Consulting Q&AWhat is the consulting toolbox and how it can help to maximize the ROI of your consulting spend?
Larissa RodriguesLarissa Rodrigues asked 8 months ago

1 Answers
Arthur GarciaArthur Garcia answered 6 months ago

The Consulting Sourcing Toolbox is a comprehensive compilation of tools designed to assist you in optimizing your consulting spend. The toolkit contains essential tools such a make-or-buy strategy, demand management, and supplier relationship management.

Sure, these might seem like typical procurement strategies you’ve heard before, but there’s always a twist involved. The toolbox is well organized into four main categories, which correspond to different dimensions of your consulting procurement maturity grid:

#1. Strategy, Governance & Organization

Strategy, Organization, and Governance, describes the decisions and priorities made by your organization to accomplish its goals, the set of formal rules and structure that guides decision-making, and the manner in which teams are structured and managed within the organization.

The essential tools in this category are: Demand Management, Procurement Strategy, Consulting Strategy, Strategy Alignment Assessment, Make or Buy Strategy, Training & Professionalization, Recruiting, and Organization Design.

#2. Sourcing Processes

The procurement process describes the acquisition of consulting services from need to completion. It may be difficult for internal stakeholders to articulate their objectives, or they may be unclear about the process. As a result, the process of sourcing consulting can be inefficient and aggravating for all parties involved.

The essential tools in this category are: RFP Process, Bid Process, Reference Checking, Contract Management, Project Management, Compensation Models, and NDA’s.

#3. Category Management

Category Management is a strategic procurement methodology. It’s the process by which businesses segment their expenditures into categories containing similar or related services.

The essential tools in this category are: Market Analysis, Cost Analysis, Spend Analysis, Tail Spend, Supplier Management, Supplier Relationship Management, List of Preferred Suppliers, Improvement Plans, and Performance Measure.

#4. Enablers

An enabler is any system, team, or process that helps drive and optimize consulting services procurement. This includes platforms, tools, and technologies that streamline operations and the teams responsible for their management.

The essential tools in this category are: Shared Taxonomy, Dashboard, Sourcing Guidelines, Digital Solutions, Consulting Platforms, Expert Networks, Internal Consulting, and Hybrid Project Teams.

To get a more detailed picture about what the consulting toolbox is all about and how it helps maximise the ROI of your consulting spend, listen to this podcast titled β€œUnlock the Secrets of Consulting Sourcing: The Toolbox for Optimizing Consulting Spend.”