The Benchmark That Builds Consulting Businesses

David A Fields

Consultants often look at benchmarks to gauge their recent performance. Those are internal benchmarks. [ Many readers know that I’m 6’1″ tall… if my posture is perfect, I think tall thoughts and I stand on two tins of homemade, coconut dream bars.

How benchmarking can improve cost competitiveness in steel

McKinsey

Many debate the relevance of benchmarking in the steel industry. But disciplined application has helped some producers identify improvements of up to 10 percent of the cost base. Our Insights

A Sisyphean Struggle: Insights from BCG’s Treasury Benchmarking Survey 2016

BCG

In the two years since The Boston Consulting Group conducted its last ­Treasury Benchmarking Survey, banks have remained locked in a Sisyphean struggle. See Time for Rebalancing: Insights from BCG’s Treasury Benchmarking Survey 2014 , BCG Focus, December 2014.).

Building efficient IT organizations: Insights from our benchmarks

McKinsey

A focus on five high-level capabilities may help IT organizations reduce costs, improve productivity, and successfully pursue digital innovation. Our Insights

How B2B Software Vendors Can Help Their Customers Benchmark

Harvard Business

Mainstream software companies are beginning to hold “ data mirrors ” up to their customers, allowing scoring and benchmarking of their customers’ strategies. One of its business units, Fieldglass, provides insights and benchmarks to customers on external workforce management.

Contact Center Benchmarking Report: Customer Satisfaction, FCR Continue to Drop

1 to 1

benchmarking contactcenterpreparedness customerservicestrategy As companies continue to adopt state-of-the-art technologies and techniques in their contact center operations, this has provided terrific opportunities for organizations to make improvements to the customer support experience.

Why consultants love best practices

Consultants Mind

A few pictures that help … Continue reading → Consultant Accenture Benchmarking Best Practices Boston Consulting Group Business Consulting Deloitte Harvard Business Review Management consulting Professionalism PWC Management consultants use the phrase “best practices” often. Perhaps too often. You will see that magical phrase mentioned numerous times in white papers and research on these websites: Boston Consulting Group, Deloitte, PWC and Accenture.

Trends in electric-vehicle design

McKinsey

What did we learn from a teardown and benchmarking of ten EV models? Our Insights

How the public sector fits in the productivity puzzle

McKinsey

A benchmarking study finds that governments could save $3.5 trillion a year by 2021 if they were to improve at the rate of their best peers. Our Insights

Sample size: What is your n?

Consultants Mind

Consultants are in the business of 80/20 rule, and smartly deducing insights from a sample of structured data (read: excel), qualitative interviews, observations, benchmarks and other KPI. Sample size. This is a phrase every consultant should know and (kinda) understand. We often look at samples to see what it can say about a larger population (statistics… Read More » The post Sample size: What is your n? appeared first on Consultant's Mind. Learning sample size statistics

Hidden sources of better supply-chain performance

McKinsey

High-level benchmarks often obscure paths to operations improvements. New data and metrics that tap underlying performance dynamics offer better visibility. Our Insights

Capabilities, not costs, should inform banks’ IT-outsourcing strategies

McKinsey

A benchmarking study points to the need for an expansive view of IT-infrastructure management. Our Insights

Retail Bank Operational and Digital Leaders Reap the Rewards

BCG

BCG’s Retail-Banking Excellence benchmarking study (REBEX) profiles the operational and digital practices and performance of 20 of the world’s leading retail banks, a group of 40 institutions chosen for their size and the strength of their capabilities. Article Tuesday, May 10, 2016.

What is FOMO?

Consultants Mind

It’s that hint of jealousy and benchmarking to see how you’re doing… Read More » The post What is FOMO? Fear of Missing Out (FOMO). Yes, we all have it sometimes. Social anxiety. It’s that nagging fear you that you might be better off – somewhere else, with someone else, doing something more fun. It’s that high-school sense of peer pressure to not be left out of the group.

My supply chain is better than yours—or is it?

McKinsey

More-detailed benchmarks show that supply chains can still yield significant value—building on the investments so many CPG companies have already made. Our Insights

TeBIT 2016 Executive Report: Drilling for Digital Gold

BCG

It’s just the type of question that TeBIT, a benchmarking study jointly developed by ETIS–The Community for Telecom Professionals and The Boston Consulting Group, was created to answer. They can also discuss their individual results with the TeBIT benchmarking team.

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Quote Your Consulting Billing Rate with Confidence

Successful Independent Consulting

Benchmark so you know your rate is reasonable. ID 46944176 © Dundja | Dreamstime. It takes practice to quote your consulting billing rate with confidence. The tactics in this article will help if you bill by the hour or by the day.

Three Areas for Action by Wealth Managers

BCG

For 14 years, BCG has conducted a proprietary benchmarking survey of wealth management providers from all over the world, running the spectrum from small boutiques to the world’s largest wealth managers—and covering multiple business models, from onshore to offshore and from banking to brokerage.

Moving Beyond the “Milkman” Model in Medtech

BCG

Three years ago, BCG published the results of its landmark global benchmarking study that concluded that medical technology companies had been relying on an outdated commercial model, which we dubbed the “milkman” model.1 Focus Tuesday, February 28, 2017.

What Makes Family Businesses in Emerging Markets So Different?

BCG

Yet, for decades, most of the research on family businesses has focused on benchmarks from developed markets. We found that family businesses in emerging markets perform and evolve very differently than the benchmarks from developed markets predict. Article Thursday, September 08, 2016.

The Five Practices That Set Operational Risk Leaders Apart

BCG

To understand how banks are dealing with the increased strategic importance of operational risk, BCG benchmarked the performance of ten major banks globally. Article Tuesday, October 11, 2016.

How To Help Ensure Strategy Scorecards Don’t Fail You

Steve Shu Consulting

For example, should a benchmarking framework be used? For many strategy engagements, a lot of attention is paid to the detailed analysis framework. Or will that framework lead us down a path of mediocrity? Or perhaps value-chain or Blue Ocean-like analysis should be used here?

Global Corporate Banking 2016: The Next-Generation Corporate Bank

BCG

In fact, BCG’s most recent Corporate Banking Performance Benchmarking survey—of 300 corporate banking divisions around the world serving the small, midmarket, and large business segments—found a dramatic split between the best and the rest. Report Monday, December 12, 2016.

Taking Greater Risks to Enjoy Greater Rewards with David Baker: Podcast #14

Consulting Success

David focuses on finances, benchmarking, performance, and positioning of firms, as well as PR, advertising, and more. Consulting success will be yours when you start taking greater risks and stop reinventing the wheel with every new client that comes along.

What We Have is A Failure to Communicate!

Peter Stark

So, what can we learn from the managers in our Best of the Best Benchmark. If you ask most managers if they communicate the right amount of information to their boss, peers and direct reports, most managers will tell you confidently that they are good communicators.

Five Ways to Spur Lean in the Office

Markovitz Consulting

If meeting takt time is not an issue—for example, in closing the books at the end of the month— then measure and benchmark the time it takes to perform those tasks and challenge the team to figure out how to do them faster.

Banking on Digital Simplicity

BCG

Report Tuesday, May 10, 2016. Despite a tentative financial recovery, the retail-banking industry faces unrelenting, disruptive challenges. Banks that hope to prevail must urgently pursue digital simplicity.

Asset Managers Get Real with Risk

BCG

At industry forums, they have given voice to, and found agreement on, a number of risk management principles and priorities—consensus that was also evident in the results of this year’s Global Asset Management Benchmarking Survey conducted by The Boston Consulting Group.

Does your opinion matter? Should it?

Peter Stark

Companies in our Best of the Best Benchmark from our Employee Opinion Surveys rate almost 20 points higher than organizations in our Overall Benchmark regarding their ideas and opinions counting at work. Does your opinion matter? Yes, indeed, your opinion does and should matter.

Creating a culture of open communication

Peter Stark

But we find that the organizations in our Best of the Best Benchmark are consistently rated higher by their employees than those in our overall benchmark. Communication is hard.

How to Create and Sustain Financial Inclusion

BCG

At one extreme, benchmarks of financial inclusion track only the share of adults who have opened a basic transaction account. Focus Tuesday, April 11, 2017. Financial inclusion helps propel socioeconomic development. That correlation is well-known but not well understood.

Building a Digital Technology Foundation in Insurance

BCG

And we analyzed the main IT trends on the basis of four years of architecture benchmarking with top insurers in the German market. Article Monday, August 29, 2016. Insurers today face a host of digital to-dos if they want to stay competitive—much less gain an advantage on their peers.

The idea awareness cycle

Seth Godin Blog

Nervousness —Let's take a look at what they're up to, benchmark it, buy a research report. Ignorance —We're too busy doing our jobs to notice that. Dismissal —That? It's trivial. Bob, can you handle this? Poor Copies —See, I told you it was no big deal. Our new model is almost the same.

Labour Retention: How you can create ‘Sticky’ Talent

Confessions of a Consultant

Discussing salary surveys and benchmarking, particularly regarding key competitors (or referring to former staff and how great their ‘new job’ is). Keep focused on your best people.

“Up or Out” Policy

Tom Spencer

If a consultant is falling short, they will normally have opportunities to talk to their manager about areas for improvement and benchmarks to measure progress. (Source: Flickr ). It is common for top consulting firms to subject consultants to a rigorous “up or out” policy.

Stop Chasing Likes: Social Media Success Start with Strategy

Joellyn Sargent

They crave “likes” as a benchmark for perceived success. ” Are you benchmarking against competitors, past performance or a desired future state?

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Our engineering ratchet

Seth Godin Blog

The internet shows engineers the state of the art immediately, so everyone is working off the latest benchmark. Quietly, over the last thirty years, engineering has become dramatically more efficient and effective. Insulated glass, cars that don't break down, keyboards with just the right feel to them… Mechanical, electrical and chemical engineering are all moving faster than ever.

Core Values: What Matters Most?

Joellyn Sargent

Benchmark against them. Real or fake? It’s an annual dilemma faced by everyone who celebrates Christmas. Do we go for a real tree this year, or use a fake one? There are strong arguments for both camps and in my house the winner varies from year to year.

Help Your Team Measure Customer Experience Data More Accurately

Harvard Business

It can create a relative “pound for pound” benchmark for each individual location of a business, anywhere in the world. By establishing reasonable benchmarks for each individual location, companies will also improve the allocations of time and money needed to help a business grow.

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More like us

Seth Godin Blog

And often that choice is easier when we have a benchmark, a model to follow. When we come to a fork in our personal or professional or civic life, we get to make a choice. You can decide to get an advanced degree in physics to be more like Elon. Or go to RISD to become the next Deborah Berke.

China Renews Commitment to Global Easing Party; US Tightening by Force

MishTalk

China’s central bank cut benchmark interest rates for the sixth time this year in a bid to support an economy which is forecast to grow at its slowest annual rate in 25 years. The PBoC said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35

How to manage knowledge in a consulting firm

Killer Consultant

How did this benchmark value get calculated exactly? Whoever gets this question right, wins. I am only slightly exaggerating. Of course, you need the best people. But your chances of being the best _firm_ are significantly dependent upon the way you manage their knowledge.

The “Smart Society” of the Future Doesn’t Look Like Science Fiction

Harvard Business

To set an aspirational but realistic target, we created a benchmark that combines the best attributes of these advanced digital nations. Second, with the benchmark as a composite, no single nation achieves it and yet each of the five countries’ progress toward the ideal can be assessed in terms of performance against the benchmark. The benchmark is aspirational and yet feasible. These strengths show in the benchmarking analyses above.