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McKinsey, BCG, and Bain rarely worth hiring?
PLUS: New #1 Consulting Firm (it's not MBB)
Consulting Humor
August 26, 2024
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Top story: McKinsey, BCG, and Bain are ‘rarely worth hiring’ according to executive survey
Source: Bain & Company website
Big Consulting Firms Under Fire: 84% of executives say McKinsey, BCG, and Bain offer little to no help during corporate transformations, often pushing one-size-fits-all strategies.
Transformation Fatigue: Half of surveyed executives have considered quitting due to ineffective transformation efforts, despite recognizing their importance for competitiveness.
Pivot to AI: As traditional strategies falter, firms like BCG are betting big on AI, with plans to generate significant revenue from AI integration projects in 2024.
McKinsey, BCG, and Bain—often hailed as the holy trinity of consulting—might not be living up to the hype. A recent survey of 702 executives, commissioned by the digital consultancy Emergn, reveals that 84% of those who engaged these consulting giants during corporate transformations found them "no help at all." The critique? These firms are pushing cookie-cutter strategies that don’t address the unique challenges of each business.
Despite generating billions in revenue and producing alumni who dominate boardrooms, these consultancies are struggling with transformation fatigue among clients. Half of the surveyed executives have even considered quitting over this issue. Yet, 70% still acknowledge the importance of transformation projects for staying competitive, signaling a paradox in the industry.
With the pandemic-fueled demand boom fading, the consulting sector is grappling with job cuts and a quest for renewed growth. McKinsey, for instance, offered UK staff incentives to leave following 1,400 job cuts in 2023. In this evolving landscape, firms like BCG are pivoting towards AI, with a fifth of its 2024 revenue projected to come from AI integration projects.
The big question: Are these traditional powerhouses adapting quickly enough to stay relevant? As transformation projects become increasingly complex, the value proposition of these consultancies is under greater scrutiny. While they still command respect and hefty fees, the pressure is on to prove they can deliver more than just polished PowerPoints.
Read more here.
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