Innovation in Consulting
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Joe O'Mahoney, lecturer in Management Consultancy at Cardiff University, talks to the Institute of Consultancy on how innovation can thrive in consultancy.
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Innovation in Consulting
- 1. Consultancy Innovation A Report Dr. Joe O’Mahoney Lecturer, Cardiff Business School Fellow, Advanced Institute of Management www.consulting-ideas.com
- 4. The Problem
- 6. Why Clients Use Consultants
- 7. Clients aren’t too happy.
- 8. Long term trend…… EU Consulting Revenues Euro (Bn)
- 9. Context Global Consulting Revenues (Kennedy Information 2009) $Bn
- 10. The Project
- 13. Key Findings from the Data
- 16. Innovation is increasing due to increased competition in the market. But lower margins and higher utilisation mean there is less time and money for it. This is causing increased levels of co-innovation, especially with clients. This creates local rather than big-name innovations. But raises issues around economies of scale and intellectual property. Argument
- 17. Innovation is Increasing Did you introduce new or significantly improved services? Has innovation in your consultancy increased or decreased over the last 5 years? 45% 34% 33% 2009 2007 2005 26% 16% 60% Neither Decreased Increased
- 19. But….. there’s less money available Profit margins have decreased by 25% since 1994 39 12 44 34 39 Uncertain demand for innovative goods or services 21 14 22 21 19 Need to meet EU regulations 24 24 27 23 22 Need to meet UK Government regulations 34 5 38 28 36 Market dominated by established enterprises 32 16 36 30 31 Lack of info on markets 30 20 34 28 28 Lack of info on technology 39 21 43 38 35 Lack of qualified personnel 37 28 45 31 35 Availability of finance 38 33 47 32 35 Cost of finance 43 9 46 40 42 Direct innovation costs too high 44 18 52 35 44 Excessive perceived economic risks Total % increase 2009 2007 2005
- 20. and less time….. Time % Utilisation Training
- 21. So How is This Possible?
- 22. How were these services developed? 166 22 22 8 Jointly with other institutions -66 9 28 25 By your enterprise group % Inc 2009 2007 2005
- 23. The Growth of Co-innovation
- 24. Insights
- 27. … .to larger firms….
- 29. … .to smaller firms….
- 31. What Clients Think “ Coming out of a recession, we need new ideas” “ I feel like I’m being sold a standardised one-size-fits-all solution” “ Innovation isn’t always needed. But when it is, it’s hard to find” “… consultants blame procurers, procurers blame consultants, the business owner blames both” “ I now tend to use smaller consultancies because they focus on the problem more”
- 36. 40 Page Benchmarking Report www.aimpractice.com
Notas do Editor
- Over the next 40 minutes we’ll discuss some of the following. Want a conversation more than a lecture.
- Client’s aren’t happy
- The key challenge that analysts have focused on for the last 18 months has been the decline in consulting revenues. If one compares the period 1998 – 2008, where there was a fourfold rise in revenues, with the next couple of years, this is an obvious issue.
- However, the industry is also facing more long standing problems and it is these that we focused on in our research. I will now highlight four of these.
- Sources within IBM
- OK. In pair I’d like you to come up with two top reasons clients use consultants……[Discussion]
- Pressures on innovative practice.