Contract Management: Reflections on the Basics – FTI Consulting

Effective project management is imperative for the success of your consulting project. Therefore, as a client, it's crucial to understand the intricacies involved in managing consulting projects. When you buy a car, you simply place an order and wait for the finished product to be delivered.

There's no need to inspect the production line or be involved in the manufacturing process. However, when it comes to consulting services, the dynamics are quite different. Managing the project becomes a crucial aspect of the process if you want to achieve the desired results. In today's episode of your favorite podcast series, "How to Buy Consulting Like a Pro," Helene delved into the world of managing consulting projects.

By managing consulting projects in a structured and organized manner, executives can ensure that projects are completed on time, within budget, and with high levels of quality and client satisfaction. So, if you are working with consultants, these lessons are your secret sauce for success. Tune in, and let's master this art together!

#projectmanagement #PMO #Consulting # ROI
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150 10

So, you've found the perfect consultant match, and it's like a match made in consulting heaven, right? Do you think, that puts you in the driver's seat for your consulting project and supplier connections? No!

You know, we have seen that sometimes clients think that after handing over the project, they can totally dominate the supplier relationship. But, spoiler alert, that approach can seriously backfire.

Here's the scoop: your consulting project is basically a piece of your big strategic puzzle and your consulting investment's success is about having a tight-knit crew of reliable suppliers.

So, you need to put a good amount of energy to foster solid relationships with your suppliers. That's the secret sauce to squeezing the optimal amount of ROI from your consulting project.

However, forging these strong bonds demands effort and finesse, with procurement being well-equipped for the task. And to transform your consulting supplier partnership into a potent asset, a strong start is crucial.

So, join industry experts Helene Laffitte, Laurent Thomas, and Mark Levine in this exclusive webinar video and learn everything you need to know when partnering with your consulting suppliers.

Here's a glimpse of what was covered during the live session:
✅The significance of cultivating robust, enduring relationships with suppliers.
✅Strategies for effectively managing consulting suppliers.
✅The concept and benefits of maintaining a preferred suppliers list.
✅Techniques for creating a dynamic and evolving preferred consulting suppliers list.
✅The valuable contributions that procurement professionals can make to the entire process.

Click that play button now!

Chapters
00:00 - Introduction
04:07 – Why do relationships with consultants matter?
10:36 – Common pitfalls
31:30 – The consultant perspective
43:03 – Managing a panel of providers
55:47 – Managing the performance
1:04:35 – Last thought
1:07:54 – Tune in for our next webinar
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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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#ConsultingSuppliers #PartnerWithSuppliers #Procurement #ConsultingIndustry #SmartConsultingSourcing

151 0

In the dynamic world of consulting, success begins with the artful creation of a consulting agreement. But you know what? Crafting the perfect consulting agreement isn't just about paperwork; it's a masterstroke of strategy, protection, and securing your path to triumph. In the realm of consulting, where every decision carries weight, this foundational document wields unparalleled influence.

In this episode of our fan-favorite series, "How to purchase consulting services like a pro," your delightful host, Helene, takes you on a journey deep into the heart of this all-important masterpiece. Tune in to uncover the secrets of crafting that perfect agreement – one that not only sets crystal-clear expectations but also shields your interests and lays the groundwork for a consulting project that exceeds all expectations.
#Terms&Condition #ConsultingAgreement #Podcast
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151 0

Welcome to a brand-new episode of the Smart Consulting Sourcing podcast. Over previous episodes, we've shared multiple aspects of procuring consulting services, from crafting the perfect RFP to evaluating proposals and negotiating with shortlisted firms. In today's episode, we reach the climax where visions become reality—the consulting agreement. Get ready to dive into the process of shaping an agreement that sets the stage for a fruitful partnership.

In this episode, your favorite host, Helene, leaves no stone unturned as she explores every facet of this process, from defining project scopes and deliverables to establishing key performance indicators and contractual obligations. As you already know, the mission of this episode is to ensure that you extract the absolute best from your consulting project. Tune in.
#SOW #STATEMENTOFWORK #CONSULTINGAGREEMENT
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149 0

The digital procurement trend is gradually replacing traditional practices, and it's not just a trend; it's a reality. What essential skills and tools do procurement leaders need in this digital age? They need to be familiar with the end-to-end "procure-to-pay" process. This involves understanding the company's external needs, market dynamics, finding suppliers, creating contracts, receiving deliveries, making payments, and managing suppliers, their performance, and associated risks.

To manage these steps effectively, they require a variety of tools in their toolkit. These tools encompass different aspects such as category management, market analysis, price quote requests, tender management, order systems, catalogue maintenance, contract administration, stock level monitoring, and risk management.

With numerous new digital tools available, it's crucial to comprehend their potential benefits for your organization. Our host, Ozan, will guide us through best practices, challenges that may arise when using these tools, and much more. Are you ready to elevate your game in procurement? Tune in.
#Procurementtoolbox #PGC #podcast #Skills&Tools
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157 5

Providing feedback to consultants whose proposals fell short is a wise practice. It's a win-win for both parties. Why? Well, reputable consulting firms with the expertise you seek take feedback seriously. When you share your insights, they use that valuable input to address previous shortcomings, increasing their chances of success in future bids. This process is vital for their growth and continued success.

But the question remains: how can you effectively communicate your feedback? Breaking the news of rejection is never easy, and nobody enjoys being on the receiving end. The key is to go beyond the simple "win or lose" announcement. Instead, emphasize their strengths, point out areas for improvement, and suggest specific actions they could have taken to enhance their prospects.

Are you eager to discover how to provide a comprehensive evaluation of a proposal? Join Helene in this episode as she unveils the power of feedback as a tool for growth and collaboration. Learn how to leverage this valuable resource to your advantage.
#feedback #consultingfirm #podcast
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148 5

Welcome back to another power-packed episode of Smart Consulting Sourcing, your ultimate guide to mastering the art of buying consulting services like a pro.

Today, we delve into the realm of negotiation—a force of great power and potential. As Sun Tzu famously said, "Every battle is won before it's ever fought." In our previous episode, we laid the groundwork for successful negotiations, and now, we take it a step further.

Get ready to harness the game-changing concepts of BATNA and ZOPA, guiding you like a seasoned captain navigating uncharted waters. Let's uncover the treasure trove of savings opportunities within consulting proposals, making sure you secure the best agreements with your consultants. Let's begin this exciting journey to master negotiation!
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146 4

Negotiation is like a thrilling dance of give-and-take. The process entails strategies for securing the best deal. If the consulting agreement is your vital weapon to ensure that you get the expected value from the project, an effective negotiation process is your key to reaching the winning agreement.

Now here's the catch - you should not dive into the negotiation unprepared. Before hitting the negotiation table, you need to do your homework. This episode of our podcast series, "How to Buy Consulting Like a Pro," helps you unleash your negotiation power with expert tips and examples from real-world scenarios.

Learn from none other than Helene Laffitte, the consulting sourcing expert and your wonderful host of your favorite Smart Consulting Sourcing podcast series. Tune in.
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147 6

Burnout, like a global epidemic, casts its dark shadow over both genders. However, its grip on women is particularly tight, leaving them more vulnerable to its detrimental effects. It's as if women find it challenging to hit the "off" switch, constantly grappling with concerns about the impact on their career progression. Startlingly, only 45% of women rate their ability to disconnect from work as good or extremely good, while a disheartening 34% deem it poor or extremely poor.

Don't you think, it's time to equip ourselves with the knowledge and tools to create a healthier, more balanced professional landscape for women in procurement. Well, in an enlightening discussion, our guest of this episode, the Shameless Mind Boss, Monica Rose unveils the secrets behind women's experiences in procurement and uncovers strategies to prevent and combat burnout.

What are the unique stressors that women face in the procurement field compared to their male counterparts? How do these challenges contribute to the immense burnout experienced by women in this industry? In this captivating episode, join Monica as she delves deep into these questions, about the battle against burnout.
#BurnoutPrevention #WomeninProcurement #MentalHealth #podcast

147 5