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- เผยแพร่เมื่อ 25 เม.ย. 2024
- CEOs hire McKinsey consultants for their "enlightenment" and to avoid accountability, says Duff McDonald, Author of The Firm - The Story of McKinsey.
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Consulting consultants on how to consult consultants consulting consultants
We hire them to tell us what we already know, and they tell us what we want to hear. It’s a win win for the company and McKinsey, not so much for the shareholders.
President Macron hired McKinsey to help the French government move "product" for Pharma during the pandemic. You can't make this stuff up.
..."85% of their business is repeat business & they develop relationships with each individual client"-Wow, that really says alot for 'relationship selling' and retention in addition to the main point in the overview of his book.
when the author said that Mckinsey's business is mostly repeat business, it reminded me of the show House of Lies where every episode they would emphasize making repeat business
He's got an extra set of eyebrows
This has to be the best comment I've seen in a while 😂
“The Street” Lmao 😂🤣😂
Consultants are people who take your hand, point to your watch, and tell you what time it is. But they will need 100 powerpoint slides to tell you this, charging you 10 grand per slide.
And you gathered this information how?
klsar1 you got it, man. They share with you what you already know, but not dare to rock the boat.
And if you can't tell the time yourself even when you have the watch, what does it say about you?
if you can't read a watch, then you deserve to pay 10 grand an hour who does know how to read it
They charged you. But you hired them. You are the fool.
The main benefits of hiring a consulting company is having a new fresh, unbiased set of eyes to approach a problem. Their knowledge networks are also second to none and I doubt company employees can allocate even 5 hours of their day to problem-solving while a consulting team can work from a.m. to a.m. trying to find a solution. Are they overpriced? Maybe. But people keep hiring them so they must be doing something right.
Mckinsey also work dictators like Erdogan. They advised him to start a war to more votes from Turkish nationalists. Very fresh
President Macron hired McKinsey to help the French government move "products" for Pharma during the pandemic. You can't make this stuff up.
Great video
The last few qu'est were amazing
This MacKenzie, he's a bit of a nut. Someone told me he fired the last guy because his nose whistled when he breathed.
They hired a consultant because the current ownership group is selling the company and you are likely going to be fired.
Another reason is, they want to cover their ass for implementing any bold strategy, they just to hear the same from consultant mouth with fancy presentations.
Came here after Consulting 101
Interesting clip. MBAs? I would have guessed, lawyers. From what little I know of this "industry," is that there is a legal concept of 'conflict of interests.' While I am not a lawyer, I am a frequent viewer of PBS' News Hour, that often has attorneys on tap to intemperate the daily goings-on. And after a while you sort of pickup on things. Or I think that I have, a little, anyway. And much of what I've heard of these organizations is that. A sort of compartmentalization. Liked the clip's observation about 'osmosis.' I might guess that many of the folks in some of these firms make a real packet in the stock market?
I bought the book last year! *still have not finished it though
nTo you were conned it is (the book) just a way to generate extra revenue
This industry sounds doubtful. But They look at problems from different point of view .. which is great. I've never heard that consulting companies did this did that . Good deals etc etc. Where are their genius work.
RUSHIL JOHAR That's the whole point...they don't take credit for their solutions, so you'll never know if that company's restructuring was orchestrated in-house or not.
Consulting is basically hiring people to think for you. People within the business are too busy running it; to think strategic direction, management restructure, and a heap of other problems..
see how he managed to talk for 4 minutes without saying anything?
He said alot - I especially enjoyed his overarching point of talented minds entering a field which sole purpose is to advise rather than actually deliver value products (in the traditional sense).
He can't even clearly explain what they do.
Why they hire consultants because they have provided services to clients from different domains and different geographies which gives them unique advantage of coming across so many different problems of different magnitudes. Strategies given by these consultants would never work in 100% cases but what CEOs really want is a strategy for solving their problems and issues. Then you have got board on top of it to decide whether to go with suggested strategy or not and as he mentioned these consultants have kept them very safe by not taking credit in success as in failures no will blame them .
Over the years consulting firms especially MBB have realised that it's just not the suggestion which will work but rather then implementation will really help in longer term.
He needed to do something illegal?
McKinsey is simply the best business brain for hire. Most CEOs don’t have that.
Great investment
How do they know which fresh grad actually know enough about business? A lot of them market themselves being great at what not when in reality they have pretty childish ideas. Or do they just sort out those who actually can and the rest will do the regular work 15 hours in a day trying to desperately succeed?
I don't understanding the consulting industry why would anyone pay thousands for a group of fresh grads with no finance experience to tell them things that they already know, most of them are already in the industry for like 20+ years. Yet listen to someone who just took a bunch of liberal arts classes in university with fancy powerpoints. The ones that are actually presenting to the clients, only use the findings and data from the analyst (basically a college guy). He/She is not speaking from their own experience
the implication is that there is no value added thought. McKinsey, as pure strategy may be harder to justify relative to an IT consultant for instance, but nevertheless, consultants are helpful for a few things:
1) fresh eyes on a problem
2) short term staff augmentation - sometimes companies don't have the people to do the work and need help. Hiring is a long and expensive process, and firing people after a project isn't good for morale. In some cases, company location may make it impossible to find enough of the needed skillset in the local job market.
3) niche experience - while there may be experience on the client side, there is also experience on the consultancy side, either individually or in past project references.
4) implementation guidance or ownership - think a new software tool and the change management associated
5) shared accountability and "independent" thought
Curtis I
Consultants basically help you look at things through the lens of a different perspective. Sometimes CEOs already know the answer to their problems, but before they do, they need a group of brain power to help them structure their thoughts, organize frameworks to tackle their challenges appropriately. Fresh eyes, 2nd opinion, insider information, etc.
Bottom line is that at the end of the day the paradigm shifting upside synergies prioritize efficiencies incentivizing win-win upsides via organic multi-variate blue skying.
Mckinsey also work dictators like Erdogan. They advised him to start a war to more votes from Turkish nationalists
يا حمران الخدود
يا صفر العراقيب
ما أدري وش تخرطون بس جاي عن طريق حمزة السالم
when the author said that Mckinsey's business is mostly repeat business, it reminded me of the show House of Lies where every episode they would emphasize making repeat business