Management Consulting 2.0
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Management Consulting 2.0 How Web 2.0 is Changing Management Consulting To Create Game-Changing Strategies
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21-Sep-2014 -
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Web 2.0 and Internet transparency has changed the management consulting process. Before data was freely available online, consultants would perform the competitive analysis, benchmarking and strategy recommendations. Now, consultants can develop strategies more efficiently by leveraging Web 2.0's instant feedback mechanism, and work more collaboratively with their clients to speed execution.
Transcript of Management Consulting 2.0
Management Consulting 2.0
How Web 2.0 is Changing Management Consulting
To Create Game-Changing Strategies
Traditional Management Consultants
Work with Fortune 500 Clients
Top 10 Management
Consulting Firms in 2008 by Vault.com
The Management Consultant EthosHigh Priced
Revenues:$308,000 per
Employee
Ranked #69 in Forbes’ 2007 Largest Private
Companies
The Management Consultant Ethos
“Ivory Tower”
Research and Recommend
The Definitive MBA Profession
20% of MBA Graduates Want to Work at Consulting Firms
Harvard Business School
Strategic Issues Consultants Tackle
Diverse Experience is Prized in Consultants
GlobalizationIT SolutionsOperationsM&A IntegrationOrganizational StructureSales & MarketingCorporate FinanceSarbanes Oxley Compliance
Note: Traditional Consulting Focuses on
Corporate-wide Solutions to Maximize
Revenue
But Chess Pieces are So Cliché
Management Consultants are Used to Defining Themselves
as Kings of Strategy
Problems with Consulting Today
“Ivory Tower” Approach is Inefficient
The Internet has Opened up
Research that was once the
Domain of Consulting Firms
Knowledge Redundancy
Consultant Teams are Sent On-Site to Learn and Analyze the Business
Learning Curve Costs
Consulting Still not in Real Time
“Research and Recommend” is not Interactive
“We spent four months developing this solution
for your company”
Web 2.0 Changes ConsultingThe Internet
Creates a Real Time Consulting
ParadigmHere are the Four New Rules of Consulting 2.0
1. Leverage Existing KnowledgeThe Internet Facilitates Business Intelligence Consulting 1.0 Produced
Polished 200-page Reports to Justify Fees
Pre-Internet, Consultants were Charged with
Intelligence Discovery
1. Leverage Existing KnowledgeConsulting 2.0 does not Regurgitate Intelligence Found on the Internet
Consultants Should Add Value to Management Domain Knowledge
Don’t Reinvent the Wheel
How Consultants Add Value to IntelligenceLeverage the Social Media
Seek Feedback on New Product Development
Create Buzz Marketing to Beat the Competition
and Blogs
2. Interactive EngagementThe Internet is an Organic Test Lab
Consultants don’t Need to Hole Up in their Ivory Tower
2. Interactive EngagementCollaborate with Management in
Real Time
Leverage the Social Media to Beta Test
and Ask for Solutions
3. Be Open to the Discovery ProcessThe Social Media
Spawns EpiphaniesReal Time
Conversations of Ideas
Can Move the Original Plan in an Entirely
New Direction
Apply Zen
4. Level the Consultant Client Relationship
Don’t Dictate
Collaborate
4. Level the Consultant Client Relationship
Management and Consultant Must Resolve to Execute Iteratively
So Consulting doesn’t become a Navel Gazing Exercise
Why Work with Consultant 2.0?Certain Industries are Becoming
Reliant on Internet Marketing
Real EstateTechnologyMedia and PublishingRetailConsumer GoodsFinancial ServicesAdvertising
Industries that Must Reach the
Consumer Online
Often Don’t have Bandwidth or Resources to
Understand Web 2.0
Why Work with Consultant 2.0?
Innovative Viral Marketing
Strategic Partnering
Product Development
Social Media Strategy
Business Modeling
Consultant 2.0 Adds Value in Context with Web 2.0
Management Consultant 2.0 ProfileSocial Media
PresenceOnline Authority is
Requisite to Mobilize Social Media as Intelligence Tool
Management Consultant 2.0 ProfileProven, Diverse
Management ExperienceMBAs have Value
Senior Management BackgroundManagement ConsultingStartup Mentality Sales & MarketingProduct ManagementCorporate FinanceLegal Expertise
Note: Consulting 2.0 Focuses on Immediate, Executable Solutions
Consulting 2.0 - the New Paradigm
1. Leverages Existing Management Knowledge
2. Develops an Interactive Engagement
3. Values Discovery in the Consulting Process
4. Collaborative, not Dictatorial
Making Innovative Strategies Accessible to All Companies Efficiently and Economically
Image Attributions
Chess piecesJohn HousemanHarvard Business SchoolStack of reportsSlide 10Slide 11Slide 13People iconsIvory TowerDonald TrumpSlide 18 - CollaborateRunning business people
