James Ransome’s Post

Why the Future of Consulting is Shifting 🔄 As traditional consulting firms continue to excel in many areas, Malt is rapidly gaining importance by offering a new, more flexible model for businesses. Unlike conventional firms, Malt connects companies directly with independent consultants who bring specialized expertise, agility, and innovation to the table. This on-demand approach not only provides businesses with access to top-tier talent but also allows for more tailored solutions and faster turnaround times. In a world where digital transformation, sustainability, and remote work are becoming the norm, Malt’s decentralized, network-based model offers a scalable and cost-effective way for companies to adapt and thrive. By leveraging niche expertise and a flexible workforce, businesses can achieve more agile transformations that meet their specific needs. The rise of Malt underscores a significant shift in the consulting landscape – one where independence, flexibility, and specialization are becoming as important as reputation and scale.

❗ Spotlight: Forbes 2024 World’s Best Management Consulting Firms Forbes has released its annual list of the World’s Best Management Consulting Firms for 2024, highlighting those at the forefront of helping companies navigate complex challenges. The ranking, developed in collaboration with Statista, is based on surveys of 8,500 consultants and clients across 29 countries, focusing on 13 industries and 14 functional areas. Key Highlights: 🔹 Accenture leads the list this year, with 26 five-star ratings and one four-star rating, excelling in digital transformation and AI integration. Muqsit Ashraf, from Accenture Strategy, emphasizes the importance of building a digital core and embedding responsible AI principles to stay ahead. 🔹 McKinsey & Company follows closely, with 24 five-star ratings and three four-star ratings, maintaining a strong reputation in strategy consulting. 🔹 Boston Consulting Group (BCG), ranked among the top for the third consecutive year, emphasizes working collaboratively with clients to drive large-scale change, particularly in post-pandemic business transformations. As Alicia Pittman from BCG mentions, companies emerging from challenging times are seeking transformative change, and the right consulting partners are key to accelerating success. 🔹 Deloitte continues to perform well, earning 25 five-star ratings and two four-star ratings, showcasing expertise across various sectors and functions. 🔹 Other top-performing firms include Bain & Company, KPMG, PwC, and EY, all earning recognition across all 27 evaluated categories. 🔹 The list includes a total of 224 management consulting firms and nine consulting networks. These networks, such as Malt, are gaining prominence by connecting companies with independent consultants who offer specialized expertise. 🔹 A significant trend highlighted is the consulting industry’s shift towards sustainability and reducing carbon footprints, with many firms adopting remote and hybrid work models. For businesses seeking to innovate and transform, these consulting firms and networks are invaluable resources.

223 management consulting firms and nine consulting networks made Forbes' third annual "World’s Best Management Consulting Firms 2024" list, created in partnership with market research firm Statista, from a survey of 8,500 consulting firms and networks. This year, Accenture led that pack—bumping McKinsey & Company from the head of the list—with Accenture receiving 26 5-star ratings and one 4-star rating, while McKinsey received 24 5-star ratings and three 4-star ratings. For the second year in a row, Deloitte earned 25 5-star ratings and two 4-star ratings. The other five firms that received stars in all 27 categories (specifically, 4- and 5-star ratings) were Boston Consulting Group (BCG), Bain & Company, KPMG, PricewaterhouseCoopers (PwC) and EY. Businesses have been turning to management consultants for help increasingly over the last several years, with the global consulting industry’s market size—valued at $343.47 billion in 2022—expected to grow at a 7.56% compounded annual rate to reach $494.57 billion by 2027, according to research platform GlobalData Intelligence Center. One of the top priorities for clients across every industry this year, says Muqsit Ashraf, group chief executive of Accenture Strategy, is to reinvent their organization’s generative AI, “impacting everyone from the C-suite to frontline workers.” #managementconsulting #consulting #forbes

Why choose a boutique consulting firm over one of the large-scale consultancies? Consulting firms gain some and lose some as they grow. While specialist firms focus in one area, as they get bigger, their culture becomes a factor in how they engage their clients. The author makes the distinction between boutique and big with specialization versus scale. This can be true as a generalization but having worked with big consulting firms as a boutique practice, there are exceptions to this. Big firms can scale but only to a point before the expertise gets diluted by inexperienced consultants or people pulled from other practice areas. It is difficult to find people in a large firm who understand business outside their practice area. Boutique operations can scale with a well-developed network or consortium of like-minded firms. Smaller firms may specialize in a capability that can be applied across all industries, such as strategy, change management, process improvement, etc. An advantage boutique firms have is they know how to effectively work through client teams instead of around them en masse. Big firms’ engagement models do not fit every scenario but due to large overhead are tempted to try. Look for those who know their limitations. Sometimes the price goes to the prestige. Be wary of brand names selling their trademark solution. Does their proposal seem oversimplified or generic. Also, note if their proposal includes all affected areas of the business. Have you considered a boutique firm for your initiatives? #consulting #resultsmatter #culture https://lnkd.in/dBZ3i-bM

Here is the list of the top 50 consulting firms in the 2024 ranking of the World’s Best Management Consulting Firms: 1. Accenture 2. McKinsey & Company 3. Deloitte 4. Boston Consulting Group (BCG) 5. Bain & Company 6. KPMG 7. PwC 8. EY 9. Oliver Wyman 10. Capgemini 11. Roland Berger 12. L.E.K. Consulting 13. Strategy& (part of PwC) 14. AlixPartners 15. Booz Allen Hamilton 16. Mercer 17. Protiviti 18. Gartner 19. Kearney 20. WTW 21. PA Consulting 22. FTI Consulting 23. Arthur D. Little 24. BearingPoint 25. Cognizant 26. Grant Thornton Bharat LLP 27. Infosys 28. Navigant 29. OC&C Strategy Consultants 30. ZS 31. West Monroe Partners 32. Ramboll 33. Mott MacDonald 34. Wipro 35. Tata Consultancy Services (TCS) 36. Frost & Sullivan 37. Capco 38. Bainbridge 39. Synpulse 40. Ankura 41. Milliman 42. Pöyry 43. Cambridge Consultants 44. Baringa Partners 45. Novantas 46. Simon-Kucher & Partners 47. Baker Tilly 48. NERA Economic Consulting 49. The Bridgespan Group 50. Avanade These rankings reflect firms’ excellence and reputation in the management consulting industry, based on extensive surveys and feedback from clients and industry professionals globally. Each of these firms is recognized for its expertise in various industries and consulting domains.

The impact on how technology has evolved from an enabler to a key pillar shaping corporate #strategy is evident when you see Accenture taking the top place on list of Management Consulting firms by Forbes - #technology #genai #digital #digitaltransfirmation

What exactly do clients expect when they engage with management consulting firms?  Let’s delve into the key expectations clients typically have: 1. Expertise and Industry Knowledge: Clients expect consulting firms to bring deep expertise and specialized knowledge to the table. Whether it’s strategy development, operational efficiency, digital transformation, or market entry strategies, clients rely on consultants to possess a thorough understanding of their industry nuances and best practices. This knowledge helps in crafting tailored solutions that address specific challenges faced by the client... Read More:

Meet The World's Best Management Consulting Firm 2024 by Forbes. "Eight firms on our list earned stars in all 27 categories, and they were the same top performers as last year. But this year, Accenture led that pack—bumping McKinsey & Company from the head of the list—with Accenture receiving 26 5-star ratings and one 4-star rating, while McKinsey received 24 5-star ratings and three 4-star ratings. For the second year in a row, Deloitte earned 25 5-star ratings and two 4-star ratings. The other five firms that received stars in all 27 categories (specifically, 4- and 5-star ratings) were Boston Consulting Group (BCG), Bain & Company, KPMG, PricewaterhouseCoopers (PwC) and EY." #consulting

With the consulting industry's global revenue reaching an impressive $1 trillion this year, executives face a daunting task in selecting the right firm. The lack of guaranteed results makes this decision feel like a gamble. To address this challenge, Forbes, in collaboration with Statista, is curating its annual list of the World's Best Management Consulting Firms. This list, based on extensive surveys across 29 countries, offers a star rating system to highlight the most recommended firms. By providing insights into firms' specialties and reputation, this initiative aims to guide executives towards more informed and confident choices in their consulting partnerships. https://lnkd.in/gB7B2Xna #ManagementConsulting #ConsultingIndustry #BusinessConsulting #ConsultingFirms #IndustryInsights #Forbes #Statista #BestConsultingFirms #ExecutiveDecisionMaking

Try a New Way to Source Strategy Consulting Services After experimenting with alternative consulting business models with StratOffice, I'm certain strategy consulting is no longer about mere expertise and time spent; it’s evolving towards a model of wisdom and efficiency. The internet democratized knowledge, and now AI is democratizing insights. Alternative Consulting Service Providers (ACSPs) will emerge as powerful alternatives to legacy consulting firms, offering flexibility, cost-effectiveness, and high-quality insights without hefty price tags. This transition will be gradual as service providers and clients adjust and adapt to new models of consulting value delivery. Here is an illustration of how this might work: Traditional Approach: The client decides to hire a big consulting firm for a 12-week engagement. In the traditional model, the consulting firm deploys two partners (partially), a manager, and two consultants. All will be billed based on their allocation to the project and their charge rates. In this model, assume ~70% of the effort is spent doing research, synthesizing insights, and creating decks, and the remaining 30% is spent aligning client leadership. Forward-Looking Approach: The client decides to unbundle the work into two parts. The first 70% is given to an ACSP and the remaining 30% to a big consulting firm. Now, the large chunk of work is delivered in a fundamentally different manner. The ACSP uses a lean team of smart and seasoned consultants who leverage technology to deliver high-quality work at a different price point. The output from the ACSP is taken by the client, internalized, refined, and then presented as the starting point for the big consulting firm. The big consulting firm can then make further refinements and run workshops to drive leadership alignment. Advantage for the Client: Instead of paying the big consulting firm top dollars for end-to-end work over 12 weeks, they save costs while still benefiting from the value the big consulting firm adds in driving alignment and aiding in decision-making. Opportunity for the Big Consulting Firm: Forward-thinking consulting firms could take the services of these ACSPs to drive competitive advantage and focus on managing senior client relationships. The future of consulting is changing... Adapt, innovate, or be left behind.