In the Tweet that has been circulating, the question is asked “who lead the digital transformation of your company?” The choices being A) CEO, B) CTO and C) Covid-19
With Covid19 being circled.
There is an irony about this that is very true.
Pre Coronavirus, Accenture asked me to attend a “town hall” launch of some research about Digital Transformation. They mentioned that it was the 10th year of this research and they said “This really, really, was the year for digital transformation.” Then Covid_19 struck.
Covid19 The Digital Transformer
I don’t need to explain to you the shock many business have been in and are still in, as people are “forced” to work from home and as the world has moved to Teams or Zoom. We have a Maintenance company in the block of houses we live in. I called them up recently and they said “we cannot use the work email, as all our staff are working from home”.
So why did this management consultancy realise they needed to implement social selling?
In fact, why did they decide they had to implement it and quickly? We had been talking to them for six months but there had always been another priority. The Covid19 hit and they called us up on the Wednesday and wanted us there on the Friday. Social Selling wasn’t just a “nice to have” but was a business imperative.
A Business Built on Relationship
If you think about it, most, if not all Management Consultancies they are built on relationships. And face-to-face relationships. In fact there is an additional margin that can be obtained by being, in country.
Onshore, OffShore and Blended
The competitive advantage of a “local” Management Consultancy is that it can offer local relationships and the people understand the local language and the local traditions. For example, in London on the Underground, the slow lane is on the right of escalator and the fast land it on the left. Where as, in Singapore, the slow lane on the escalator is on the left and the fast lane is on the right.
The major competitive pressure that Management Consultancies have faced over the last ten years is the rise of the off shore resource.
Companies such as India and China know that they have a competitive advantage and an ability to create wealth for their country if they create excellent, multi-lingual graduates. These graduates are taught Business, Finance, Accountancy and the latest technical skills as well as, English, German, French fluency and they can work at a very high quality, off shore. Off shore meaning they still live in India and China. This means that customers have access to high quality resource, over Teams and Zoom etc.
Often, Management Consultancies have reduced their overall rates by having a blended approach. For example, in a technology implementation, the business consultancy was provided onshore and was at a higher rate. Where as technically development was provided offshore at a lower rate. The “blended” rate bringing the total cost of the project down.
We Are All Now “OffShore”
It does not matter where any of us live now because we cannot go and see the client face-to-face. There is no unique selling point (USP) to Management Consultancies being in a locality because the resource is China and India is “just as good”. If we are all “offshore” then surely that will drive down the rate?
How As a Management Consultancy You Can Maintain Your Rate?
Management Consultancies differentiate themselves by its people, depth of relationship with the client and any IP (intellectual property) they might have.
For this management consultancy and for every management consultancy it is a business imperative to maintain your competitive advantage. You have to make changes, because the world you live in, is not the same as it was pre-covid_19. What can you do?
- Elevate Your Teams on Social – Gone are the days, when you could propose CVs, your clients will check the team out on social and if you are charging out a Senior Manager, then they need look like a Senior Manager (not a graduate) on their Linkedin profile.
- Employees Must Lead on Social – Your buyers are looking for help in their business areas and are looking for “experts. If for example, I as a buyer looking for “Finance Transformation” would I find your team demonstrating expertise in this area? Are they offering up points of views (PoVs)? Blogs? Are they starting and joining in discussions in their niche area? As a buyer I will be looking for insightful and educational content. Is your team providing it. Note: As a buyer, I don’t look for corporate content as it just will tell me you are “the best” and it will be the same as all your competitor content.
- Is Your Team Building Their Relationships on Social? – Have you got your team to connect to all their customers, prospective clients and work colleagues? Are they proactively growing their networks with influencers from within your accounts and influencers on social.
I totally get that you are busy and that there are lots of other things to do, but let’s not forget that this article is free on our blog. You competition have probably read it, they may “get” it and have already started a project like this. They could be our client.
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