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.

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.).

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

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

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.

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.

Latest NPS Benchmark Scores Reveal Customer Experience Shifts

1 to 1

Last week, I had a chance to speak with Satmetrix data scientist Brendan Rocks about the results from the company''s 2014 Net Promoter Industry Benchmarks reports. Business leaders use a variety of metrics to gauge the financial health and performance of a company. One of the most popular metrics used by marketers is Net Promoter Score (NPS), a simple loyalty measurement to gauge customer satisfaction and likelihood to recommend.

Trends in electric-vehicle design

McKinsey

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

The compliance function at an inflection point

McKinsey

McKinsey’s benchmarking survey of leading banks helped identify five steps toward transforming the efficiency and effectiveness of the compliance function. Risk 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

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

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.

The compliance function at an inflection point

McKinsey

McKinsey’s benchmarking survey of leading banks helped identify five steps toward transforming the efficiency and effectiveness of the compliance function. Risk 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

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

Learning From Each Other

Women in Consulting

As solo practitioners and entrepreneurs, often we have limited access to relevant benchmarking resources. Without violating any price-fixing laws, the Best Practices Survey lets us benchmark our success against our peers. That’s why I’m asking you to help us create a better benchmarking tool by taking and sharing the 17 th Annual WIC Best Practices Survey. By: WIC Blog Admin. :: Who says old dogs can’t learn new tricks?

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

How and When to Raise Your Consulting Rate

Successful Independent Consulting

Third, do some market-rate benchmarking to learn what other consultants are charging, or what clients are paying. The easiest time to raise your rate is on the cusp of something new — a new year, a new project, a new client. With the new year just a few weeks away, now might be the time.

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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Natural language processing in healthcare

McKinsey

Finally, we lay out a case study describing how we have used NLP to accelerate benchmarking clinical guidelines. Artificial intelligence (AI) is increasingly being adopted across the healthcare industry, and some of the most exciting AI applications leverage natural language processing (NLP). Simply put, NLP is a specialized branch of AI focused on the interpretation and manipulation of human-generated spoken or written data.

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.

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.

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.

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.

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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Asset Management – Valuation (Part 2 of 4)

Tom Spencer

The outperformance of the asset manager versus its benchmark – which can be looked at as alpha generated. If AUM rises with the markets, this is not high-quality growth – especially if the asset manager’s funds are not beating their peers or benchmark.

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.

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.

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.

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?

Asset Management – Client Segmentation (Part 3 of 4)

Tom Spencer

For passive investing, Blackrock and Vanguard are able to get costs very low due to their scale and skill in replicating a benchmark index. Retail Wealth Management. Retail investors are everyday investors without much buyer power.

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.

10 Strategies to Increase Retention and Engagement

Peter Stark

When we review our engagement benchmarks based on over 300 organizations, the Best of the Best organizations are 20 percentage points higher than organizations in the Overall Benchmark at hiring the right people for the right job.

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.

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.

Mind Your Mission

Joellyn Sargent

Understanding your true mission enables you to benchmark key decisions and avoid the perils of getting off course. I just returned from a strategy workshop in New York City with the iconic Dr. Alan Weiss.