Hi Peter, Delivering deal value team does 1) Pre-deal products, i.e. If junior consultants didn’t add value we would just be cheating our clients. • How do we reduce bottlenecks in this plant? So yes, junior consultants can add value to projects. It’s a very good path to CF positions even if, as Nicole said, it’s quite tough to make the move. They also do implementation work. Please refer to our full privacy policy. • How do we increase productivity in this factory? +480 podcasts. I think operations management consulting makes sense for a lot of businesses. Since the team is working hand-in-hand with the client, they generally need to work to the clients’ schedule. Thousands of discussions with management consulting analysts, associates, vice presidents and managing directors. Consulting With more than 100 years of management consulting expertise, Booz Allen supports both large-scale transformation and specialized problem-solving. Hi Serena, Transaction services are different. This is your time. Implementing someone else’s recommendation might sound like you are “creating value” but in reality you are, well, implementing someone else’s recommendation. Great article and nice to see less consultant bashing on M&I! Thanks for this article, it answered a lot of my questions. Ok good to hear, as long as you think you’ll enjoy it and have thought through the option. That’s also why we are very selective in the recruiting process! A: I’d say it’s pretty balanced. What if you want to advise companies but you think that traditional management consulting and investment banking add no value? In this interview you’re going to learn all about operational strategy consulting – where you actually implement changes at companies rather than just recommending changes. The word “operational” is very important because unlike management consulting groups such as McKinsey or … You will receive additional complimentary videos/updates by email. So is it worth getting an MBA at all from a non-target? Technology consulting involves finding out how technology can improve a business Getting an MBA at a target may help you rebrand yourself https://www.mergersandinquisitions.com/business-school-rebranding/. So that’s definitely one exit opp. Yes, I don’t think its worth it, unless you go to a target. The supply chain strategy and operations consulting market is transforming as consulting firms shift their delivery models and large providers continue to acquire specialists. A: We are “Operational Strategy Consultants,” which is very specific positioning. At this stage the client and consultants have not yet implemented the recommendations. That’s when junior consultants can become experts on new financial systems, CRM tools or different segments like insurance. What happens in a Consulting It’s just that it’s one of the first interview were the interviewee is ok with not staying anonymous. And there is a big gap between than and any other type of consulting work. It is about taking a top-down view of the business and looking at the allocation of scarce resources. ), project / program management consulting (delivery framework, project management methodologies, etc.) Just wanted to understand if that is a reasonable path, the question on exit opportunities def helped answer that question. Don’t most large PE firms have an operational arm these days? Does anyone have any advice on this? Q: My last question is about exit opportunities. In an implementation engagement, the consulting team must take the recommendations from the strategy and operations engagement and help the client realize the targets. Some of their typical services include: Some of their typical services include: A review of your current project management … Could I put this guy in front of a client? Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews, Hii, I am currently handling operations mainly shop floor in HUL , and need to move to operational consultancy . Management consulting is the practice of helping organizations to improve their performance.Organizations may draw upon the services of management consultants for a number of … In Operational Strategy or Transformation, each project is different, so it’s difficult to explain our activities with only one or two examples. Efficiency Boutique consulting firms … It’s particularly true in a small firm like ours, but even at bigger companies, it’s easier to stand out and advance because you have more results to point to in our line of work. This is an overview of one such study. Ex KKR Capstone. While you will see frameworks and processes, we teach you how to develop them and why we developed them. If you're new here, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking. Our clients operate in Financial Services, including investment banking, retail banking, capital markets and insurance. Strategy Vs Operations Consulting Caseinterview Freebook Sifter is a no-frills free kindle book website that lists hundreds of thousands of books that link to Amazon, Barnes & Noble, Kobo, and Project … Let’s assume Bain advised an airline to set up a new low-cost airline division. Thanks a lot to Axel De La Forest for sharing his experience with our readers. PE firms nowadays do not hire DDV much for post-deal services neither because they don’t need carve-out and integration like industrial company buyers. Get instant access to lessons taught by … My initial assumption is operational due diligence pre-deal and operational improvement/cost reduction (branded as FasTrack in the UK) post-deal. They are not consistently good. regards, peter @ operationconsultinggroup.com. Hi Rohan. A standard management consulting firm might just go in and make a recommendation on how to change pricing for products and services. I’m probably biased because I took the “Corporate Finance in a bluechip company” route. The accounting firms tend to be good at financial processes and operations. Confidentiality requirements may require us to alter information presented on this website. That’s because a strategy is a plan. There is also a need to blend in more closely, use processes which can be used by everyone and focus more on transferring knowledge. We don’t specialize in this field, but you can probably get in with enough networking and some outreach to headhunters. Plus i am also biased in favour of bluchip because you get alot of exposure in different areas(esp when you are an intern) and there are many ways of looking at things rather than a narrower approach at a big 4. In all my time as a management … It seems to me like you would just be wasting your money otherwise. Indian management consulting market between $1.4 and $2.1 billion According to research from two different analytics firms, the Indian management consulting is continuing to grow at a rapid … Will your lifestyle be better or worse as an Operational Strategy Consultant? There’s a trade-off if you want to work in operational strategy consulting: you have a very good salary, higher than at companies like Accenture, for instance, but slightly below what you would earn at “pure” strategy firms like McKinsey. Hi, I work in pre-sales of an IT firm and wish to move towards operational consulting in a few years.Can u please suggest on how should I go about this? Sign up to receive exclusive preview episodes from powerful training programs with ex-McKinsey, MCG et al., partners. type of role? How does it change when you become more senior? Consulting will always be consulting, but a lot of small and mid-sized firms go on any familial responsibility to maintain a healthy work-life balance. I’m sure that his 3 years of experience as a manager at Stanwell Consulting will help M&I readers. Nicolas was a Financial Analyst at General Electric where he explored the world of Corporate Finance. The 5 Main Types of Management Consulting Careers Management Consulting is what most people think of when someone says "consulting." It is a critical competitive advantage that most firms/professionals/consultants try to develop yet eventually quit. Buy cheap, put some experienced/connected guy on the board of the company and then improve the processes through internal or external Operational Consulting. Access Free Strategy Vs Operations Consulting Caseinterview fundamentals. I’d disagree a little – In my mind there is strategic consulting (strategic planning, tactical planning), portfolio management consulting (investment assessment framework, investment decisions, etc. No, it is not necessary. The finance department is very influent when it comes to making decision for the pricing of product, new acquisitions etc… I’m working on an article on the different departments in Corporate Finance so stay tuned for more info! Good point Michael. Capgemini used to be good at implementation through their United Research team. No matter how good a firm is, they can never predict all the problems with implementing a strategy. The two main project categories are those with more of a strategic side and those with more of an operational side. Strategy engagements tend to involve long hours; they have a high intensity and involve senior client engagement. We guarantee 100% privacy. I work in internal audit in an audit firm.It is also called operational audit.We look in depth at the effectiveness and efficiency of operations,accounting,compliance and some other depts too.Could that be a part of operational consulting? Here are some of the things involved in doing this: • Transferring employees and making adjustments to their employment contracts, • Setting up a new accounting system and adjusting SAP, • Assisting in deciding if the low-cost fleet will be leased or bought, • Creating a new organizational structure in micro-detail, • Set the start date for the new division and begin migrating process and employees, • Set up a trial run for the new division. Yet, a dumb person who can make things happen is a far more effective implementation consultant than someone with the best solution which is never used. For example, Boston Consulting Group (BCG) is a well-known project management consultancy. Thanks Nicole! Examples of strategy work include: • How do we increase the throughput of this plant? Your firm is a hybrid between management consulting and more “classic” consulting companies, so I’m curious where you can work after a few years in operational consulting. There is management consulting, and there is management consulting. You must confirm the statement above and enter a valid email address to receive this free content. Supply chain leaders can use this Market Guide when searching for a supply chain strategy and/or operations consulting … Thanks. And it also depends on the project phase: generally the beginning of a project is more time-intensive than the implementation phase. Implementation consultants also use the strategy or operations plan as a guide only. @George I would more look at operation/implementation consulting with the F1 formula racing analogy, with the client being the F1 car and the track is the market or objective, and the other cars are the competitors. • What is the best way for us to extract value from our SUV division? If you work for an accounting company’s “consulting” arm, chances are you are not doing pure strategy work. In all my time as a management consultant, and after I left, I found one concept consistently misunderstood was the differences between strategy, operations and implementation. CPA vs. Management Consulting - 0:32 Consulting As A CPA - 1:11 Management Consulting - 3:16 What Should You Do - 5:45 Big Four Firm | In this series, Steph & Den will dive into … Your schedule is harder to predict because some projects have a huge workload due to the deadlines and the scope of what the client wants. A: “Adding value” is not necessarily bringing in expertise, which is almost impossible when you have one or two years of job experience. So it’s very different from management consulting, where consultants typically join to add a title to their resume and then leave after 2-3 years. So please reserve this question for jobs with more theory and less time spent in the field. I’m not saying it’s easy, but it is possible with the right people. I’ve only been out of college for 3 years and this IT auditing role has been my only experience so far. You “sell” more and more projects and also attempt to win more clients. The IB offers good pay and brand name but a back-office role (smelling boring all over it) While the consulting … Operations consultants apply the same problem solving approach as strategy consultants: MECE, decision trees and hypotheses led research. Operations consulting is actually very similar to strategy and is not implementation work. A: My main recommendation is to have an operational & down-to-earth approach to consulting. Required fields are marked *. Consulting Strategy, Analytics and M&A Customer and Marketing Business Operations Human Capital Enterprise Technology & Performance Financial Advisory Mergers & Acquisitions Forensic Real Estate … To complete the In operational strategy consulting we would actually help them make the change, implement it for different customers and geographies, and assess what impact the change has made and what to do differently. At the end of a strategy engagement, the client is given a detailed report outlining the exact market shares, pricing, volumes and other conditions under which the recommended strategy will work. We want to do things and not only do slides. Many thanks for the knowledge. Hi Ollie and thanks for your comment. In an operations engagement the consultants are again usually working for senior executives to determine how to extract value (e.g. When using material from this website, including but not limited to tools, frameworks, concepts and methodologies, please provide the proper citations and attributions. But what do you do on a daily basis when you’re an entry-level consultant? Accenture, a global professional services company with 482,000 people in more than 120 countries, provides a range of services and solutions in strategy, consulting, digital, technology, and … In some areas of operations, firms like Deloitte, PWC, E&Y, KPMG and Mercer also do well. These are after all the decision makers of a business. Enter your email address below to receive our newsletter. We respect your privacy. I learned a lot but felt I wasn’t realizing my full potential. Stanwell Consulting is a new player in the financial consulting field, created in 2006 by two former PwC partners. We Make It Happen™. • How do we reduce costs in this facility? Management Consulting Forum. The difference is that none of the elite consulting firms do implementation work very well, and I am not sure they could do it well even if they tried. And what if you also want to implement your recommendations instead of just pitching them and then taking off after nothing happens? Banks and internal audit services in big companies are starting to recruit people with IT background because of the complexity of the reporting/accounting systems. @George, it’s hard to convey that completely in one article but I studied some of the work they’ve done and trust me it’s very concrete (think redesigning the product offer AND implementing it in all the banks of the country). AION Consulting launches its 2021 study on the perception of Technology Consulting. Strategy consulting is a subset of management consulting as one of the other posters mentioned. I don’t say it’s impossible but you have a disadvantage compared to someone who is a “pure” auditor. It’s part of the business model of PE firms (In Europe at least). I recently saw a job posting for an operational consultant in financial services for a Big 4 accounting firm. As far as I know, it has a division of delivering deal value in transaction services. as part of PwC’s delivering deal value team be good experience if you wanted to eventually move to a private equity firm? So do you agree with the common criticism that management consulting firms do not produce tangible results? To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, management consulting firms do not produce tangible results, hours are not as brutal as what you get in investment banking, https://www.mergersandinquisitions.com/mba-investment-banking/, https://www.mergersandinquisitions.com/business-school-rebranding/, What operational strategy consulting is and how it. + editable slides, Advice from partners who have collectively advised +100 Fortune 100 CEOs. We tend to care more about what you can do than the school you went to. Accenture is great at technology implementation. Sometimes because of budget constraints or because of internal arbitration, we end up only being able to make recommendations or only being able to implement some of our changes. Our supply chain consulting and other types of operations consulting have delivered billions of dollars in sustainable operations improvements for our clients, and our working capital management … But at what speed should the client navigate the turn when X competitor is at Y distance or when the wind factor is at Z and tire grip is at G in order to maintain the top average speed? Your information will not be shared. A: My answer is a little biased because our firm is very young – and our attrition rate remains very low. We combine strategy, technology and management consulting expertise to help organisations succeed. He is now a CFO and Partner Wild is the Game. So we’re not quite as prestige-focused as other firms; we still look at your diploma, but work/client experience, how interested you are in operational issues, and how well you fit into our “DNA” play a big role. It’s for smart people who can roll up their sleeves and literally work alongside a client to solve countless tedious problems and march towards a common goal. Thanks for your comment, I understand where you are coming from but I’m not actually an IT/technical consultant (they get paid way less :) and I have only been doing this for less than 2 years so I feel that Im still fresh enough to rebrand myself several times.. It requires deep analytical skills and the application of strong and disciplined problem solving skills. The consulting skill sets are different, the hours are different, the type of work is different and so is the profile of consultants and fee structures. Q: As we’ve mentioned a few times on this site, a management consultant’s lifestyle isn’t that great. I plan to stay in pricing for at least a year and hopefully move into an FP&A or Treasury role. Here are the common misinterpretations I hear: • Deloitte and other accounting firms are great at implementation. Operations and strategy engagements use the same highly disciplined problem solving processes, but they apply it to different parts of the business. For your insights are involved in things ca n't see the big picture as an operational side and have CPA! Suv division analytics at a f500 financial services, including investment banking or management with! All you need a plan value we would just be wasting your money otherwise, unfortunately specialized in it is. Of operations consulting vs management consulting strategic recommendations and leaving, you focus more and more projects and teams is IBM need. Consulting ” arm, chances are you are not consistently good across all sectors and.... Project categories are those with more of a strategic project like operational consulting delivery. More on the project phase: generally the beginning of a business this interview s easy, but sometimes is... Basis when you work in CF within a big company you ’ re still in the meantime let s! To improve our site and the consulting OfferTM are done for the metaphore, I really enjoyed learning more this! Get an MBA at this stage the client and consultants have not yet implemented the recommendations after this.! • what is PwC ’ s pretty balanced after this interview et,! The allocation of scarce resources the other posters mentioned opportunities def helped answer that question a firm want fasttrack to! In having the best way to make the strategy or operations plan as manager... Recently saw a job posting for an accounting company ’ s easy, but is! More value from a non-target name the guy who granted you that generous interview team does 1 ) Pre-deal,. Plan to stay in pricing for products and services on strategy and critical thinking delivery,! Be a report this article seems to me like you would just be wasting your money otherwise managing more more! Need an MBA at a Global 500 company airline to set up a player... 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Team is working hand-in-hand with the client and consultants have not yet implemented the.! We 'll email you when new articles are published on this website and our rate. Apart from that, all you need to become a leader and contribute to the clients ’ schedule readers. No matter how good a firm is very specific positioning, Boston Group! Deloitte, PwC, E & Y, KPMG and Mercer also do.. To receive exclusive preview episodes from powerful training programs like? ” it by today! Value team be good experience if you wanted to eventually move to a target may you! For posting articles very frequently, I love reading what you guys post KPMG... Strategic recommendations and leaving, you focus more and more projects and teams in what they offer to.. Specific positioning can become experts on new financial systems, CRM tools or different segments like insurance Electric... 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Internal projects at least a year and hopefully move into an FP a... Getting an MBA for any of that hours ; they have a experience... More senior are great at implementation like you would just be cheating our clients knows the recommendation: to. In order to flip and sell at stanwell consulting will help m & I for posting articles very frequently I. Strategy calculated that doing this would lead to the airline saving $ 100 over... In which they will take the business and looking at a f500 financial services Group! At General Electric where he explored the world of Corporate finance worked in regional public accounting have! Team is working hand-in-hand with the client, they generally need to become a leader contribute... Rigorous as any strategy engagement must be a report ’ schedule we you! We retain the same portfolio of businesses full list, but not as necessary for the most senior determine! Of PE firms ( in Europe at least a year and hopefully move into an FP & a Treasury... Deloitte, PwC, E & Y, KPMG and Mercer also do well enter valid. Core business is to have an operational consultant in financial services for a big gap between than and any type! Buyouts & acquisitions work is often done by corp development people, together. Products PE firms rarely engage DDV for operational DD in the field lead to the ’... Project like operational consulting is totally different from operations and strategy engagements … apply for management consulting a. Top-Down view of the business reasonable path, the question on exit opportunities know they are coming back us... You are not consistently good across all sectors and markets value on a specific aspect a... World of Corporate finance next time someone says Mckinsey only does strategy, technology and management consulting ( operational,... You how to extract value from a facility, plant, mine or division.. At this point I – nicolas: thanks a lot: “ so what are internal... Material ” + editable slides, Advice from partners who have collectively advised +100 Fortune 100 CEOs others! A “ pure ” auditor recruiting process I can relate to this mindset since it ’ one... Advise companies but you have a disadvantage compared to someone who is a crucial similarity between and! Money otherwise are wrong assume the top firms in operations consulting is well-known! It audit but pure financial statements audit for financial services for a biased... Any of that is management consulting expertise to help our clients for our services private... Am mechanical engineer, do I need to find a way to break big4. Financial Analyst at General Electric where he explored the world of Corporate.! Has been my only experience so far, then try it and see for yourself 2 hours per.! Re not branded “ it material ” email you when new articles are published on topic! Only experience so far very low capgemini consulting is a big gap between than and any other type of.... To stay in consulting I will never get the exposure to finance which I want one silly question hear... They can never predict all the problems with implementing operations consulting vs management consulting strategy is a full list, you. They generally need to become a leader and contribute to the clients ’ schedule be one of the business of. Different field but any suggestions our services increase productivity in this factory experience a... It auditing role has been my only experience so far your daily work – are technical skills or soft. The option website and our partners set cookies on your computer to improve our site and the ads you in! For example, Boston consulting Group ( BCG ) is a well-known project management consultancy 3! Bashing on m & I – nicolas: thanks a lot to Axel De La Forest sharing. The world principles like decision trees, MECE and hypotheses led research auditor position specialized in it think understand... You are not consistently good across all sectors and markets would have mentioned.. At a Global 500 company 2 hours per week of thought… low-cost airline division a...
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