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Introduction to Strategy Consulting

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Introduction to Strategy Consulting INTRODUCTION TO STRATEGY CONSULTING Chicago GSB EXP 11 Barcelona, 20 October 2004 Marc Kitten [email protected] This material was used during an oral presentation; it is not a complete record of the discussion. It is based solely on publicly available information Whatever you do, wherever you go, they will be there… FOREWORD: WHY DO YOU NEED TO UNDERSTAND MANAGEMENT CONSULTING? 1. You may become a consultant • 20% to 30% of MBA graduates join Management consulting firms 2. You are likely to hire or work with an • Most Fortune 500 corporations external consultant hire external consultants 3. You will have ex consultants as • Most consultants get colleagues (consultants skills are management positions in the industry after a few years transferable) You cannot escape consultants! 1 SUMMARY • Management consulting firms offer a few thousands jobs every year. Those jobs are among the most competitive, especially with top strategy firms • Whatever the role and the type of project, working as a consultant requires following a set of principles aligned with an organisation aimed at optimising efficiency and effectiveness • If you want to become a management consultant, preparation will be key 2 HISTORICAL BACKGROUND • During the later part of the 19th century, engineering, accounting and law firms started offering independent corporate counsel to fast-growing and increasingly complex industrial organisations in the US. Arthur D. Little was the first external consultant to bring operational effectiveness to its manufacturing clients • It was not until the 1930s and the Great Depression that management consulting firms grew beyond a few founding partners, with the notable examples of McKinsey and A.T. Kearney • A few years later, Marvin Bower was to transform McKinsey and the industry when he started developing the firm after the model of the law firms into the first strategy consultancy, dedicated to solve the problems of the CEOs • The 70’s saw the real explosion of the industry with the rapid growth of new competitors: BCG as a Booz Allen spin-off, Bain as a BCG spin-off, etc • Big audit firms like Andersen started to capture part of the strategy market through their consulting arms, to retreat a few years ago • The latest development is the rapid emergence and growth of networks of independent consultants like Candesic, more closely aligned to the model of law partnerships 3 Even at strategy firms, pure strategy projects represent only one component of the activity TYPES OF PROJECTS AT A MANAGEMENT CONSULTING FIRM Corporate vs. B.U. • Organisational design & CEO AGENDA • Market analysis governance /Due diligence • Performance management • New product • Leadership Strategy Organisation •M&A • Sales force and channel • Alliances management • Marketing, CRM, Revenue growth or cost reduction Other Operations branding, pricing • Purchasing & supply management • Financial • Change management and Process engineering improvement • Risk management –Logistics, supply chain • Technology –Manufacturing • Communication –Business process redesign –Business process outsourcing 4 “Management” consulting is a broad concept: the bulk of it is in IT-related activities TOP 15 MANAGEMENT CONSULTING FIRMS WORLDWIDE BY SIZE Strategy consultants Turnover, $b (Estimates 2002-2004) Employees (Estimates 2002-2004) Accenture CSC IBM Business Consulting Cap Gemini Ernst & Young McKinsey & Company Deloitte Consulting BearingPoint (ex KPMG) Booz Allen & Hamilton Hewitt A.T. Kearney (EDS) Altran Boston Consulting Group Bain Mercer + Oliver Whyman Roland Berger Monitor 024681012140 10000 20000 30000 40000 50000 60000 70000 Source: Business Week, Vault , Consulting city 5 THE MARKET FOR STRATEGIC CONSULTANCY IS CHANGING Clients becoming much smarter consumers Increased competition from Value of “Top I-Banks, Big-5, Strategy Level” strategy- niche consul- Consultancy only projects tancies, research hard to justify houses Dynamic market and economy 6 CURRENT TRENDS IN MANAGEMENT CONSULTING – UK EXAMPLE Average income per consultant, £ 190,000 180,951 180,045 175,000 168,987 156,608 111,493 36,009 19,063 4,084 1960 1970 1980 1990 1995 2000 2001 2002 2003E 2004E Source: UK Management Consultancies Association 7 SURVEY RESULTS - RECENT TRENDS Balance of opinions Sectors expected to gr 1000 800 600 ow / decline in 2003 IN MANAGEMENT CONSULTING 400 200 0 -200 Public Sector Business lines expected to Energy & Utilities 1000 Source: The Annual Consultancy Forum, London Retail 900 800 700 Financial Services 600 500 grow / decline in 2003 Manufacturing 400 300 TMT 200 100 2003, Polling ~ 1,500 management consultants 0 Outsourcing Cost reduction Process Improvement Revenue Growth Human Performance Strategy IT CRM 8 CURRENT DIFFICULTIES • Relatively high-priced, inflexible model • Drop in revenues • More difficult to justify high price • Generalisaton of discounts or free services • Less differentiation as clients develop • Reduction of average engagement length internal knowledge and expertise • Reductions of headcounts • Lack of tech expertise • Competition from research houses 9 Work of strategic or highly specialised nature tends to involve smaller teams with high billing rates per consultant DIFFERENT BUSINESS MODELS - I 550 Boutiques Strategy McKinsey Monitor BCG OC&C Marakon Bain Parthenon LEK Roland Berger Mars Diamond Mercer Booz Allen 300 Cluster Independents Operations Candesic Gartner Deloitte Accenture CGEY IBM Consulting Bearing Point Yearly revenue per consultant, $ 000’s EDS CSC 150 Hewitt 100 1,000 100,000 Consultants Headcount (log scale) Source:Top Consultant; Vault; Press search; Candesic analysis 10 From market intelligence to implementation of recommendations, management research and consulting firms offer a broad range of positions DIFFERENT BUSINESS MODELS - II PRELIMINARY Corporate Executive Board Subscription Gartner* Revenue model Forrester* Accenture McKinsey Per diem/document Generic Customised Research and advice * Focus on technology Source:Interviews, Press search 11 In the field of strategy consulting, the “McKinsey model” has inspired numerous other applications of its core values to other business models DIFFERENT BUSINESS MODELS - III The Next Practice “Develop unique solutions with the client teams, acting as strategic and operational coaches rather than as classic consultants” Involve client Corporate Candesic Executive Board “Deliver top practical and McKinsey “Increase the effectiveness of actionable advice using proven Flexibility executives and their “Offer the best value- Generic talent from top-tier firms and a & cost enterprises by discovering and broad network of industry driven advice to the teaching to this membership experts, analysts, and research world economic leaders” the best new thinking and capabilities” strategies from across industry Specialisation and around the world” BBDO Consulting “Significantly increase our clients´ brand and customer equity, and hence, increase our clients´ value in the marketplace” Source: companies websites, interviews 12 Management consulting appears as the most attractive industry for business students RANKING OF PREFERRED INDUSTRIES AMONG US MBA STUDENTS % of respondents, 5 preferred industries Management Consulting Consumer Goods Investment Banking Healthcare/Pharma Venture Capital Entertainment/Media Commercial Banking/Financial Services Investment Managing 38% of the students Engineering/Manufacturing in Harvard Business School’s Internet/e-Commerce class of 2002 went into Computer Software consulting Biotechnologies Telecommunications Energy IT Consulting 4 8 12 16 20 24 28 32 Source: Universum 2002 survey of 2,807 MBA students at 40 US business schools 13 Management consulting appears as the most attractive industry for business students Management RANKING OF TOP 5 EMPLOYERS AMONG MBA STUDENTS consultants % of respondents European MBAs, 2004 US MBAs, 2004 McKinsey & Company McKinsey & Company Boston Consulting Group Citigroup Bain & Company Goldman Sachs Coca Cola IBM* Goldman Sachs Johnson & Johnson Apple BMW Citigroup Boston Consulting Group BMW Coca Cola Microsoft General Electric Booz Allen & Hamilton Booz Allen Hamilton 4 8 12 16 20 4 8 12 16 20 * Includes PWC consulting now part of IBM Consulting Services Source: Universum 2004 survey of 1,300 MBA students at 18 European business schools, 2004 survey of over 4,000 MBA students at 46 US business schools 14 Management consulting firms with a strong focus on strategy are perceived as more prestigious by consultants TOP 20 MANAGEMENT CONSULTING FIRMS WORLDWIDE BY PRESTIGE Strategy consultants Rating on a scale of 1 to 10 based on prestige McKinsey & Company Boston Consulting Group Bain & Company Booz Allen Hamilton Monitor Group Mercer Management Consulting Gartner A.T. Kearney Mercer Oliver Wyman Roland Berger - Strategy Consultants Deloitte Consulting Accenture Mercer Human Resource Consulting Marakon Associates Many top consulting Parthenon Group, The boutiques missing for IBM BCS lack of scale or L.E.K. Consulting international presence Cap Gemini Ernst & Young Towers Perrin BearingPoint 3456789 Source: Vault Top 50 survey 2004. Methodology: 1,100 consultants asked to rate the consulting firms on a scale of 1 to 10 based on prestige (excluding their own firm) 15 If you have any interest for general management, a management consulting experience makes sense CONSULTANTS SKILLS ARE TRANSFERABLE Analytical and problem-solving skills Leadership General Management Project management skills Communication skills * Note that management
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