Getting the most out of consulting projects: reducing consulting costs & increasing benefits
If company or executive is considering whether it is worthwhile to engage the services of an external consultant for a particular issue, and is wondering what that will cost in terms of money, then the "return on consulting" is an important aspect to consider.
How can selecting the right consultant increase the "Return on Consulting" (ROC)?
Our ROC model shows practical starting points how the performance of consultants and the achievement of project goals can be optimized. Measures that help to manage consultant assignments more effectively and efficiently can increase the ROC by more than 40%. Choosing the right consulting firm is a key influencing factor.
What to do?
Based on a practical case in the area of digitalization & new business models (result: reduction of consulting costs by 75%, project goal achievement >90%), we show you what to consider when it comes to choosing the optimal consulting support:
Big brands vs. hidden champs: Not only, but especially in the case of new topics (such as the use of AI, blockchain or innovative, individualized business models or digital services), it is worthwhile to screen the consulting market and identify the various types of relevant providers (e.g., classic management consultancies, technology consultancies, agencies or software providers).
Multidisciplinary Skills: For digitization and innovation projects, various skills and experiences are required: e.g. technology skills, functional technology application skills (business context, processes, market), experience in developing innovative business models, products and services, and all this combined with excellent problem solving skills, creativity and change management expertise.
Approach & Delivery Models: Even when providers have comparable experience and qualifications, they often differ in the way they work with customers and how they proceed. These models, frameworks, and business models (e.g., full service vs. sparring partner, agility, interactivity, open innovation, co-creation, MVP/ prototyping) must also match the circumstances and requirements of the specific project.
Enabling & Knowledge Transfer: Most often, the goal is to use the collaboration with the consulting firm as an opportunity to build and strengthen internal know-how. The better a consultant can manage this transfer of knowledge, the better it is possible to anchor knowledge in the company and to become independent of the consultant more quickly.
Ability to implement: The ability or experience of the consultant to support implementation is central to digitization and innovation projects. It is not just a matter of introducing a new technology, but also of "linking" it with the underlying processes, the organization, the business use cases, the end customers and, last but not least, with the employees.
Price / performance: As a rule, the financial offerings of the consulting companies differ. Not only in terms of their daily rates, but also in terms of the proposed project budgets. It is necessary to take a close look at whether more expensive offers are really worthwhile or whether they are counterbalanced by a relevant value (e.g. brand, internationality, additional services, broader skills base, benchmark data, etc.).
What can Meta-Consulting contribute to increase your "Return on Consulting"?
precise analysis of your consulting needs and their "translation" into clear requirements for the external consultant
accurate definition and target-oriented set-up of the project (staffing, timing, use of consultants, etc.)
Selection of the most suitable management consultant (evaluation, tender, recommendation)
Support in optimizing collaboration with consultants and measuring consultants' performance and project success.
With compelling results
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