Cutting Bloated Consulting Cost
Covid-19 has forced companies to re-evaluate the way they prioritize and staff their high priority projects. Frequently, organizations would gravitate to Big 4 firms whom they had long standing relationships with and simply grit and bear the inflated cost and mediocre performance. No more. With cost sensitivity at an all time high and only the most critical of projects currently being prioritized, organizations have shifted the way they do business.
What’s Changing & Why?
Specialization is KEY- Having a customized toolkit and experience uniquely suited to the project is critical in today’s fast paced environment. Organizations have realized that time spent onboarding and coaching resources is directly impacting their bottom line and hurting their ability to perform. It is no longer advantageous to go with large firms who offer general experience and untested/unverified resources. Taking the time to source consultants who specialize in the areas at-hand offers in depth solutions, industry best practice insight and wide variety of expertise to pull from when crafting customized results.
Money Matters $- Cost cutting is critical given the current economic climate, and organizations are looking for ways to do more with less. Professional services have traditionally been an expensive cost for most companies, but that doesn’t have to be the case. Big 4 firms have rates that can easily climb into the $400-600 hr. range, often for resources who lack the necessary experience for the role. However, by shifting the approach to sourcing, and ibuilding relationships with a wider array of firms including smaller boutique firms and independent consultants, businesses can avoid high markups caused by expensive overhead and land more skilled resources.
Diversity IS a Factor-Organizations are finally taking a stand with trying to implement actual diversity within the workplace. However, that means ensuring that not only your employees are diverse but also the suppliers whom you chose to do business with. Given the prevalence of current engagements within the D&I space, companies realize that it is impossible to staff these engagements with the typical “vanilla” consulting firms that lack any representation or understanding of what it means to be diverse and inclusive.
What we are seeing is the perfect storm, a unique combination of circumstances that are driving changes in a long stagnant field. Organizations are now being pushed to re-evaluate their approach to business and the suppliers with whom they operate. Unfortunately, most organizations struggle with understanding how to enact these changes. This is where it makes sense to engage assistance and perform an internal assessment. Precise Process Consulting is proud to be an innovator is this field. As a woman-owned, minority-owned firm that specializes in guiding organizations through large scale changes, our clients have entrusted us with assisting them in making this difficult transition. To learn more about assessing your organizations suppliers, and for direct access to dozens of minority owned specialty firms, contact us at firstname.lastname@example.org.