April 11, 2017 20:33
Despite the scale of the Management Consulting market – about $250 billion of sales annually – corporate purchasing practices in this sector are surprisingly casual. Managers often rely on their relationship with the few suppliers they know well or select consultants based on brand attributes. Some companies have established a panel of preferred consulting firms whose overall capabilities they have assessed, but this approach ignores capability variations across the consultants and teams provided by the panel firm. It can also have the perverse effect of limiting the range of expertise available to the manager.
Unsurprisingly, results are mixed. Research shows that less than 10 % of consulting projects fully achieve their objectives and that the average project scores only about six on a ten-point scale of success. The specific capability of the consultants involved, which is identified as a key determinant of project success, generally becomes clear only when the project is well underway.
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Originally published on December 12, 2016 in LinkedIn Pulse.