...Company’s background: McKinsey & Company is a privately owned management consulting firm that focuses on solving issues of concern to senior management in large corporations and organizations. Known among its employees simply as "The Firm" McKinsey & Company was founded in Chicago in 1926 by James O. ("Mac") McKinsey. McKinsey was a professor at the University of Chicago who pioneered budgeting as a management tool. Marshall Field's became a client in 1935, and soon convinced James McKinsey to leave the firm and become its CEO; however, he died unexpectedly in 1937. Today McKinsey has over 7,500 consultants in 90 offices across 51 countries. They help solve strategic, organizational, operational and technological problems, for some of the world's largest organizations. Clients include three of the world's five largest companies, two-thirds of the Fortune 1000, governments and other non-profit institutions. McKinsey also performs pro bono engagements for a number of charitable organizations and government agencies worldwide. 'Forbes' estimated the firm's 2005 revenues at $3.8 billion in its list of largest private companies. Company Intent To be the global leader in consulting industry, provide expertise consulting service to the worldwide clients. Company Mission To help the clients make positive, lasting, and substantial improvements in their performance and to build a great firm that is able to attract, develop, excite, and retain exceptional people. Key...
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...Attract the Attractive Rupavilas Patel Kaplan University Over the years, the world has moved through the Industrial Age to what is now called the Informational Age. The world has transfused from an age based largely on manpower to an age based on brainpower. This brainpower is cannot be quantified but it can be categorized as a companies intangible assets. This means that over the years the market value that was related to tangible assets has decreased and there has been an increase in intangible assets. The percent of market value related to tangible assets in 1982 was about 62 percent, and the intangible assets were made up of about 38 percent. Then in 2000, we could see a significant transformation towards intangibles. There was only 15 percent of market value associated with tangible, while 85 percent was tied to intangibles (Ulrich, Smallwood, 2003). This pattern shows how the world has changed in terms of where the actual assets of a company are held. The value of tangible assets has significantly decreased relative to the intangible assets. These assets include, but are limited to, assets like intellectual property or capital, brand name, and innovative thoughts. The main thing that causes these intangibles to exist is the ability a company has in attracting talent. So now that we have seen this transformation from tangibles to intangibles we should understand how intangible effect a company. These intangible assets are directly affecting how well a company...
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...irrational side of change management 101 Organization Practice The irrational side of change management Most change programs fail, but the odds of success can be greatly improved by taking into account these counterintuitive insights about how employees interpret their environment and choose to act. Carolyn Aiken and Scott Keller In 1996, John Kotter published Leading Change. Considered by many to be the seminal work in the field of change management, Kotter’s research revealed that only 30 percent of change programs succeed. Since the book’s release, literally thousands of books and journal articles have been published on the topic, and courses dedicated to managing change are now part of many major MBA programs. Yet in 2008, a McKinsey survey of 3,199 executives around the world found, as Kotter did, that only one transformation in three succeeds. Other studies over the past ten years reveal remarkably similar results. It seems that, despite prolific output, the field of change management hasn’t led to more successful change programs. It also hasn’t helped that most academics and practitioners now agree on the building blocks for influencing employee attitudes and management behavior. McKinsey’s Emily Lawson and Colin Price provided a holistic perspective in “The psychology of change management,”1 which suggests that four basic conditions are necessary before employees will change their behavior: a) a compelling story, because employees must see the point of the change...
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...How will consumers interact with brands in the near future? What channels will they use and what sort of experience are they looking for? These are the questions that McKinsey consultants Dahlström and Edelman (herein referred to as ‘McKinsey’) aim to shed light upon to help companies prepare themselves for this changing world. McKinsey believes that emerging technologies will mean that consumers demand a radically different, personalized experience from companies. Sensors in devices, the Internet of Things, the rise of Big Data and the ubiquity of smartphones will hasten the current shift in the balance between consumers and brands, adding a physical dimension to previously virtual transactions. And customers will want these experiences in real time and almost everywhere. The way customers judge brands is changing. Gone were the days that our brands are judged based on the quality of one’s marketing efforts, customer-service, or of the product/service individually. In this on-demand world, consumers will judge brands by their ability to deliver heightened experiences, which McKinsey defines as interactions that offer high levels of value and are radically customized and easy to access, across the entire customer decision journey. Relevant and unique, tailored, and seamless experience is the key. So what can companies do to adapt to these changes? Companies must change what and how they deliver by finding ways to engage customers, by assessing on every way a customer...
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...McKinsey & Company is a worldwide management consulting firm. It conducts qualitative and quantitative analysis in order to evaluate management decisions across the public and private sectors. Widely considered the most prestigious management consultancy, McKinsey's clientele includes 80% of the world's largest corporations, and an extensive list of governments and non-profit organizations. More current and former Fortune 500 C.E.O.'s are alumni of McKinsey than of any other company, a list including Google C.E.O. Sundar Pichai, Facebook C.O.O. Sheryl Sandberg, Morgan Stanley C.E.O. James Gorman and many more. McKinsey publishes the McKinsey Quarterly, funds the McKinsey Global Institute research organization, publishes reports on management topics, and has authored many influential books on management. Its practices of confidentiality, influence on business practices, and corporate culture have experienced a polarizing reception. McKinsey was founded in 1926 by James McKinsey in order to apply accounting principles to management. Mr. McKinsey died in 1937, and the firm was restructured several times, with the modern-day McKinsey & Company emerging in 1939. Marvin Bower is credited with establishing McKinsey's culture and practices in the 1930s based on the principles he experienced as a lawyer. The firm developed an "up or out" policy, where consultants who are not promoted are asked to leave. McKinsey was the first management consultancy to hire recent college graduates, rather...
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...MKTG577 Mark Ogutu Kildia Martinez A.T. Kearney and the New "Defining Entity" 04/08/2016 A T KEARNEY AND THE NEW DEFINING ENTITY I. Statement of the Problem Electronic Data Systems (EDS) acquired A T Kearney with the vision of creating the most powerful management solution company in the world. Many employees became concern with such acquisition. Many consultants were concern with the changes this merge might bring to their job and the way they work. These were two different organizations, with different skills and cultures. Seniors consultant were concern the many changes these two organizations would have to make in order make sure they work together, efficiently and of course that they would both benefit from such acquisition. II. Summary of the Facts Technology has revolutionized the way we do business these days, IT is not just the back end of the office anymore. The technology system is the key to any business today, it can help reduce and solve product problems, create communication channels and set new levels of service. The acquisition between A.T Kearney and EDS have raised many issues and concerns not only to the consultants but also to management. One of the concerns they are really worry about is to maintain the clientele happy. They are looking to see how they are going to deal the control merger in terms of clients, which company is going to do what and if one does one thing where is the other one standing...
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...THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com...
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...o r g a n i z at i o n september 2008 A business case for women The gender gap isn’t just an image problem: our research suggests that it can have real implications for company performance. Some companies have taken effective steps to achieve greater parity. Georges Desvaux, Sandrine Devillard-Hoellinger, and Mary C. Meaney Article at a glance Companies that hire and retain more women not only are doing the right thing but can also gain a competitive edge. They can take several basic steps to achieve even greater parity. These companies will be able to draw from a broader pool of talent in an era of talent shortages. What’s more, research shows a correlation between high numbers of female senior executives and stronger financial performance. Women in developed economies have made substantial gains in the workplace during recent decades. Nevertheless, it’s still true that the higher up in a company you look, the lower the percentage of women. But some companies have moved successfully to increase the hiring, retention, and promotion of female executives. Their initiatives have included efforts to ensure that HR policies aren’t inadvertently biased against women or part-time workers, to encourage mentoring and networking, to establish (and consistently monitor at a senior level) targets for diversity, and to find ways of creating a better work–life balance. Changes like these have a price, but there are business advantages to making them—above and beyond the...
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...McKinsey and Company is a global management consulting company and was founded in 1926 by James McKinsey. They have offices in more than 60 countries and employee over 9,000 consultants and almost 2,000 research and information professionals. Their clients include businesses, governments, non-governmental organizations, and not-for profits. In this paper I will discuss the link between business, governments, and global institutions, how a global consulting firm might assist a government client and why businesses choose to hire McKinsey even though they may have worked for a competitor. The Link Between Businesses, Governments, and Global Institutions According to an article found on the McKinsey website “Government is likelier to affect companies’ economic value than any other group of stakeholders except customers” (Dua, Heil, and Wilkins, 2010). Whether a business is only operating in their home country or operating on a global scale they all have to interact with government. Governments in every country pass laws and enforce regulations that all businesses and global institutions must abide by. A consulting company, like McKinsey, that hires employees from all over the world, speaking over 120 languages and representing more than one hundred nationalities” can help build relationships between businesses, governments and global institutions (Carpenter and Dunung, 2015). Assisting a Government Client McKinsey and Company has clients all over the world and in various sectors...
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...Part 4: Organisational Processes BOSS Magazine article Let’s Get Together Source: B. Head, “Let’s Get Together,” Boss Magazine, September 14, 2001, p. 52. The strategic alliance is redefining competition in the new networked economy. But to make the most of collaboration, you need to pay attention to age-old issues like trust. It took Siebel Systems six years to rise from start-up to star. By 2000 the software company was raking in $US1.8 billion annual revenues and ranked third on Fortune's 100 fastest growing companies list. This status came from forging alliances where it made sense and where it could. Siebel, founded in 1993, was early to market with e-business software, but being first wasn't enough. Siebel needed to fight off rival start-ups by developing critical mass fast; and that demanded the support of seasoned partners to help break into international corporate accounts. Today the company refers to its web of alliances with hardware companies, software companies, consulting firms and service providers as a "partner ecosystem". Siebel's is not an entirely benign ecosystem, though; it is inhabited by some of the most dangerous corporate predators in the IT sector - companies such as Microsoft, Cisco, Compaq and IBM. These are companies that compete and yet collaborate, and even while they collaborate they compete. Siebel's ecosystem is the tense model with which millennial management will have to come to grips. Dean Blomson, vice-president of consulting...
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...gni THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill...
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...THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fash ion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales,...
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...Marvin bower invented the term ‘Management consulting’. During the 40’s consulting is thought of as a lower profession in comparison to academics and he completely reversed the trend. He transformed Mckinsey & Co from an accounting and engineering firm to the best management consulting firm in the world. Till today if someone has a communication problem, they would question ‘What would Marvin do’ and follow the answer. Marvin started the culture of addressing people by their first name. This is to make sure there is no hierarchical feeling in the company. Till today mckinsey stands as the only firm with no hierarchy and leads the rankings in the best employers. Marvin always believed that dress code is very critical and should not create distractions and deviations from the subject in discussion. He often cites the example that “If a pilot comes aboard the plane in shorts, would you have the same confidence in him if he was wearing the 4 stripes on his shoulders?” He believes dress code is something which can build confidence and integrity Marvin laid a lot of importance on written communication. He considered reports as signatures that a management consultant leaves behind. He then defined a common terminology, which should be used while solving any business problem at Mckinsey. He wanted the clients to recognize the amount of time spent in taking care of the quality of a report. Marvin had great listening skills and this has led him to involve every team member for any...
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...The Company’s Marketplace Situation A. T. Kearney was among the world’s largest and most respectable global management consulting firms. It was acquired by another global leader from the field of information services. The company believes it will be able to take advantage of the new relationship keeping in mind the global trends related to Information Technology. A. T. Kearney, founded in 1926 had evolved from there to reach the position of one of the world’s dominant management consulting companies. It was also renowned for the way it had been delivering value and results to its clients in the whole management process including strategy, operations, market analysis to technology transformation. What differentiated the company from its competitors was its mix of strategy and operation with focus on implementation. The company believed in having fewer and larger clients and worked to exceed their expectations such that it could retain them for a long lasting relationship. A. T. Kearney also pursued its own goal of globalization and rose from a 230 strong company in 1984 to having 1110 consultants in 1994. Since 1983, the company had doubled its size every three years and enjoyed a double digit growth during the 13 years till 1995. EDS also had reached its recent position from a startup with only $1000 investment started in 1962. In 1985, the company had reported revenues worth $3.4 billion which was a 264% improvement from that of the previous year. Salient Problems and...
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...Why has Dell been able to outperform its competition consistently over the past decade? Strategy, certainly. Operational discipline, without a doubt. Talented people, of course.But when asked in an interview with Harvard Business Review what best explains the company’sspectacular success over the years, Dell founder Michael Dell and CEO Kevin Rollins focused on something else.“While Dell does have a superior business model,” said Rollins, “the key to our success is years and years of DNA development that is not replicable outside the company.” Added Michael Dell, “Culture plays a huge role.” They’re hardly alone in their belief that culture is at the heart of competitive advantage, particularly when it comes to sustaining high performance. Bain & Company research found that nearly 70% of business leaders agree: Culture provides the greatest source of competitive advantage. In fact, more than 80% believe an organization that lacks a high-performance culture is doomed to mediocrity. At a time when enterprises can stretch around the globe, culture is the glue that holds a complex organization together. It inspires loyalty in employees and makes them want to be a part of a team. It motivates people to do the right thing, not just the easy thing. At companies with winning cultures, people not only know what they should do, they know why they should do it. Yet, while business leaders recognize culture’s crucial role, research also indicates that fewer than 10% of companies succeed...
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