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Consulting Practice

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Published in: HR/Personnel
1,243 Views

This is a ppt to introduce MBA students to a career in management consulting: what it entails, competencies needed, opportunities, earnings and other benefits from a career in consulting

Kooveli M / Bangalore

6 years of teaching experience

Qualification: B.E. (NITK) fellow IIM Bangalore

Teaches: SAP Training, Business Mathematics, Business Organisation, Business Studies, Statistics, Corporate Communication, Effective Communication, Public Speaking, Spoken English, BBA Subjects, Management Subjects

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  1. 9/24/2017 Consultinq Practice consulting practice 1
  2. Who is a consultant ? A consultant is one who will borrow your watch to tell the time and walk away with the watch 9/24/2017 consulting practice 2
  3. Consulting as a profession(1/2) Very demanding Challenging Exciting Learning opportunity Respected No retirement 9/24/2017 consulting practice
  4. Consulting as a profession(2/2) Highly remunerative depending performance Opportunities to travel at client's cost Independent No entry / exit barriers Limited capital needed to start on 9/24/2017 consulting practice
  5. What is (professional) Consulting? (1/5 ) Problem solving Objective oriented Big business - not charity Not Armchair advice 9/24/2017 consulting practice 5
  6. What is (professional) Consulting? (2/5 ) An opportunity during sunny and rainy days of the client: — to improve from where he is to fully exploit latent opportunities — to help come out of the problem situation during the bad times — to avert an impending decline To existing problems uncover overshadowed by larger success 9/24/2017 consulting practice
  7. What is (professional) Consulting? (3/5 ) Consultant can create an opportunity through informal interaction and bring to surface the latent opportunity May involve data collection / analysis, analysis of existing data and interpretation for management action, simply giving additional dimensions of interpretation and improved solution / strategy 9/24/2017 consulting practice
  8. What is (professional) Consulting? (4/5) Results (value) not be measured in terms of no. of recommendations...., but the One value in terms of benefit recommendation implemented can result in a domino effect and create necessary value, than a long list of recos. 9/24/2017 consulting practice
  9. What is (professional) Consulting? (5/5) Commitment of client to implement recommedations as a package and not conveniently pick and choose, which will not result in any benefit or proportional benefit, as these are governed by Of indivisibility. 9/24/2017 consulting practice
  10. Areas of consulting service Legal Medical Financial Security IT and Management Engineering 9/24/2017 consulting practice 10
  11. Areas of Service under Management Consultancy(l /3) Impact Evaluation Sector strategy, analysis and appraisal studies. Organisation structuring Diagnostic studies Market studies 9/24/2017 consulting practice 11
  12. Areas of Service under Management Consultancy(2/3) Business Process Reengineering Performance Evaluation & Improvement Management Information Systems Corporate and Strategic Planning Financial planning 9/24/2017 consulting practice 12
  13. Areas of Service under Management Consultancy(3/3) Investment feasibility analysis and advisory services Assistance in Bid Evaluation and Negotiations Socioeconomic surveys Other tailor made assistances to meet specific client requirements. 9/24/2017 consulting practice 13
  14. Client /market segments / categories(1/2) Professionalised business organizations (corporate sector — limited companies) SME (Small and Medium Enterprises) Family owned organizations on their transition to widely held / professional management Proprietary entities 9/24/2017 consulting practice 14
  15. Client /market segments / categories(2/2) Government Departments Regulatory / nfrastructure service agencies Funding agencies (DA, IFI, MFA, BFA, I DAs, NGOs Industry associations 9/24/200verseas investors practice 15
  16. Mode of engagement(1/2) Fixed price Time and Material (Manday / Manhour and rate based) Fixed + 9/24/2017 consulting practice 16
  17. Mode of engagement(2/2) Basic fee + Benefit sharing pure success fee Professional fee and facilities provided by client 9/24/2017 consulting practice
  18. Why do clients come to a consultant? Sooth Sayer Internal Acceptability of third party findings ( No axe to grind) Outsourcing services of one time requirement 9/24/2017 consulting practice 18
  19. Why do clients come to a consultant? Avoid full time employment to meet sporadic needs Benefit from wide experience of professional consultants in multifarious organizations / situations Benefit from focused approach, focus on trends, updating of external consultants 9/24/2017 consulting practice 19
  20. Why do clients come to a consultant? Able to foresee outcome and avoid mistakes Access to current trends, data, practices and considered to be trend setters Time bound quick results from reuse of accumulated knowledge Provide Value of Association with 9/24/20 bredible brandé0bf&HSuItants 20
  21. Why do clients come to a consultant? (4/4) Can be held accountable Lend credibility to Action: Retrenchment, Closure, Lend shoulder one's to carry Management's policies and legitimize it Need a third party assessment demanded by lenders 9/24/2017 consulting practice 21
  22. Who are the clients(1/2) Government Departments Government agencies PSUs Private sector companies International / Bilateral Funding Agencies 9/24/2017 consulting practice 22
  23. Who are the clients(2/2) Domestic Lending agencies BIFR Prospective investors Overseas investors Venture Capitalists 9/24/2017 consulting practice 23
  24. What does a consultant (Management) Private / Business sector: 9/24/2017 Advise Managements (Clients): Investments, Business and Organisational Strategies, Performance Improvement, Markets, Change management, Mergers, Regulatory Compliances,. consulting practice 24
  25. What does a consultant (Management) Objective aiding assessment management decisions: Financial analysis, Investment feasibility, Market / Competition analysis, Emerging opportunities, Threats,... Business Process Re-engineering 9/24/2017 and Computerisation consulting practice 25
  26. What does a consultant (Management) Certification of competence / compliance: CMM, ISO, SOX compliance,... Meet a statutory (lender's) requirement: Performance evaluation, Identification of JV / Business collaboration Partners for Overseas investors and vice versa 9/24/2017 consulting practice 26
  27. What does a consultant (Management) Due diligence studies for collaboration Corporate and long range Planning Information systems Change management 9/24/2017 consulting practice 27
  28. What does a consultant (Management) Government sector: Situation assessment (sector studies for IFls) Infrastructure (physical and social) 9/24/2017 Privatisation Government Process Re- engineering and Computerisation (Technology induction) consulting practice 28
  29. What does a consultant (Management) Infrastructure Development (Transportation, Power,.) Regional Planning Socio Economic studies Impact Assessment Performance Evaluation 9/24/2017 consulting practice 29
  30. What does a consultant (Management) Organisation diagnostic studies and 9/24/2017 restructuring Feasibilities for investment consulting practice 30
  31. Drivers to engage a consultant(1/4) Growth (existing practices will not meet needs in the growth scenario) Environmental changes affecting business (IT, regulatory, new products,.. and hence need to gear up to tackle the demands) 9/24/2017 consulting practice 31
  32. Drivers to engage a consultant(2/4) Tap Emerging Opportunities Problems in existing business / Threats Ownership changes and hence changes in strategies / focus areas 9/24/2017 consulting practice 32
  33. Drivers to engage a consultant(3/4) Ratify (Revisit) management decisions based on hunch / experience, through objective analysis: Plans, strategies, Problem identification,... Lend professionalism to decisions based analysis, and professional on presentation external to meet requirements: Restructuring, Feasibility, Revival, 9/24/20 7 consulting practice 33
  34. Drivers to engage a consultant(4/4) Opportunities arising out of changes in (economic) policies Management realization that old ways are not good enough Demonstration effect from competition 9/24/2017 consulting practice 34
  35. How does one identify opportunities(l /3) Advertisement in media (WB / other journals, newspapers, internet,.... ) Limited directed enquiries by prospects Word of mouth information on opportunity Relationship with Fin Institutions / BFIR 9/24/2017 consulting practice 35
  36. How does one identify opportunities(2/3) Registration with agencies (WB, ADB, Banks, FIS, International agencies, Industry Associations, Referrals, past / current clients Cold calls / Presentations Industry associations 9/24/2017 consulting practice 36
  37. How does one identify opportunities(3/3) RFPs issued by prospect 9/24/2017 consulting practice 37
  38. Stages of Consulting Practice(1/4) Enquiry by client (prospect) Response by consultant through PQ submission Prequalification to bid by client Shortlisting of consultants by client for issue of RFPs 9/24/2017 consulting practice 38
  39. Stages of Consulting Practice(2/4) Financial bid opening Financial bid evaluation Evaluated price (leveling playing ground) Identification of preferred bidder Negotiation Scope Terms Of Reference 9/24/2017 consulting practice 39
  40. Stages of Consulting Practice(3/4) - Timelines — Deliverables (no. of copies of reports, mode of delivery,..) — Mutual responsibilities — Payment terms (Milestones) — Acceptance criteria / period — Penalties for delay 9/24/2017 c nsulting practice 40
  41. Stages of Consulting Practice(4/4) —Performance / Quality parameters / acceptance criteria — Facilities from client (office space, personnel, data collection, transport, accommodation, telephone, PCs, Data, Interpretation, Secretarial, 9/24/2017 consulting practice sw, 41
  42. Selection criteria (Technical and Financial evaluation)(1/4) Technical: Understanding of the service expected Certifications of to be Personnel assigned for the job Quality of proposal (statement of objectives, adherence to ToR, comments on ToR, Clarity of scope definition, Approach & Methodology, Work Plan, Language and Presentation,... ) 9/24/2017 consulting practice 42
  43. Selection criteria (Technical and Financial evaluation)(2/4) Credentials of consultant References from past clients Similarity Of experience Consultant Personnel CVs Warranty for performance Risk sharing 9/24/2017 consulting practice 43
  44. Selection criteria (Technical and Financial evaluation)(3/4) Time for completion Methodology (client inclusive or otherwise) Analysis techniques Training the client's personnel Accountabilitynf0f xesults 44
  45. Selection criteria (Technical and Financial evaluation)(4/4) Financial: Consultant professional fee (manday rate / total / lumpsum) Taxes Expenses (B&L, Travel, client provided Payment terms (payment milestones) Penalties 9/24/2017 Liabilities consulting practice 45
  46. Proposal content(1/5) Consultant background Capabilities Resources Experience Financial performance Problem understanding 9/24/2017 consulting practice 46
  47. Proposal content(2/5) Objective of the engagement Scope of work Approach to solution Methodology Output Expected Outcome 9/24/20 consu ting practice 47
  48. Proposal content(3/5) Deliverables Project Management / Organisation Client /consultant responsibilities Personnel allocation CVs Boles / 9/24/20 7 consu ing prac Ice 48
  49. Proposal content(4/5) Duration of engagement of each member Problem resolution Communication Escalation Co-ordination mechanism Client team Client resources / services / facilities 9/24/2017 consulting practice 49
  50. Proposal content(5/5) Risk mitigation mechanisms Proposal Editing Review Approval 9/24/2017 consulting practice 50
  51. Outputs / Deliverables Advise / reports / presentations / seminars /software - Intangible in nature Physical dispatch of hard copies Electronic submission Physical and electronic submission 9/24/2017 consulting practice 51
  52. Pricing of the offer and Cost elements (1/4) Consultant hourly fees agreed Data access costs Software costs Travel Cost of report making 9/24/2017 consulting practice 52
  53. Pricing of the offer and Cost elements (2/4) Secretarial services Entertainment Third party consultant fees Cost of delay (maintaining infra. and incidentals) Cost of delayed payments (Time value of money) 9/24/2017 consulting practice 53
  54. Pricing of the offer and Cost elements Computing infrastructure costs (HW, SW, Network) Cost of rework Communication costs Marketing costs (cost of marketing not resulted in paid assignments) 9/24/2017 consulting practice 54
  55. Pricing of the offer and Cost elements (4/4) Cost of proposal making, follow up Bad debts / receivables Multiple currencies — ex. Rate variations Reimbursable expenses Dispute resolution Taxes [levies 9/24/2017 consulting practice 55
  56. Transparency of quote(1/3) Professional fee components (basic salary, social overheads, organizational overheads, profits for each professional to be engaged) Supporting audited documents No. of mandays of each professional proposed 9/24/2017 consulting practice 56
  57. Transparency of quote(2/3) Break up of estimated expenses (Travel / to locations, no. of trips, unit cost, no. of days of outstation stay, per diem, total expenses on this, cost of items such as No. of PCs, SW if needed, data cost, report making, of reports, no. communication, secretarial / other services 9/24/20 consulting practice 57
  58. Transparency of quote(3/3) Named professional not to be changed Approval prior to incurring additional expenses Documentation on evidence of expenses incurred for reimbursibles 9/24/2017 consulting practice 58
  59. Proposal Submission(1/2) Physical / Hard copies (single /multiple signed / unsigned Electronic submission Physical and electronic submission Delivery before closing time 9/24/2017 consulting practice 59
  60. Proposal Submission(2/2) Acknowledgement for delivery Bid opening Gather Competition information 9/24/2017 Proposal quality price Other market Intelligence consulting pra ce 60
  61. Capabilities / Attributes expected of consultant (1/6) Domain knowledge Currency of knowledge / expertise Relevant experience Understanding of stated, unstated, latent and hidden needs 9/24/2017 consulting practice 61
  62. Capabilities / Attributes expected of consultant (2/6) Technical skills (techniques / tools for analysis) Listening Presentation Convincing Building confidence / comfort of the client 9/24/2017 consulting practice 62
  63. Capabilities / Attributes expected of consultant (3/6) Conflict management / proactiveness Handling negative feedback and containing scope creep / additional work without being paid for Negotiation Political management Sensitivity to client orgn. Issues / context Writing skills 9/24/2017 consulting practice 63
  64. Capabilities / Attributes expected of consultant (4/6) Articulation Holistic understanding of client's business / organizational issues Access to and Identification of experts Networking with third party experts on a project basis Team work / Collaboration 9/24/2017 consulting practice 64
  65. Capabilities / Attributes expected of consultant (5/6) Reuse of assets created (data, reports, references, methodologies, experience,. ) Access to global data / currency of data Team management Cost estimation Soft skills 9/24/2017 consulting practice 65
  66. Capabilities / Attributes expected of consultant (6/6) Project management Empathy Leadership to take responsibility handle difficult situations Crisis management 9/24/2017 consulting practice and 66
  67. What a consultant should not be(1/2) Biased Be a party to internal organizational politics Say what is nice to hear for the client Allow to be used as an agent by vested groups / individuals 9/24/2017 consulting practice 67
  68. What a consultant should not be(2/2) Fearful Violate code of conduct of confidentiality of information shared Protect right to privacy of those to speak Violate code of professional conduct 9/24/2017 consulting practice 68
  69. Project Implementation Strategy / mode (1/2) Complete range of services by single consultant entity Consortium approach with partners for each area of specialization / service Consortium through Networking through virtual offices (SOHO teams) 9/24/2017 consulting practice 69
  70. Project Implementation Strategy / mode (2/2) Collaboration between client and consultant to handle specific services / components Client / consultant joint team : Consultant being technical specialist and client team being domain /organization specialists 9/24/2017 consulting practice 70
  71. What it calls to handle an assignment (1/3) Clarity in understanding of client's problems Articulating problem and client's presenting the understanding Able to distinguish Need and Want Need is rational, want is emotional 9/24/2017 consulting practice 71
  72. What it calls to handle an assignment (2/3) Maturity and being perceived to be so by the client Being able to relate similar problem and solution situations Being able to refer to success stories in similar contexts Ability to bring in experience from similar situations for other clients, geographies 9/24/2017 consulting practice 72
  73. What it calls to handle an assignment (3/3) Ability to build in confidence in the workability of the solution Ability to defend path breaking solutions Guaranteed tangible results 9/24/2017 consulting practice 73
  74. Success measures(1/2) Timely completion Acceptance of recommendations Implementation of recommendations Repeat assignment Good References / Being referred 9/24/2017 consulting practice 74
  75. Success measures(2/2) Letters of Appreciation Receipt of payments due Top of mind recall for next opportunity Sharing advance information on potential opportunities to participate Being considered for single tender / no tender orders 9/24/2017 consulting practice 75
  76. Issue /Dispute resolution mechanisms Client consultant project review team to analyse and assess the points of differences Arriving at mutually agreeable solutions (technical and commercial) Arbitration Legal proceedings (local international court of justice) 9/24/2017 consulting practice courts/ 76
  77. Causes of disputes (1/3) Lack of clarity of Scope, TOR, Deliverables, Timelines, Costs, Mutual responsibilities, expectations, benefits, project monitoring Lack of uniform understanding of above Inadequate / poor communication between client and consultant 9/24/2017 consulting practice 77
  78. Causes of disputes (2/3) Lack of clarity of roles Change in Client / Project team Leader Unforeseen circumstances (lack of availability / access to certain key inputs) Assumptions not stated clearly / turning out to be unrealistic Personality clashes 9/24/2017 consulting practice 78
  79. Causes of disputes (3/3) Hidden agenda of client / consultant in awarding / taking the job Conflict of interests Corporate governance / ethical issues Increase in costs Project delays and attendant disruptions to project (delays, costs, availability,.. • ) 9/24/2017 consulting practice 79
  80. A successful engagement calls for (1/6) Openness of client to see and recognize the dirt under the carpet when pulled out by consultant Client not to get defensive Client not try to obfuscate issues Client recognizing that advice money 9/24/2017 consulting practice costs 80
  81. A successful engagement calls for (2/6 ) Client reposing trust in the consultant and not be manipulative with data Client recognizing that consulting outputs are intangible and value cannot be measured immediately, and governed by laws of indivisibility 9/24/2017 consulting practice are 81
  82. A successful engagement calls for (3/6) Client primarily recognizes the value of external advice Qualifying the client and the engagement Has the client the authority to engage, implement, ... Is the client willing to? 9/24/2017 consulting practice 82
  83. A successful engagement calls for (4/6) Consultant being able to holistically understand the problem beyond the stated version of the client Consultant being able to see through and understand all dependencies relationships as relevant to the problem Consultant being able to come up with viable workable alternatives in the client's context, to improve the problem situation 9/24/20 consulting practice 83
  84. A successful engagement calls for (5/6) Client and consultant recognizing their mutual roles Expectations from the engagement set right Consultant being able to stand the test of scrutiny, in every interaction 9/24/2017 consulting practice 84
  85. A successful engagement calls for (6/6) Confidentiality of client / consultant shared information Mutual respect for Intellectual Property Rights 9/24/2017 consulting practice 85
  86. Elements of consulting practice (1/8) Identifying an opportunity and a client Engaging with the client and converting the opportunity into business 9/24/2017 consulting practice 86
  87. Elements of consulting practice (2/8) Project execution Agreement on scope of work, expectations, mutual responsibilities, timelines, exclusions, remuneration, operational deliverables, measure Of modalities, success / acceptance / task completion, risks Team formation (client and consultant) 9/24/2017 consulting practice 87
  88. Elements of consulting practice (3/8) — Infrastructure in place — Identification of team roles — Familiarisation — Engagement Kick off — Data (nature, source, verification and validity, responsibility to provide, form in which to be available, schedule of availability, 9/24/2017 consulting practice 88
  89. Elements of consulting practice (4/8) — Data — quantitative — from published sources internal / external, from internal records available in paper / electronic form in needed format, to be collected through measurement by client / client — consultant collaboratively, method of collection and verification, vetting, 9/24/2017 consulting practice 89
  90. Elements of consulting practice (5/8) - Data qualitative obtained through discussions, observations (participant / non participant), questionnaire, survey, — Data analysis — Sharing of findings with client, filling gaps and vetting the same 9/24/2017 consulting practice 90
  91. Elements of consulting practice (6/8) — Client acceptability of findings — Formulating recommendations consultant and sharing with collaboratively with client, consensus.. — Implementation plan and schedules 9/24/2017 consulting practice by client, 91
  92. Elements of consulting practice (7/8) — Prerequisites for implementation — Complementarities — Acceptance of impact of implementations — Submission of deliverables — Formal closure — Project management and periodic reporting 9/24/2017 consulting practice 92
  93. Elements of consulting practice (8/8) — Frequent review and corrective steps — Mid course Issue resolution — Rescoping / rescheduling with mutual consent — Termination (if needed) — Invoicing and payments for services — Return of material taken 9/24/2017 consulting practice 93
  94. Data Analysis (1/2) Use of formal tools/ techniques Use of computerized packages 9/24/2017 (SSPS,...) Statistical data analysis consulting practice 94
  95. Data Analysis (2/2) Use of Analytics packages Data warehousing and data mining Surfacing hidden relationships and insight Surfacing underlying causal factors 9/24/2017 consulting practice 95

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