Hello and welcome back to Smart Consulting Sourcing, the only podcast about consulting procurement.
I am Hélène, and today we will be talking about what is a top consulting firm? However, before that, let me give a recap of last week.
A maturity grid, also known as maturity model can help companies to understand how they stand on a given capability and draw their path to excellence.
The consulting procurement maturity grid has four levels of maturity. And it is very difficult to take short-cuts. Consulting procurement organizations will have to take the journey step by step.
Besides, not every company should aim for the highest level of maturity. Every organization should evaluate the best trade-off between the investment in a new consulting procurement capability and the value expected. In other words, it might not make sense for smaller organizations, with fewer projects, to build a best-in-class practice for consulting, even from an operational standpoint.
Listen to the complete podcast about, what is Consulting Procurement Maturity Grid?
However, this week, I want to discuss about, what is a top consulting firm?
There’s a lot of talk about what makes a top consulting firm. But there’s one thing that really separates the best from the pack: results. And really, sometimes these are the Big ones! You know the MBB, McKinsey, Bain & BCG or the Big 4: Deloitte, EY, PWC and KPMG.
What is a top consulting firm exactly?
The top consulting firms are those that consistently deliver exceptional results for their clients. They’re the ones who have a track record of success in helping businesses achieve their goals.
“You can’t eat prestige,” as the phrase goes. Prestige is important, but let’s face it: if you can receive high-quality consulting services at a price that suits your budget, won’t you go for it?
Choosing a global-brand consultant to cause a budget issue for your firm makes no sense. These big-ticket brands may provide answer to just one of your problems, while depleting your money to the point where other initiatives suffer. And the good news is that there is a consulting firm somewhere that fits both your expectations and your budget.
Also, let me share something essential: the consulting firm you know is not necessarily the consulting firm you need. And yes, it is also true about the largest consulting firms.
When searching for the top consulting firm to solve a specific problem, it is important to consider what that problem is and what kind of consulting firm would be best suited to solve it. There are many different types of consulting firms, each with its own strengths and weaknesses. As such, it is important to carefully consider the problem at hand before making a decision.
So, how does this affect your search for the top consulting firm?
It means that for each need, you will find consulting firms that are best suited for the work.
The right consulting firm can fulfil your current project demands while also complementing your company’s culture and budget. And the right fit can be a smaller boutique firm specialized in only the sort of project you’re working on or a larger business with the sub-specialty you’re looking for.
A top consulting firm, has a history of being in the right location at the right time for the right project with the right expertise. It will also have strong working connections, flexibility, flexible solutions, and excellent follow-up.
There is no lack of top consulting firms in the world, so how do you choose the right one? Here are a few things to keep in mind:
Look for a firm with a proven track record in the similar types of project. The best way to find out if a firm can deliver results is to look at their past performance.
Make sure that the firm you choose has experience in your industry and in the type of project you want to launch. They should understand your business and know what it takes to succeed in your market.
Ask for referrals from people you trust. Talk to other businesses that have worked with the firm on similar projects and see if they were happy with the results.
Have a different perspective of what is a Top Consulting Firm
Hiring consultants is often more expensive rather than launching the project in-house.
So you need to think about how much you are ready to invest and what value you expect from that project. Then you will need to have someone (preferably from procurement) who has experience in sourcing consulting firms with high-quality services at an affordable price point. If you have recurring needs for consulting, you would save a lot of time by doing all of this work in advance.
The second point emphasizes the need to combine a variety of experiences with current industry expertise.
Results are not always improved by experience alone. Do you want your child to be taught by a teacher who has “always done it this way” and has been teaching for twenty years? It’s preferable to have a teacher with half the experience who keeps up with the newest educational field-test findings.
What differentiates the top consulting firms from the ordinary ones is that the former types have procedures in place to guarantee that team members share their skills and experiences, and keep up to date with the latest trends.
Now, coming to the third perspective — it’s wise not to rely on just one source for your strategic demands. Consider supplier risk management and use the same basic ideas as you would for other categories.
One step further, each consulting firm has a unique DNA profile as well as a unique portfolio of projects in which they thrive.
For each strategic need, you can find two or three distinct consulting firms. It’s acceptable if you wind up using the same source for many purposes. Furthermore, competition will keep all service suppliers on their toes.
It’s a no-brainer that everybody wants to hire the best consulting service providers. However, your idea of the finest consulting partner may differ from that of your competitors’. You must develop your criteria based on your project needs and your goals. Similarly, you’ll have to separate out the excellent from the mediocre, while managing your panel of suppliers and keeping track of their performance. And trust me, the work will be well worth it.
You will gain the respect of the business lines and demonstrate what you can offer to the table as you deliver more value and savings. What’s more, who knows? It might lead to a position in the C-suite. 😉
In Conclusion,
So, what is a top consulting firm you want to work with? Do your research and make sure they have the experience in your industry that will give you the best chance for success. And again, the consulting firm you know is not necessarily the consulting firm you need; be very clear about the problem that needs to be addressed and what sort of firm can help you solve that problem.
References from happy customers are always a good sign, so reach out and ask around. When it comes time to choosing the right partner for your business, don’t hesitate to go with the firm that has a proven track record of helping companies on similar initiatives.
However, for each strategic topic, keep a portfolio of two or three businesses and inform them about their competition since it will keep them on their toes and motivated to work hard and deliver outstanding results..
And that marks the end of our podcast, folks. Next week, I want to talk about what’s so specific about purchasing consulting services: So, stay tuned.
Till then, stay safe and happy sourcing!
Have you chosen a consulting firm yet? If not, remember you can always contact me directly on LinkedIn or by email because I am always game for a chat!
Bye and see you next week! Au revoir!
; 
