SIMSREE Consulting Club Newsletter -November 2012


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SIMCON Newsletter Nov 2012 named as Beacon, denoting the light cast far into the sea by the lighthouse to guide the ships and averting them from colliding on rocks. Same will be the purpose of this newsletter to guide us all on consulting path and lead to the success.

Beacon is also denoting acronym for (BE-A-CONsultant). :)

Your contributions and inputs are most welcome. Mail To:

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SIMSREE Consulting Club Newsletter -November 2012

  1. 1. A number of student clubs have been active inSIMSREE but due to growth in consulting industrythere existed a need for consulting club. As a result,few students of the 2012-2014 batch initiated theformation of SIMSREE Consulting Club named as“SIMCON”.The SIMCON aims to provide exposure to theconsulting industry & enables students to get a bet-ter idea of what a career in consulting is all about bynetworking with other consultants. We plan to havesome interactive sessions and competitions, also update students with the latest thoughts andideas in the industry, and providing them information about careers in management consulting viaindustry workshops, alumni interaction etc.As part of the same effort, we are starting with SIMCON monthly newsletter named BEACON(Be-A-Consultant) from this year and are happy to present you the first issue. Hope you enjoyreading it.1. ABOUT SIMCONC O N T E N T SO FI N T E R E S TAbout SIMCONFood for NeuronsKnow your CompanyBook ReviewMind WorkoutM E M B E R S :ASHISH NAMJOSHIDEVARSH CHAVANKANT MISHRAKARAN KATARIAONKAR SOVANIPRATHAMESH PARKARRAHUL RAMANSAGAR SANKHESAHIL KAMDARVISHAL BANIYAW h a t a r e w e a i m i n g f o r !Our Vision:1. To create awareness amongst the students about consulting industry & its latest trends2. To maintain strong relations with top consultancy firmsOur Mission:1. To provide platform to craft highly skilled & competent consultants from SIMSREE2. To provide exposure to students via competitions, live projects, guest lectures & conclavesA MONTHLY NEWSLETTER FROM SIMCON - SIMSREE CONSULTING CLUBBEACONNOVEMBER 2012ISSUE 1BE-A-CONSULTANTSIMCON FOUNDERSSydenham Institute of Management Studies, Research and Entrepreneurship Education
  2. 2. What is management consulting?If we ask ourselves “Which organisations are the big & famous today?” a long listcomes to our mind. These organisations are huge in size, employ massive numberof resources, have operations all round the world and are involved in complicatedstuff every single day. Naturally, they do have some critical issues to handle andsome crucial decisions to make. Given the complex nature of their business andlarge number of functions to look after, these organisations look for some externalhelping hand in such cases, an advisor who knows in and out of the particular areawherein the issue lies, an expert who has solved similar issues successfully in thepast or a short-term workforce which is task-ready from day zero, which can comein, can help the organisation with a short term project and then move out. A moresimplified definition of management consulting would be „helping out organisa-tions to improve their performance by analysing their current issues, providingthem with solution & designing plans for its future development‟.Business problems exist across a range of industries, business functions and organisation types. Consequently, con-sulting firms also vary in size from huge MNCs (examples include McKinsey, BCG, Bain, IBM Global Services,and Accenture) that cover a wide range of issues to smaller boutique firms that cater to a particular industry or func-tional areas.What are different roles / profiles involved in career path of a consultant?Specific titles vary from firm to firm, but the individual roles are usually as follows:Analyst: This is an entry-level consulting role with candidates usually coming in straight from undergrad. Role in-volves strategic analyses, participating in team problem solving, client interaction and leadership, and communica-tion of recommendations and analyses. Usually, analysts are expected to venture off and get some other experienceof two years (different job, grad school, etc) before coming back as an Associate.Associate/Consultant: Candidates often come in after business school or some other graduate program, but thereare also cases where Analysts are promoted directly to Associate and others when candidates come in as experiencedhires from other industries; Role involves the same sort of tasking as the Analyst, but there‟s an expectation ofgreater business knowledge/insight and greater role in client leadership; People usually stay in this role for 2-4 years,depending on the firm.Manager: At this point, the consultant starts driving the problem solving effort using the work of the Analysts andAssociates. Role involves high-level problem structuring, resource allocation, process management, direct clientleadership, and providing quality control on final deliverables; People usually stay in this role for 2-3 years, depend-ing on the firm.Associate Partner: Transition role between Manager and Partner where a person begins to add value to multipleteams and/or clients concurrently; At this point, the consultant also takes a greater role in business development andselling work for the firm; By this point, the consultant should have developed an area of functional and/or industryexpertise that he/she will leverage as a platform to work toward a promotion to Partner; Consultants usually stay inthis role for 2-4 years, depending on the firm.We hope you liked small ounce of upcoming flood of knowledge of consulting, write to-simcon.simsree@gmail.com2. FOOD FOR NEURONS:MANAGEMENT CONSULTING INDUSTRY OVERVIEWP a g e 2CONSULTING KNOWLEDGE FROMSTUDENTS ,FOR THE STUDENTSB E A C O N
  3. 3. 3. Know your company: CognizantP a g e 3Industries serviced :Banking & Financial Services, Communications, Energy &Utilities, Healthcare, Information, Media & Entertainment, Insurance, Life Sci-ences, Manufacturing, Retail, Transportation & Logistics, Travel & HospitalityB E A C O NAREAS OF SPECIALTY1. Business IssuesPrepare for the Future of WorkPut Analytics to WorkImprove Your Customer Interaction & ExperienceRun IT Like a BusinessTransform Your Enterprise2. Strategic ServicesApplication Portfolio RationalizationBusiness/IT StrategyBusiness Operations & Process TransformationCloud OptimizationFuture of Work Readiness AssessmentGlobal Sourcing TransformationIT Cost OptimizationIT Organization & Operating ModelOrganization Change ManagementPost Merger Integration3. Customer SolutionsCustomer Relationship Management (CRM)Business Process Management (BPM)Cloud EnablementB2B-to-B2C Transformation4. Enterprise Information Management & AnalyticsBusiness AnalyticsData Warehousing5. IT Infrastructure ServicesEnterprise ComputingInfrastructure SecurityNetwork & ConvergenceEnd-User ComputingIT Management Consulting
  4. 4. Title: The Mckinsey WayAuthor: Ethan M. RasielThe sole reason that I went ahead to read this book was a keen interest in consultingfield. But after reading this book, I would say that almost all the thoughts and problemsolving techniques are more or less applicable to every professional who is looking for-ward to make a successful career as a manager and want to lead his/ her firm or businessto greater heights.The author is an ex-employee of one of the most prestigious business manage-ment firms; Mckinsey & Company and he has written the book with goal of explainingvarious work methods used in Mckinsey, the thought process behind these methods andhow these would help to help professionals more efficient & effective in business. Thebook has been logically divided into five parts, each dedicated to different areas whichauthor wants to explain.In the first part, author takes us through the initial stage of problem analysing at Mckinsey. Here author givesinsights about how a typical Mckinsey-ite would approach a business issue brought by the client. He also explains aboutfew rules and principles followed by Mckinsey while building solution to a business case.Rasiel then takes us to the next stage, which is solving the business problem. Here, he explains about varioustasks involved in building the solution to a business case and how a typical Mckinsey team would work on these tasks. Hetakes us through brainstorming till selling the solution.In third part, author explains about importance of presentation skills required while dealing with the client. Hestresses on the fact that even after building a perfect solution for client, the job is only half done. The next step is to sellthe same to the client convincingly. This section covers creating effective presentations, usage of data charts and workingwith client.After this, author focuses on the survival skills for a business consultant. Though the section heading suggeststhat it is about Mckinsey, the thoughts and advice given by author are more or less applicable to every consultant profes-sional.Lastly, author concludes with his memorable moments at Mckinsey, his life after Mckinsey and the key learn-ings he took away from his tenure at Mckinsey.The book is very well structured and author has maintained a very good flow of thoughts. The order of sectionsand chapters is so natural that many times you get exactly the same topic what you expected to come next, while readingprevious page.Another worth mentioning feature is very lucid language. This is a self-help book which won‟t ask you to lookout for words in dictionary. At the same time, author has used specific jargons wherever those are required to get thereaders acquainted with those. But, footnotes make the understanding of jargons very easy.Lastly, the feature which makes this book a must-read is the illustrations that the author gives to back up athought or advice or even a method which is followed by a typical McKinseyite. First hand experiences shared by authorincreases the authenticity of rules or principles explained in the book.All in all, I found this book to be of great value yet easy to read. This book is a great source of real world information forprofessionals keen to get into consulting field. At the same time, it is equally useful to anyone who works within an or-ganization as most of the ideas in here are replicable.B E A C O NP a g e 44. Book Review: The Mckinsey Way
  5. 5. 5. MIND WORKOUT: QUIZZ TIME !!Below are the questions:1. An alumnus of IIT Delhi & Harvard University . He went on to be-come the CEO of one of the world‟s leading consultancy firm . Identifywho & which firm?2. Identify the lady. (Chairwoman of one the leading consultancy firm)3. He started his career with BCG & later joined Bain & co In 1984 heleft Bain & co to cofound private equity firm Bain Capital. We knowhim better because of his other pursuits Who?4. The firm started in in 1909 by an MIT chemist who had discoveredacetate. Named after it‟s founder this company pioneered the concept of contracted professional services. The com-pany played key roles in the development of business strategy, operations research, the word processor, the first syn-thetic penicillin, LexisNexis. Which firm?5. The firm was created by the merger of two large firms in 1998. The two firms each had histories dating back to thenineteenth century. It provides auditing services to the Academy of Motion Picture Arts and Sciences, giving it theunique distinction of having been the tabulator and certifier of votes for the Academy Awards (Oscars) since 1934.Contributions invited: To make this feature a successful effort, we seek continued involve-ment and contribution. From our readers, that is YOU. We invite articles and trivia on themes related toconsulting. Be it industry news, consulting trends, a joke, a cartoon or feedback, we are eager to hearfrom you. So go ahead, do your research, pen down your thoughts and mail your entries to Regards,SIMCON –SIMSREE CONSULTING CLUBSIMSREE, B-ROAD CHURCHGATE 400 020, INDIA.Mail To: simcon.simsree@gmail.comMail answers to (we will announce winners in next month)B E A C O NP a g e 5