Thursday, March 10, 2005
History of Consulting Unit-A Consulting temple called Mckinsey & Co.
The undisputed king of consulting, they reached catastrophic heights and stunningly they never fell from that. Considered as temple to corporates, known for their outstanding end to end solutions, undoubtedly the biggest and premier consulting firm of the world. Laid by James O Mckinsey and groomed by emperor Bower produced array of giants and wizards. They still continue at No.1. This hot spot they never lost in last 32 years!! There is no appropriate word to describe for meteoritic rise of this consulting behemoth. Known as the best place to work for, it has become a dream for aspirants. Here one aspirant says: “Hands down, the most selectively elite firm in the field and possibly across any given industry. The lore is that they accept less than 1% of their 50,000 annual applicants. However, they pride themselves on their diversity, so if you have an advanced professional degree or if you've spent the past few years working in Nepal for a mountain climbing Web start-up, you may have an edge at landing an interview.”
Here is the story about Mckinsey’s consultants: The true measure of success of a consulting firm is its ability to help clients solve difficult problems. Sometimes this happens because consultants legitimize certain viewpoints within a firm because of their "blue chip" backgrounds and ability to persuade. But more often this happens because consultants bring the right ideas to bear on a company's problems. Consulting is unique in the field of business because it is driven by ideas. The essential act of any consultant is thought. And thought is driven by understanding of the factors which lead to success in particular industries and stages of a company's life cycle. Of course, consultants increasingly assist in the implementation of their recommendations, but this assistance mainly comes in the form of education, change management activities and follow-up rather than as the primary service being provided. The process of thinking about client problems is what sets consultants apart from each other. Different individuals and firms apply very different frameworks, or intellectual lenses, to the same problems. There is enormous diversity in the way consultants think, and to a large extent, the results that they obtain. This is why there is such a high premium in the labor market for consultants with an exceptional ability to think, create and communicate. Firms are anxious to hire the best and the brightest because the marketplace rewards them for doing so. The process of solving a client problem starts with framing the problem, followed by diagnosis of its cause, followed by formulation of solutions. Finally, a consultant will assist in the adoption of a solution, providing specialized know-how and talent that is not otherwise available to the client. Each stage of this process requires thought and understanding. The very best consultants probably add the most value in the framing and diagnosis stages. Don Sull, a professor of strategic management at London Business School, has consulted for a variety of firms over the years including Cambria and McKinsey. He argues that the best consultant he ever encountered was distinguished by his ability to look at a very wide and unclear set of facts about a client, quickly suggest a few diagnostic surveys, discussions or tests and then arrive at a conclusion about the root problem. The very best consultants are original and incisive thinkers who can quickly bridge the gap between theories, frameworks and a company's profitability. And Mckinsey have all this!!!! Believe it or not..
Here is the story about Mckinsey’s consultants: The true measure of success of a consulting firm is its ability to help clients solve difficult problems. Sometimes this happens because consultants legitimize certain viewpoints within a firm because of their "blue chip" backgrounds and ability to persuade. But more often this happens because consultants bring the right ideas to bear on a company's problems. Consulting is unique in the field of business because it is driven by ideas. The essential act of any consultant is thought. And thought is driven by understanding of the factors which lead to success in particular industries and stages of a company's life cycle. Of course, consultants increasingly assist in the implementation of their recommendations, but this assistance mainly comes in the form of education, change management activities and follow-up rather than as the primary service being provided. The process of thinking about client problems is what sets consultants apart from each other. Different individuals and firms apply very different frameworks, or intellectual lenses, to the same problems. There is enormous diversity in the way consultants think, and to a large extent, the results that they obtain. This is why there is such a high premium in the labor market for consultants with an exceptional ability to think, create and communicate. Firms are anxious to hire the best and the brightest because the marketplace rewards them for doing so. The process of solving a client problem starts with framing the problem, followed by diagnosis of its cause, followed by formulation of solutions. Finally, a consultant will assist in the adoption of a solution, providing specialized know-how and talent that is not otherwise available to the client. Each stage of this process requires thought and understanding. The very best consultants probably add the most value in the framing and diagnosis stages. Don Sull, a professor of strategic management at London Business School, has consulted for a variety of firms over the years including Cambria and McKinsey. He argues that the best consultant he ever encountered was distinguished by his ability to look at a very wide and unclear set of facts about a client, quickly suggest a few diagnostic surveys, discussions or tests and then arrive at a conclusion about the root problem. The very best consultants are original and incisive thinkers who can quickly bridge the gap between theories, frameworks and a company's profitability. And Mckinsey have all this!!!! Believe it or not..
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