Five ideas to fix strategy consulting
A recent article in the Economist about how a bunch of firms are trying to upend the legal services business got me thinking about strategy consulting. The global consulting industry (>$300B market size) has been operating in pretty much the same way for the last 100 years. Clients come up with a problem (e.g. Ways to improve market share in a country). They research consulting companies, issue a RFP etc. to choose the company to help them.
This normal way is slow (it typically takes about 4-8 weeks to choose a partner), it’s inefficient (it doesn’t do a good job of matching available talent or matching pricing with demand/supply) and it fails to tap into a wider set of people for decisions (just having a bunch of Harvard MBAs is impressive, but today’s decisions require a broader set of perspectives). Although one can look at this from a consulting firms’ perspective, I thought it would be more useful to look at it from a buyer’s perspective (I used the framework outlined in Blue Ocean Strategy – a good read)
What do you think? How would you change the normal ways of working?