Project Concluded with the Following
    Great reorganization deployment was achieved in less than 6 months, and all stakeholders provided support. The company achieved the deployment of the new sales process without additional investment and noticed a significant improvement in their B2B Sales Performance by 15% for all large and medium size accounts.

    Additional Information

    The Most Interesting New Trends in Hospitality
    Smarter Hotels
    Hotels managed by robots? It’s happening in Japan already! And it’s becoming more common for hotels to have self-check-in available in the lobby and even at hotel bars, while in-room Netflix, sufficient Wi-Fi, and Apple TV services are quickly becoming an industry standard. Hotels are abandoning the old and embracing the new.
    Free Wi-Fi Always
    Wi-Fi is as necessary as a bathroom for most traveler’s stays. Many hotels are expanding their networks to provide more reliable service, while some beachfront properties are even expanding their networks to outdoor areas and beaches.
    Lax Check-Out Times
    Late check-outs for no extra charge are becoming more popular, with many properties allowing guests to decide when they are going to checkout, instead of requiring them to vacate their room at a certain time. Other hotels are experimenting with 24-hour blocks; if you check in at 3PM, you have until 3PM the next day to check-out.
    Hotels Get Ready for Millennials
    Hotels try to appeal to millennial travelers. Millennials are looking for hi-tech, high-touch experiences when they travel. They also seek out personalized, gourmet experiences for a reasonable price. Big-brand hotel groups are tapping into the youth market by launching brands with cheaper price points and putting a strong focus on lifestyle, locality, and insider knowledge. Lobby bars and hotel restaurants in these new hotels are being opened up for a combination of work, play, and dining spaces, designed with this youthful customer in mind. Since millennials are quick to criticize via social media, customer service will be key in winning over this group of travelers.
    Eco-Friendly Focus
    Hotels continue to commit to sustainable practices. In New York, 16 hotels have signed a commitment to lower their greenhouse gas emissions by 30% in the next decade. 1 Hotel Central Park has started educating guests on sustainability, where all of the hotel’s showers have a five-minute hourglass in order to remind guests of careful water consumption.
    For Further Reading:
    • Travel and Hospitality Industry Outlook 2017 • The Future Of Customer Service: Five Consumer Trends And Best Practices • 6 Mega-Trends in Hotel Technology

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    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 13 Key Steps in Demand Management Implementation

    The 13 Key Steps in Demand Management Implementation

    Demand management is a critical tool for procurement professionals and companies in general. Its implementation for the consulting category is a no-brainer if you want to keep your spend under control and aligned with your strategy.But what are the key steps that can ensure successful Demand Management execution?Below we have mapped out the steps in implementing Demand Management that you can easily apply too.

    “Don’t lower your expectations to meet your performance. Raise your level of performance to meet your expectations. Expect the best of yourself, and then do what is necessary to make it a reality.” -Ralph Marston

     
    1. The Purpose and the Challenge–
    Demand management is a supply chain management system that balances and strategically aligns demand with operating capability across the supply chain through the rapid and successful integration of the market needs in the direction of the suppliers. In short, it makes sure you are spending on the right priorities.The challenge of it often lies with its successful implementation for companies that are not well-prepared and fail to deliver the expected results.
     

    Know the consulting category

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    2.  Have a Clear Strategy –
    The driver for the demand of Consulting should be projects closely aligned with the strategic direction of the Company. Executives have to translate the strategy into the Demand Management principles and decision-making process. A clear strategy will simplify this work and facilitate the buy-in of the top Management.
    3. Use Effective Decision-making Approach –
    All projects cannot be viewed the same way. The Company has to define a segmentation of the potential needs in Consulting and the associated Decision-Making Process. It will include a threshold for projects to be handled directly, as well as the person including in the decision for each segment.
    4. Have a Proper Budget Limits Defined –
    The budget constraints are a critical element of Demand Management. You need to agree, at the highest level of the Company, on how much money you want to invest in Consulting, and what are your expectationsin termsof returns.
    5. Your Degree of Centralization Choice –
    The important questions to answer here are: What needs to be done?And who is best suited for the role overseeingthe process? Management requires some degree of centralization of the consulting budgets or at least the decision to proceed.To ensure good synergy between Consulting Investments and Strategy, many companies have given the accountability to manage the demand fortheir strategy or transformation teams.This role can be located at the Corporate or BU level. Or both depending on thresholds and company culture.

    6. Get Top Management’s Support –
    The Implementation of Demand Management is very likely to change the ways of buying Consulting Services. Most executives will be reluctant to lose flexibility from“before.”Beyond the project, the Top Management has to openly support and push for the DMS to ensure that the principles and processes will be respected across the board.
    7. Create Alignment for a Successful Demand Management Launch–
    You need to focus on creating alignment. It’s properly done when you formalize the target process. Methodologies and prioritization criteria have to be clear and fair, to allow proper consolidation and treatment.Once the key stakeholders are aligned, you can communicate with your teams.
    Ideally,you can try some dry runs on historical data or with your largest units and fine-tune the methodologies. Then consolidate projects assessments and resources requirements, and set a deadline for demand management to start.
    8. Prioritize Projects and Launch Immediately –
    As with many other things, it’s a smart approach to prioritize your projects and start with the most important ones immediately. Other attractive, or “nice to do” projects, are placed in a pool and prioritized based on budgetfeasibility. Small projects (under the threshold) are left to the discretion of the management (resource permitting).
    Any demand above a certain threshold has to be addressed by either the strategic or the indirect procurement team.
    9. Simplify Based on Results –
    Strict governance is mandatory on all projects with the possibility to kill projects,not yielding satisfactory results. Therefore, it’s mandatory to analyze the results. At the end of each project, you should lead a post-mortem analysis to assess the performance of the Consulting Firm.
    You will also check if the priority criteria were justified enabling a virtuous cycle. Depending on the results, the strategic team will adjust the decision-making process, the panel of Consulting Firms and the procurement team will adapt the panel of Consulting Firms available for further work.
    10. Review the Projects’ Sequenc-
    Positioning your projects sharply over the course of the year is a key element that is oftenunderestimated. Make sure you have a goodbalance between transformational projects and projects,generating short-term results that can help you to do more with less. In other words, some cost savings projects can unlock enough resources to kick-start a digital transformation.
    11. Adjust Costs into 1 or 2 Fiscal Years –
    It is sometimes tricky for Companies to finance major Consulting Projects over the course of a fiscal year. If the costs are in year 1and the results in year 2, the bottom line is impacted. A better way to do that is by spreading the costs. For example -to circumvent this unfortunate situation is to start projects after the summer break. With a 60 days payment term, if you accrue for costs,you will spread them over two years,and if you don’t, there is a good chance you will start paying in January,and the cost vs benefits will end up positive. Even if you don’t get the impact on the earnings, you will get the cash.
    12. Apply Successful Practices –
    The key element is to find the balanced mesh between the core principles of Demand Management, the specificities of the Consulting Category,and the Company Culture. If the system is too rigid, Executives will work around it. If it is too flexible, the Company will not get the full benefits of the system.
    13. Have Effective Communication with Suppliers –
    Last but not least, you have to communicatewith your suppliers. Explain why and how you will implement Demand Management and how it will impact them. They need to understand the new rules to play alongwiththem.Demand management is a well-known tool for procurement teams. But the implementation for intangible categories such as consulting is not always easy. But implementing these above simple steps will get you closer to a best-in-class consulting sourcing capability.
     

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    And you just want to share your experience or your success with us?
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    Consultants and Executives – 6 Relationship Misconceptions to Dispel

    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 an organization, you are always finding ways to add value to your product, improve processes, productivity, and revenues. Yet you might not have the resources available in-house to perform at the pace you would like to.
    Consultants can effectively fill up the gap, and bring in additional value, often beyond the scope of a single project.
    However, companies need to find the right balance between being consulting-averse and consulting-dependent. And Executives play a major role in this relationship dynamic.
    6 Relationship Misconceptions that need to be dispelled:

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    1. Executives love to hate Consultants –
    There is a multitude of reasons why Executives don’t like to work with Consultants. Some are based on their personal experience; some are just urban legends. A more balanced and professional approach will be much more mutually beneficial.

    2. Some Executives don’t understand the nature of Consulting –
    Unfortunately, there are Executives who have never worked with Consultants. Some companies just don’t work with consultants as a rule. Some regions in the world are less accustomed to working with Consultants too. And some functions within the organization are less likely to use the help of Consultants. But more broadly, while executives tend to navigate across functions in a Company, they can have a narrow vision of Consulting. If they started their career in Operations, they would be very familiar with Lean Operations,  Operations Excellence, or Procurement Consulting. But when they are moving to Strategy, they might be less familiar with Growth Strategy, Innovation, or Market Entry Strategy Consulting.

    3. Executives don’t always see how Consulting creates value –
    They might feel that they have the resources in-house to do the work, or think Consultants are just regurgitating what they told them and have little expertise. Only 35% of executives say that the consulting firms they’ve worked with have added more value than they took in fees, according to Source Global Research. That’s actually a disappointing statistic. 
    But high-quality doesn’t necessarily mean value. This is a big point, and clear evaluation and objectivity are very necessary in this case, with projects in question.
    4. Working with Consultants is to Executives ‘admitting’ can’t do their job right –
    We can attribute this to egos or other personality-driven issues, but in reality, it’s far from the truth. And it should never be the case.
    5. Executives need to realize their own misunderstanding in how they view Consulting –
    We have identified two main mistakes here: a negative perception of Consulting and inefficient Consulting Procurement capabilities.
    You probably have former Consultants in your teams. In 2015, there were 30,000 alumni from McKinsey alone, working about 450 running billion-dollar-plus organizations, according to the Financial Times. If they have spent enough time in a Consulting Firm, they have a very clear and most probably objective, understanding of what consulting is and is not.
    6. Hiring Consultants is an admission of failure –
    Working with Consultants has great benefits, and by no means, represents a failure in execution. It is actually a way to accelerate business growth. The value created by Consultants, whether it is tangible (i.e., savings, or increased revenues) or intangible (i.e., Leadership or Process Optimization), can be measured and proven.
    And last, building a solid consulting Procurement capability and measuring the Performance of your Providers (and acting on it), will increase the satisfaction of your teams when working with Consultants, and impact the ROI of your Consulting Projects positively.
     
     

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    We will be happy to help.
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    Consulting Playbook: Overcoming Today’s Challenges in the Banking and Financial Services Sector

    Consulting Playbook: Overcoming Today’s Challenges in the Banking and Financial Services Sector

    The Consulting Playbook, Edition #7
    We all are aware that the Banking industry went through a lot of major changes and serious challenges in the past eight years. Banks are no longer perceived as the safest or most reliable organizations even though we can’t imagine economic activity without their ubiquitous presence. In today’s fast paced environment, the banks can be left inadequately weak in dealing with the changes.
    Uniting Bank Leaders on Core Principles in Reorganization
    The case below describes a leading European Investment Banking institution, created from a Co-Op group of companies that experienced disappointing financial results. The newly appointed CEO was given the task of repairing the situation. He also had to align the Financials, Asset Management, Insurance and Specialized services, on a new common strategy and improve collaboration among them. Often the general policies could not apply or benefit the entire organization. And that was the real challenge. The Executive Committee could not agree on a common vision and a future strategy.
    3- Year Performance Boost by Incentives for Management –
    The desired transformation was developed in a few steps:

    The new CEO received support in the strategic realignment of all Leaders: Executive team, Management team (Directors for Core functions) and the Top 100 (N-1, N-2)
    A variety of initiatives were implemented towards the new strategic plan with ownership from the Executive team (N-1) downward. The timeline was set at 1 to 3 years, to encourage both individual and collective performance and secure short term results without endangering the midterm transformation.
    Each member of the Executive team designed implementation plans for strategic actions per the functions and the priorities, tied to individual performance for their N-1 and N-2
    Various Committees and each of their members had been assigned objectives and targets aligned with their pay and Incentives plan for the Top 100.

    Greater Performance and Profitability Achieved –
    The impact of working with a Consultant achieved remarkable results. It contributed to aligning performance, new behavior, and created a favorable context where new links took place. The new Strategic Plan and its implementation aligned the CEO’s and the Top Team’s priorities. All the teams across the whole organization were mobilized and engaged for timely strategic plan deployment. Great financial and commercial results were reached during the first year of the strategic plan deployment. Improved cooperation among management, and empowered CEO in his role, with a strong grip on cost control and overall efficiency, achieved as well. Pay and incentives alignment were implemented for the Top Management Team and Top 100 Leaders.

    Additional Information

    Top 3 Concerns Banks and Financial Institutions are facing today and how they are being addressed:
    1. Regulatory Pressure
    After the economic crisis of 2008/2009 the government has put a great pressure on the financial services sector with increased Regulatory requirements, to prevent another such crisis. And banks have no choice but to comply and to continue to do so. This particular task can put a serious toll on budgets and staff training. Banking, risk management, and the responsibilities associated with that, stretch beyond limiting credit risk and procedures to monitor that risk.  Reliance on new technologies bring new challenges as well.
    2. Retail Banking and Customer’s Satisfaction
    After the 2008 Financial Crisis, the Consumer Financial Protection Bureau (CFPB) was created to educate customers about irresponsible banking practices. Banks are now a lot more accountable if making misrepresentations about products and bank services, and can easily be sued and sanctioned. And If you’ve waited in line at a local branch, you know how important fast and efficient service is.  But in many banks, that service is below the customers’ standard, and banks are trying to step up their offerings and clients’ service. With the advantage in modern technology and internet service, new and dynamic Financial Services are being offered, traditional banks are having difficulties in retaining their lead. Let’s hope retail customers are the beneficiaries of service improvements.
    3. Cybercrime
    Or commonly known as hacking, is one of the biggest security threats today. The extended digital exposure of the financial organizations, and the always evolving methods of cybercrime, increase the sector’s vulnerability, and is a top priority of concern. Any data breach can make the news, and result in tarnished reputation as well as loss of huge number of customers and revenue. Banks continue to fight cybercrime but unfortunately not very successfully.
    For Further Reading:
    – Top 6 trends that are redefining financial institutions
    – 2016 Banking trends: Taking a closer look
    – 10 Big Ideas for Banking in 2016

    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.

    3 Essentials When You Present Your Proposal to the Client

    Sweat trickled down Bernie’s neck.
    He sat in the lobby with his briefcase balanced on his knees, panicking.
    His meeting with the client was scheduled for 3pm. It was now 3.09 and no sign of the client. None of this waiting around was doing his nerves any good. The longer he waited, the more time he had to forget his practiced lines and get his thoughts jumbled.
    Bernie was a top-notch consultant. His clients loved him. Whether it was improving processes, cutting costs, or finding efficiencies in already super-streamlined processes; Bernie worked magic on his clients’ businesses.
    His firm held him out to their other employees as the bright light; the example that everyone else should follow. They proudly shared feedback they had received from customers about the projects Bernie had worked on. Not a year had passed where Bernie hadn’t been the recipient of a huge bonus.
    People who had worked with Bernie knew he was good, but they also knew about his weakness.
    Bernie was deathly scared of public speaking. When it came time to do presentations, Bernie went from hero to zero. And this was a big problem… Because, for Bernie to work his consulting magic, he first had to present the client with a proposal and convince them that he had some magic tricks to share.
    That’s where Bernie found himself right now. Sweating up a storm in the lead up to a presentation to convince a client he was the confident, self-assured guy for the job. The thought of “being confident” brought the sweat in gushes.
    At 3.14 the receptionist called his name. “Apologies for the wait, Mr. Jones. Mr. Grisham will see you now in room 3.”
    Bernie’s heart rate shifted from “fast” to “gallop”. He picked up his things, dropped his briefcase, picked it up again, and then made his way to meeting room 3.
    *
    Unless he’s very lucky, Bernie’s presentation is going to be a tough one. Have you ever found yourself in Bernie’s position? Feeling as though if you could just get past the presentation part, everything else would be a breeze?
    Next time you have a proposal presentation coming up, focus less on your anxiety about public speaking and your fear around making mistakes. Focus instead on the people you are speaking to and how you can help them. This will not only improve your presentation, it will also reduce your nerves.
    If you want to get your next proposal accepted by the client, here are 3 essentials for your presentation:
    1. Empathize with your listeners
    When you have a presentation to do it can be tempting to just want to “get it done”. You rush through it as fast as possible because you know you’re going to feel more comfortable when you get to the end.
    There’s a big problem with this approach. You’re focused on yourself, not your audience.
    When you focus on yourself in a presentation– how you feel, who’s judging you, how embarrassing this is –the message of who you care about is transmitted loud and clear to your audience.
    When the audience understands you don’t care about them, and that you’re just trying to “get it done”, they disengage from you and your message.
    To keep the audience with you, to influence and persuade them, you need to empathize with them.
    That means focus on them. Forget about how you feel and focus on how they feel.
    In the lead up to, and during, your presentation, think about the audience. Put yourself in your audience’s shoes. When you do this your presentation will be better received.
    2. Clearly outline the benefits of your proposal
    If you don’t tell the client what’s in it for them you give them no reason to listen to you.
    You start out with their undivided attention, so don’t squander it by not showing them explicitly how their lives will be better.
    Talk about the benefits of your proposal rather than the features.
    Let’s look at a TV remote as an example.
    Imagine you’re selling TV remotes, back when they were first introduced.
    Selling on features sounds like, “This button changes the channel. This button switches the TV on and off. The infra-red beam has a range of 10 feet.”
    Selling on benefits sounds like, “Now when you want to change channels you can do it while you sit in your comfortable sofa, enjoying your beer.“
    Benefits beat features because you’re building an image in your customer’s mind about how their life is going to improve.
    3. Contrast before and after
    Another way to paint a clear picture for your client is to contrast before and after.
    Outline for your client the problems that they are currently experiencing and then show them what they can expect once they have accepted your proposal.
    In summary, when you empathize with your client, you show them how they can benefit from your proposal, and you contrast before and after you set the stage for a winning bid.

    Why Focus on the Roles Within Your Team Can Ensure the Project’s Success?

    Why Focus on the Roles Within Your Team Can Ensure the Project’s Success?

    “No matter what accomplishments you make, somebody helped you.” – Althea Gibson

    A project usually starts with defining your Project Needs. The definition of the needs also called Requirements, is the first, and one of the most valuable steps in the process of procuring goods and services. However, the procurement requirements for goods are mainly focused on the specifications of the products. For Consulting, the background of the company, the context of the project, the scope, and the deliverables are equally important.

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    1. Defining the Project Needs –

    The whole point is to make sure the consultants have all the elements to submit a relevant proposal. Writing well-defined requirements is the cornerstone of a successful consulting project.
    Unfortunately, too many companies are leaving the definition of the work in the hands of their consultants. If you have troubles sleeping, will you go directly to the store to shop for a new bed? Of course not. You would end up with the largest bed in the store with all the gadgets, but your sleeping problem might still be there, unresolved. You need first to review all the other options.
    It’s somehow the same when you start defining your needs with a consultant. They will tend to paint your problem with their capabilities and experiences or to make it fit the resources they have available.
    2. Clearly identify your problem –

    Working internally to define your problem, and identify what could be the best option is key to invite the right consultants to the discussion. It doesn’t mean that your requirements are final. You are just optimizing the chances that the project you are launching will fix the issues you are facing.
    When procuring Consulting Services, the requirements are always dependent on the internal and external context of the company. Besides, the definition of what you expect and why is a key success factor for the project. It is always a good idea to formalize your requirements into an RFP, even though you don’t necessarily want or need to organize a tender.

    3. Delegating the roles within the team –

    Even before you start brainstorming ideas, and envision your ideal outcome, you need to make sure that the right people are in the room. And to build the right team.
    Depending on the magnitude of the project, you can adapt the size of your team to it. However, here are a few roles that need to be included:

    Number 1 – The Project Sponsor

    The Project Sponsor is the person (often a manager or an executive) that will be accountable for the project. S/he will make sure that the project delivers the expected outcomes, and will champion the project to “sell” it within the project team and the organization. S/He will also be the chair of the Steering Committee.
    The Project Sponsor has the right authority and decision-making power to lead the project effectively. S/he is also directly impacted by the project outcomes.
    Usually, the project sponsor owns the budget. However, in some companies, consulting budgets are centralized under the CEO, Finance, or Strategy. In this case, you might want to invite the budget owner to the party as well

    Number 2 – The Project Manager

    The Project Manager is the person that has the daily accountability of the project. S/he will guide the consultants and make sure they work under the right conditions with the teams and deliver the expected results in time.
    S/he is very often part of the Project Sponsor Team and is impacted directly by the project

    Number 3 – The Procurement Leader

    Unless you are working on a very small project and you have already a list of potential provides handy, you want to have someone from Procurement in the room. Sourcing the right candidates can take some time, and it is sometimes useful to start early in the process.
    Besides, procurement managers are experts in defining needs and preparing bids, while it is rarely the case for the rest of the organization. They can facilitate your work and guide you through the process.
    Many companies, however, don’t have the critical mass to have someone dedicated to consulting procurement. In that case, you can include in your team the person in charge of indirect procurement or the Head of Purchasing.

    Number 4 – The Main Stakeholders

    We mentioned that the project sponsor and the project manager are often part of the same team. However, their department might not be the only one impacted by the project. Ask yourself if you should expect a strong impact on or a profound change in interfaces with another part of the organization. If that’s the case, it can be a good idea to involve them at the requirements stage.
    If your project is very large, like a Company-wide Transformation project, you might also want to involve Finance and Strategy, to make sure that it is aligned with the overall strategy.
    When you have the right team at work, you can start brainstorming.
     
     
     

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    Need a fresh point of view? We will be happy to help.
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    Podcast | How to define your needs for a consulting project?

    How can you measure the impact of a given project if you don’t define the expectations? Defining the scope of your project is a compulsory step in the sourcing process.
    On this week’s Smart consulting Sourcing podcast, Consulting Sourcing Expert Hélène Laffitte explains how to define your needs for a consulting project.
    Key Takeaway: Defining the needs is an important part of the Sourcing process. The RFP will be the reference document for the consulting providers you invite to the competition.

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    What Is the Right Size for Your Consulting Team?

    A consulting firm is a dynamic organization that is vulnerable to the fluctuations of the business cycle. New projects come and go, and the people who staff your firm tend to change over time. While you may not have current problems with recruitment, finding the appropriate level of staffing is tricky. A major economic event could shift the entire market, meaning that your company might quickly lose or gain projects that affect your staffing scheme. Whether you have too many staff on hand or not enough, firms rarely end up in the middle with the perfect number of consultants.

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    How to Best Define Your Procurement Strategy: Pillars & Pitfalls

    Working with consultants can bring in tremendous benefits, but if you don’t know how to manage the procurement process, the results might be far from satisfactory. A first scan of your expenses, where the observation period will be the previous fiscal year, will give you a good basis for slicing and dicing the information. Having this structured data will allow you to understand the patterns of your Consulting Spend. You can capture quick gains, get the buy-in of your employees and embark on a self-funded journey.

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    How to Best Define Your Procurement Strategy: Pillars & Pitfalls

    Working with consultants can bring in tremendous benefits, but if you don’t know how to manage the procurement process, the results might be far from satisfactory. A first scan of your expenses, where the observation period will be the previous fiscal year, will give you a good basis for slicing and dicing the information. Having this structured data will allow you to understand the patterns of your Consulting Spend. You can capture quick gains, get the buy-in of your employees and embark on a self-funded journey.

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