Smart Consulting Sourcing

You have to improve your Consulting Procurement capability to maximize the ROI of your spend. One way of doing that is using an easy-to-follow framework that we call, at Consulting Quest, "The Consulting Performance Scanner." This scanner will let you explore the three main dimensions of your procurement and dig up enough data to help you understand the patterns of your Consulting Spend, capture quick gains, and even gain support from your team members to jumpstart a self-funded journey, helping you to build the case for change. Join Helene in this episode of our 6-Levers Series to know about the principles of "Consulting Performance Scanner" and how to make the most of it.

Working to maximize the ROI of consulting spend requires a company-wide transformation. By combining strategies such as investing in the right projects, having a structured RFP process, and collaborating between business lines and procurement teams, organizations can achieve an average increase of 25-50% in ROI with potential savings or earnings in the hundreds of millions depending on the size. Transformation is essential for success - this episode offers tips on how to use the six levers to get started!

Everybody knows that when done correctly, consulting can have a major impact on a business. By now you know that our 6-Levers approach is intended to help consulting buyers make educated choices while buying consulting services.

Over the previous episodes, we explained the six levers in detail and how they can help to optimize the ROI of your consulting spend. And a major part of that ROI is related to the value and impact of consulting. You can say, these are the real benefits of using these six levers.

In this episode, Helene discusses the types of impacts you can expect from a successful consulting project. Simply put, by optimizing the ROI on consulting spend, a company can see improvement at all levels of work and this is one of the greatest impacts any company can achieve. Tune in to know about all these impacts in detail.

When it comes to better managing your consulting, it is a part of your transformation journey, and we all know that transformations are notoriously difficult. Leaders must work on improving consulting sourcing maturity to take their transformation efforts up a notch.

It entails a lot of work - but if done correctly, it can bring huge advantages to the table, which include cost savings and cost avoidance benefits as well as many other intangible benefits.

And that constitutes our sixth and last Lever to optimize the ROI of your Consulting Spend: "Improving your Consulting Sourcing maturity."

In this episode of our 6-Levers series, Helene shares with you what organizations can do to achieve this maturity. Tune in.

We all know that consulting is a big business. In fact, it's a $250 billion industry. But what's not so well known is that a lot of companies are leaving money on the table by investing in the wrong projects, overpaying, or failing to capture the full potential of their projects.

Procurement is often sidelined in these situations, relegated to administrative tasks such as contract management, purchase orders, and payments. But procurement has more to bring to the table: performance measurement, spend management, relationship building, and risk assessments are key success factors for purchasing any goods and services, including consulting.

Procurement leaders can help make sure the suppliers meet or exceed the buyer's expectations in terms of quality, delivery, and cost. When done right, this can lead to significant savings for the company.

Our 6-levers podcast series aims to help clients do it right so that they can optimize the benefits of their consulting investment. We already have told you about the four levers, and the 5th lever is about partnering with your consulting suppliers. Tune in and learn how you can get the most out of your consulting projects

When optimizing the ROI of your consulting investment, the amount of money you invest in the project is not directly proportionate to the impact it creates.

If you want to maximize the value of your consulting investment, you have to invest wisely and not pour loads of cash into a project expecting results.  And that means investing in the right projects, setting up the right delivery model, securing the impact of your projects, and, yes, keeping your consulting costs under control.

How do you do that? How to identify the areas that can be the source of significant savings? In this episode of our 6 Levers series, Helene discusses how you can refocus your spend on the must-haves, work with existing resources in new ways, trim your budgets, anticipate your expenses and control your projects to keep them on track. Tune in.

In this episode of our 6-Levers podcast, Helene answers one of the top concerns of business leaders --" how can I secure the maximum impact from my consulting projects?"

Our answer is to start by investing wisely in the right areas. But what are those areas of opportunity, and how do you spot them?  It starts with working on the right projects and assembling the right project team.

Welcome to the second episode of our 6-levers series, where we show you how to maximize your consulting spend ROI.

In this episode, we discuss the second lever- the right delivery model selection. Starting with what we mean by the delivery model to discuss the options and how to leverage them effectively, this episode explains it all.

Watch this episode and every episode of this series; we promise, at the end of the series, you’ll emerge a wise, educated, informed consulting buyer and user.

Even though consulting is a $300 billion industry, some business entities still doubt the value-creation potential of consulting.  Some even consider availing of consulting services as a sign of weakness.

Contrarily, in some industries,  executives depend a lot on consultancies. The bottom line is that consulting can be an invaluable resource when used effectively. At the same time, we must acknowledge that not all projects are good candidates for consulting support.

To ensure maximum value from your consulting spend, you must first ensure that you're spending the right amount of money on the right projects and investing strategically. But making that decision is easier said than done.

Therefore investing in the right projects has to be your first lever as you strive to optimize your consulting ROI. 

This Smart Consulting Sourcing podcast episode tells you how to use this lever most effectively.

Procurement transformation is at the core of capturing maximum value from your consulting spend, and our six levers can help you achieve just that. But before initiating that process, business leaders and stakeholders must understand and accept that the procurement transformation will impact the entire organization, and the company as a whole can benefit from what best-in-class procurement can offer.

But for any change to take place, procurement needs the blessings of the top management and stakeholders. Ironically, they often do not care, and this nonchalance only reflects the absence of synergy between business lines and procurement. Changing this mindset is the first step to optimizing your consulting ROI.

In this week's Smart Consulting Sourcing episode, Our Expert Helene Laffitte explains all there is to know before you start using our 6-Levers of Optimizing the ROI of your Consulting Spend.