People & Organizational Performance Financial Services – McKinsey

Even though consulting is a $300 billion industry, some business entities still doubt the value-creation potential of consulting. Some even consider availing of consulting services as a sign of weakness.

Contrarily, in some industries, executives depend a lot on consultancies. The bottom line is that consulting can be an invaluable resource when used effectively. At the same time, we must acknowledge that not all projects are good candidates for consulting support.

To ensure that you get maximum value from your consulting spend, you need to first ensure that you're spending the right amount of money on the right projects and investing strategically. But making that decision is easier said than done.
Therefore, investing in the right projects has to be your first lever as you strive to optimize your consulting ROI.

On this week's Smart Consulting Sourcing podcast, our expert Helene tells you how to use this lever most effectively.
#6-LeversofOptimization #podcast #smartconsultingsourcing
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The History of Consulting goes way back to the 1800s, which clearly shows that consulting has always existed. But what was the past of consulting like? And how does it stand in the present? And also, what does the future hold for the consulting industry?

Consulting Sourcing expert Hélène Laffitte along with guest speakers Laurent Thomas and Prof. Joe O'Mahoney share their thoughts about the past, present, as well as future of the consulting industry!

In the webinar, you will learn about the following:
✅What was the history of consulting? And how it has evolved over the years?
✅What are the defining stages in the history of consulting?
✅How does the consulting industry presently look like?
✅How much of an impact did COVID-19 have on the industry and how did it bounce back thereafter?
✅What are the key strategic moves we observe?
✅Does the future of consulting look bright?

Chapters
00:00 - Introduction
01:15 – What is consulting?
27:22 – What is the consulting market today?
42:58 – Is consulting being disrupted?
53:48 – How are consulting firms adapting?
01:08:48 – What does that mean for clients?
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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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Stay tuned for our next video!

#HistoryOfConsulting #ConsultingHistory #ConsultingIndustry #SmartConsultingSourcing

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Procurement transformation is at the core of capturing maximum value from your consulting spend and our six levers can help you achieve just that. But before initiating that process, business leaders and stake holders must understand and accept that the transformation of the procurement will have an impact on the entire organization and the company as a whole can benefit from what best-in-class procurement can offer.

But for any change to take place, procurement needs the blessings of the top management and stakeholders. Ironically, they often do not care and this nonchalance only reflects the absence of synergy between business lines and procurement. Changing this mind-set has to be the very first step to optimizing your consulting ROI.

In this week's Smart Consulting Sourcing episode, Our Expert Helene Laffitte, explains all there is to know before you start using our 6-Levers of Optmizing the ROI of your Consulting Spend.

#6-LeversofOptimization #podcast #smartconsultingsourcing
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👉 Fred Leeds Episode: https://youtu.be/Wn7FwjKKg7Y
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When the finance, marketing, IT, or HR departments get huge attention and patronage from the top management, procurement is seldom invited to share the limelight.

But best-in-class procurement can contribute to an organization's success in multiple ways and companies must not fail to use that potential. They should start by building up an efficient procurement team.

Notwithstanding its potentials, very few business leaders are interested in finding out what procurement does.

This nonchalance is reflected in the recruitment process with companies often ending up hiring the wrong people for their procurement groups.

In this episode of our PGC podcast, our guest, Aslan Akyol explains what companies can do to hire the right profiles for procurement.
#forbes #podcast #procurement
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So, we're in the third episode of our 6 levers series. In the last episode, we told you why companies need to optimize the ROI of their consulting spend. Now that you know the benefits, you should aim for that optimized ROI.

But before we jump into the ways to achieve that using the six levers, let us first touch upon a few things companies usually do for optimization.

We will also discuss why their approaches do not work. Why is this important? It will help you understand and identify where you might go wrong. Our findings are based on the Procurement Maturity Assessment survey we launched last summer.

On this week's Smart Consulting Sourcing Podcast, Our Expert Helene explains why their approaches are inadequate. What implications do they have on the optimization process, why aren't they working, and what should they focus on instead? How do human skills and collaboration take center stage in it all? This episode explains them all.
#smartconsultingsourcing #6Levers #podcast
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👉 Fred Leeds Episode: https://youtu.be/Wn7FwjKKg7Y
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Companies invest up to 3 % of their revenue in consulting projects but rarely they manage this category. The lack of management makes it costly. On the other hand, companies could save at least 25 % of what they spend by focusing on optimizing ROI on consulting spend.

This optimization process must start by involving procurement from the early stage of the project. Managing consulting spend from early on can lead to immense value for the company -- not in terms of monetary saving alone, but also in terms of synergy, efficiency, and collaboration value.

In this week's Smart consulting sourcing episode, our expert Helene, explains in detail how managing consulting spend creates value for organizations, and how can companies optimize the ROI of their consulting spend.

#optimizingROI #consultingspend #podcast
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It is an open secret that procurement is widely underestimated and seldom given the opportunity to prove its potential. No wonder you rarely will find a procurement expert who started his career in this field.

Most people join procurement later in their careers from other fields. This has its advantage; procurement becomes a melting pot of different skills and mindsets.

Fred Leeds, an accomplished procurement expert, reiterates just that when he describes procurement as “a kind of a conglomeration in a cornucopia of different skill sets and mindsets.” Not only that, but procurement also has immense untapped potential to create value for organizations. Professionals who have worked in this field can vouch for that, but it’s not easy to convince stakeholders.

In this episode of Procurement Game Changers, Join Fred as he discusses a few ways in which procurement can prove its mettle as a trusted partner of organizations. Fred, who came into this field from an R&D background, currently works for Pernod Ricard, a global premium spirit brand. According to him, earning stakeholders’ trust has to happen organically.  “It's a long way. It's not something that you do overnight,” he pointed out.

#businessline #R&D #podcast
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Not optimizing consulting spend can be a costly problem for companies. Although some companies attempt at systematically managing consulting spends, the entire initiative may fall flat in the absence of a proper plan and strategy.

Where do companies go wrong? How to do it right by utilizing the seven levers to optimize consulting spend? Where and how should you start?

The 6-lever series presented by Consulting Quest gives you an opportunity to get all these questions answered, so that you can understand the consulting category better and take the most sensible steps to optimize your spend in this category.

We have created this series with references to real world problems with the insights from real-world problem solvers. As always, consulting support can play the role of a differentiator for businesses, especially at a time of worst inflation and recession.

Why not use it wisely? This series is aimed at facilitating just that. At the end of the series, you’ll emerge a wise, educated, informed consulting buyer and user.
#smartconsultingsourcing #podcast #ROIofconsultingspend
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While the consulting sector has embraced digitalization in a big way, procurement remains a labor-intensive activity with lots of data and paperwork to handle. Digitalization can take the hassles out of the traditional procurement process.

Today, there is a plethora of tools and technologies that can be leveraged to automate procurement processes and make them more efficient --SRMs, Negotiation & Decision, Contract Management, Procure-to-Pay, Financial Performance, procurement analytics, and more. Indeed, there cannot be a better time than this to start digitalizing procurement.

In this week's Smart Consulting Sourcing episode, our expert Helene Laffitte explains how digitalization of procurement has changed the way procurement people do their job.
#digitalizationofprocurement #podcast #smartconsultingsourcing
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