Traditional Sourcing Mechanisms Need to Evolve for the New Era
Friday, Jan 26th, 2018
THIS WEEK’S MUST READ
The race to participate in innovative technologies and disruptive new business models is paramount in the agenda of most major corporates today. From the perspective of the startup community, partnerships with corporates are a golden opportunity. Yet the reality is that there seem to be far more stories of failed attempts than successes. This Week’s Must Read features an insight piece from Elixirr Consulting, in which the consultants discuss the various hurdles that many corporates fall at when doing business with the startup community and proposes changes to traditional sourcing and procurement mechanism.
Find out more by reading the full article here: “Sourcing for Startups – Why Procurement Could be Getting in the Way of Innovation in Your Business”, written by Anthony Potter and Sam Parkers.
INDUSTRY NEWS & INSIGHTS
- EY and Teneo Launch Geostrategic Collaboration as Instability Leaks into 2018: EY has announced the launch of its Geostrategic Business Group, in collaboration with Teneo Intelligence. The new wing of EY will work with or organisations and institutions on a global basis to understand the business implications of the geopolitical landscape, amid uncertainty brought on by Brexit, the Presidency of Donald Trump, and a host of inconclusive elections across Europe. | EY Press Release
- Mercer Joins EDGE Initiative to Improve Diversity of Workforce: Mercer has joined a programme to improve the diversity of its workforce. The EDGE Assess certification aims to support companies with their efforts for diversification by independently analysing their efforts. Overall more than 170 organizations worldwide have engaged with the EDGE methodology. | Mercer Newsroom
- Kantar Consulting Buys London Firm Mash: Top advertising group WPP began the year with the formal launch of its unified consulting wing, Kantar Consulting. Now, as the firm prepares to take on the consulting industry, which has increasingly encroached on the advertising sphere recently, Kantar has completed the purchase of UK-based Mash Strategy. | WPP Press Release
- Banks Shift Focus to Growth as Regulatory Pressure Eases: After a decade, banks are in a better position to withstand a financial crisis similar to that of 2008, according to a new report. Following a decade of strengthening regulations and capital buffers, banks can now increasingly focus on growth, as compliance becomes standard practice. | Consultancy.uk
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- Frost & Sullivan’s 10 Healthcare Predictions for 2018: Despite on-going political uncertainties and rising cost pressures, the global healthcare industry will register a stable growth rate in 2018 and will cross the $1.85 trillion mark in terms of manufacturer revenue. Digital health investments crossed $6.5 billion in 2017, up 109% from the previous year. This growth curve is expected to continue in 2018 as technologies and platform solutions that promote innovation around care quality, outcomes, and chronic disease management will continue to rise. | Frost & Sullivan
- Digital transformation (DX) in the Financial Industry – Focus on the Customers: Forbes Insights and Hitachi surveyed 77 financial industry executives to explore their views on and progress in digital transformation and revealed the five universal steps to digital transformation: making DX a strategic and investment priority, taking a business driven approach, fully utilizing the potential of data and analytics, adopting an enterprise-wide approach and striking the right balance between people and technology. | Forbes Insights and Hitachi Consulting
- The Advance Of AI Is Uncertain. But That Doesn’t Mean We Can’t Prepare For It: If AI makes the progress many are suggesting it will, the consequences for business are uncertain, but they are sure to be profound. Whatever ends up happening with AI, businesses that take a multifaceted and flexible approach to their workforce should be able to see their way through. | Scott McDonald, Oliver Wyman
- Is Content King After All?: With the next wave of platform-based digital disruption imminent for the media industry, the article examines the pattern of platform insurgence, the likely impacts on brands and how traditional news businesses should respond. The research shows that the media industry now stands at the cusp of a third era – the platform age – which has the potential to be every bit as disruptive as the digital transition. | Mostyn Goodwin, Toby Chapman, OC&C Strategy Consultants
For more information on topics and how to participate, please contact Dominic.Prisco@consultingquest.com.
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- Consulting Skills In The Digital Economy: In a recent study on Digital Transformation in the Consulting Industry, 65% of respondents noted that digital capabilities are only somewhat or not at all ingrained in their company cultures. Are consulting skills and firm cultures keeping pace with the digital economy? | Edwin Miller, 9Lenses
- How Consulting Firms Should Ask for a Startup’s Help: This article aims to help corporate consulting firms better interact with startups. Five things that consulting firms should remember when asking for a startup’s help were listed in the article (And how startups should protect themselves). | Sebastien Eckersley-Maslin, BlueChilli
- Managing Your Consulting Career: After you successfully breaking into consulting, how do you manage your consulting career? Read this article to find out why managing one’s career in consulting has unique considerations than other occupations. | Lew Sauder, Consulting 101
- How To Prepare For A Consulting Interview: You’ve got your MBA hanging on the wall, your resume tuned, and your favorite suit pressed and ready to go. Now: to ace that interview. The Good news is that consulting interview is relatively standard across the board — which means you can know exactly what to expect, and can prepare accordingly. | Bianca Male, Business Insider
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