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 [分享]FT Special Report : Business of Consulting |
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大春代
头衔: 海归少校
声望: 讲师
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加入时间: 2006/02/23
文章: 232
来自: 避风塘
海归分: 27260
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作者：大春代 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Business of Consulting
The Financial Times proposes to publish this FT Report on November 17th, 2008.
(Advertising copy deadline: November 3rd, 2008)
This is the fourth of our annual reports on the consulting industry and its clients. Stefan Stern, the FT’s management columnist, and Brooke Masters, City Correspondent, will be leading unrivalled coverage of the sector, how it works and how it serves its customers.
We plan to include the following features (please note that this list is provisional):
I. Introduction
The consulting industry is still growing but – as might be expected in a period of broad economic uncertainty – not at the same pace as in the recent past. According to a report by the Management Consultancies Association, for example, the UK industry’s revenues from “traditional” management consulting rose 10 per cent in 2007 to just under £6bn, a smaller rise than in the previous two years. Corporate budgets are indeed tighter because of the economic situation, but clients are still prepared to spend money on external help and advice, especially where it is tied into improving efficiency and reducing costs. Fortunately for the consulting industry, the biggest single market, financial services, remains healthy overall although growth has slowed in the banking sector. Leading consultants remain reasonably upbeat about this autumn’s crisis in US and UK banking – noting that, in the short term, enforced mergers and takeovers could bring some extra work. Already, some differences in client attitudes are emerging when compared with the last consulting industry downturn in 2002: there is evidence that key projects are being ringfenced, and there is a greater willingness to spend on IT, which took a hit in the aftermath of the dotcom boom and bust. Pure strategic advice could come under pressure, too, if the focus on cost-cutting intensifies. For consultancies, the key will be to convince customers that their services are essential in these difficult times, rather than discretionary. Those customers, of course, are increasingly sophisticated purchasers of external consultancy simply as a result of all the consultancy they have paid for in the past – not to mention the ex-consultants now working for them.
First section: a package of articles examining different facets of the consulting market as the industry and its clients face up to uncertain economic times
2. Change management
A recent study by the Economist Intelligence Unit found business leaders are responding to the economic slowdown by launching more change management programmes and spending more on them. These initiatives will primarily be driven by the quest for operational efficiency and the need to reduce costs. However, successful change management continues to elude many companies, says the study. The consultancy industry has always been deeply involved in clients’ change management programmes, so how can it help increase the chances of success?
3. Outsourcing in financial services
The credit squeeze has been a wake-up call to the financial sector. Many institutions which have so far ignored the benefits of outsourcing are being forced to revisit it because of financial constraints and liquidity problems. A report in June by the MCA, based on a survey of members of the British Bankers Association, found that the credit squeeze will drive a new wave of outsourcing and offshoring in financial services. But only 54 per cent of respondents felt that their organisation understood how to get good value from outsourcing and only 24 per cent thought they adequately understood the offshoring industry. Here we examine the opportunities this new wave of outsourcing could bring to the consulting industry, which is active on both the advisory and implementation sides
4. Recruitment and resource management
Consulting is traditionally one of the top choices for graduates seeking recruitment, and the large consultancies have huge recruitment programmes. There is evidence that some consultancies are recruiting smaller numbers of more senior people, rather than huge quantities of graduates, but companies have learnt from the last downturn in 2002 that it is unwise to stop the recruitment machine in its tracks, as that can harm reputations and make it hard to crank up the rate of recruitment later. Meanwhile recent research by the MCA has shown that capacity and resource planning remains a big issue for the consulting industry, as companies have found themselves squeezed between clients unwilling to accept fee increases and spiralling salary costs.
5. Private equity market
The focus of consultants’ work for private equity clients has changed radically over the past year with due diligence work on new acquisitions dwindling to a trickle. Instead, the private equity houses are shifting their attention to extracting greater value out of their portfolio of acquired companies, realising that restructuring the balance sheet may not be enough to achieve the returns they are looking for from the eventual sale of the assets, and that operational restructuring and strategic repositioning may be necessary. Some private-equity houses are building up their inhouse expertise to help them achieve this, but still require assistance of consultants.
6. Consolidation
Here we review recent mergers and acquisitions in the industry, and consider the extent to which these have been prompted by current market conditions. There is evidence that some middle-sized UK consultancies have merged with each other in pursuit of critical mass and greater financial strength, but other deals reflect different priorities. For example, Booz Allen, a government and corporate consulting firm, said in May it would split its business in two and sell a majority stake in its government advisory branch to Carlyle Group, the Washington-based private equity firm. The consultancy said the two parts of its business had “very different needs for operating and people models, regulatory requirements and capital funding”. And US-based Navigant Consulting has been expanding in Europe through last year’s acquisition of Troika, enhancing its ability to be a global player in financial services consulting – while this year it added economic consulting capabilities with the takeover of Chicago Partners.
Second section – global growth opportunities for the consulting industry
7. China
Several Western consultancies have been building a presence in China, preparing for the market to take off, and the signs are that it may at last be about to do just that. So far, most of their work has been advising western companies entering China, and very few clients have been Chinese companies, reflecting the fact that bringing in external consultants has not yet become part of the culture among Chinese companies. But this is at last changing, and as Chinese companies internationalise, they will start to use consultancies to help guide their investments abroad, which may help embed the use of consultants for domestic business, too. But who will benefit most from this trend – the big western consultancies or small, local agencies, perhaps staffed by bright Chinese who have done their MBAs abroad and been trained at one of their multinational rivals?
8. UK consulting overseas
Although overseas income represents a small proportion of the total for UK consultancies, it is rising fast, and industry statistics suggest that it is now not only the larger companies that are benefiting from the demand for UK consultancy expertise in eastern Europe, Russia and the Middle East. Even in countries such as Germany, where there is a preference for using local consultancies, some clients have preferred to tap into the broader experience and skillsets of the UK consultants – despite the fact that the UK industry’s fees are the highest in the world. Here we examine the factors behind this trend.
8a. Case study
An example of a smaller consultancy that has won important work overseas.
9. Africa
Although China and other countries in Asia tend to hog the limelight, the potential for western consultancies is growing in Africa. From Chad to South Africa, there are projects underway on which the expertise of consultancies could make a difference. One particular growth area is on telecoms projects – as western mobile operators and others in the sector develop a presence on the continent, consultants can help make the expansion strategies work.
10. Environmental issues
Two markets are developing. One involves analysis work by consultants that contributes to the debate about climate change – an example was McKinsey’s involvement in the SMART 2020 report for the Climate Group. The second market is advisory work for traditional clients in industry and the public sector. Consultants have seen this side of their business expand in recent years and there is growing recognition that the industry needs to reduce its own carbon footprint if it is to expect clients to pay for advice on green issues.
11. Encouraging diversity
What is it like being a woman in the consultancy industry? The evidence suggests that the industry has a good record and has in fact progressed further than other professions in developing women’s talents, ensuring that their voice is heard, and treating women fairly who return to work after having a child. Some consultancies have women’s network and support groups while others benefit from having women in senior positions, creating a good environment for women colleagues.
12. Opinion
A leading observer of the consulting industry provides thought-provoking insights on various issues.
Editorial Information
PLEASE NOTE: Special Reports are written by FT staff journalists and a small number of selected freelance writers. They will be specialists in the field and already have regular contacts to update them. It is therefore difficult for an unsolicited submission to be so compelling that it forces its way on to a writer’s agenda. However, it does happen occasionally. We ask that all submissions be sent to [email protected], from where they are forwarded to the appropriate writer.
Please also note that due to the volume of material received, it is not always possible to acknowledge or reply to every submission.
作者：大春代 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [分享]FT Special Report : Business of Consulting -- 大春代 - (10336 Byte) 2009-1-23 周五, 02:06 (1324 reads)
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