consulting - you answer to both your organization and the client. however, you take no credit when the client succeeds but all the sh*t if something goes wrong.
banking - you just answer to your own organization. in fact, you might even get the opportunity to own a project and boss consultants around. take almost all the credit in the event of success and just little responsibility if things fail. consultants can be used as ur bullet-proof vest, similar concept to what was brought up by another poster previously. take note that most consultants are dying to exit into the industry (ergo be the client themselves) |
Quote:
|
Quote:
Take another example, if you are running a company not in the travel industry but closely related, and you have witnessed great success from that mckinsey engagement. Would you not try to hire mckinsey as well? In Singapore at least, consultancies are always proud to announce that they are partnering with governmental organisations in delivering positive impact to citizens. |
Quote:
Strictly speaking, we can do have the brainpower to do the work ourselves, just that it is sometimes more cost effective and time-saving to outsource one off projects externally. In my experience with various engagements, there's really not much knowledge transfer though because the consulting methodologies are by no means groundbreaking. I recognise that this is industry specific though so probably some sectors benefit more from consultants than others. |
Quote:
let me give u an example. sg govt has many consultancies on their payroll (for digital transformation - singpass project and ns portal; as well as advice on covid mgmt etc). ever heard them mentioning any? nope. mostly it’s just this committee or that ministry, no one gives them credit for a job well done. on the flip side, if sh*t hits the fan, you will see all the arrows flying out on print media. |
Quote:
Heard of too many stories of how these high-flying jobs in finance/strat consulting led to a deterioration of mental/physical health as well as personal relationships. Not my cup of tea, but too each it’s own. |
Quote:
if so, shouldn't all the small start-up company engage mckinsey and will become successful overnight because of strategy provided by them. If so, ex-mckinsey team could just come out open their own start-up and potentially become the next google, amazon, etc |
Quote:
The consultants only come in when companies start to get large and bloated and the left hand doesn't know what the right hand is doing. Notice a pattern? Yes, essentially its the blind leading the blind. A major reason why strategy consulting is being criticised is because it is rather difficult to quantify the value that they bring. Hence giving rise to suspicion that they're peddling no more than a few slide decks thrown together at exorbitant prices. As for your last point, many MBB alumni are indeed parachuted into high growth companies, with mixed success. After all, its very easy to be a third party commentator but not so easy to run the ship. A rough analogy can be seen in politics - it's very easy to be an opposition party, but when you're actually in government, guess what, you actually have to deliver results. |
Having worked at both Accenture and JPM, I strongly suggest your go for banking tech unless the bank who offered you is working with legacy tech
|
Quote:
You mentioned "We'll probably get it done faster than the consulting team if that was the only thing we had on our plate.". Consultancies exists because employees have their own roles and responsibilities to fulfill on a daily basis and have little to no time or manpower to work on projects which are related to streamlining efficiency. If you can get rid of this problem then good for you, if not then you jolly well have to accept them around. You mentioned "it is sometimes more cost effective and time-saving to outsource...". This is another reason why consultancies exist. They know that businesses cannot afford to hire a group of internal change managers on a fulltime basis just to tackle 1 particular inefficiency in the business. So unless you can get rid of this problem entirely, consultancies are here to stay. Yep what consultancies do may not be groundbreaking but they are still needed in today's corporate world. The part they play is still substantial and sustainable to businesses everywhere. |
All times are GMT +8. The time now is 08:55 AM. |
Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2