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»Show Me The Money
Management consulting is a cash business. Now salaries and bonuses within the consulting industry are certainly not at the stratospheric levels enjoyed by their kindred brethren in investment banking. But consultants generally do realize much-better-than-average wages relative to their counterparts in the corporate world.
»Will ‘Knowledge Workers’ (Consultants) Be Replaced by Machines? It’s Possible
The management consulting industry to date has been largely unscathed by the wave of technological change. However, there are signs that digital technologies are now beginning to disrupt the management consulting industry as well, with potentially deep and far-reaching consequences.
»A Force in Consumer Banking
Banks have been stepping up their customer satisfaction game in recent years against the typical market forces at play. The pace of change has been head-spinning for an industry not well known for its swift response to customers.
»Time To Simplify and Get Organized (Well, At Least Your Cloud Services)
The practice of adding cloud services in silos and based on specific department needs often results in overlapping and many different contracts with the same vendors.
»Riding the Waves of Healthcare Risk
The modern healthcare system is much like the ocean—stormy, choppy, and hostile at times, soothing, calm and inviting at others. For surfers, the more waves you go for, the more you will catch, and the more likely you’ll “wipe-out.”
»The Department of Defense Wants a New Mantra
“Do more with less.” It’s become a tired refrain that U.S. Department of Defense leadership is all too familiar with hearing from all directions, whether it is their direct superiors, Congress, or the Executive.
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»Marriott Goes Big in NYC
Marriott International, Inc. and G Holdings opened what they’re calling an “iconic addition” to the New York skyline, a combined 378-room Courtyard hotel and 261-suite Residence Inn hotel in midtown Manhattan. The $320 million, 68-story property is the tallest single-use hotel in North America.
»Best Places to Stay: Travel Bounces Back
Consultants are on the road again, at least according to the results of our annual Best Places to Stay survey.
»FAA: ‘Staffing Challenges’ Causing Delays
In case you haven’t noticed, non-weather related delays at U.S. airports are on the rise. (And I know you’ve noticed that weather-related delays are definitely on the rise.)
»Hilton’s Building Boom
Coming off a whirlwind 2012, Hilton Worldwide is the fastest growing global hospitality company by number of rooms.
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»Q&A: Keeping It Simple
BCG’s Six Simple Rules sets out to simplify some organizational complexity.
»Review: Leading the Life You Want
It seems that everyone has an opinion on work/life balance these days, but Stewart D. Friedman’s Leading the Life You Want isn’t necessarily one of them.
»Review: The Culture Map
Globalization led to the rapid connection of internationally based employees from all levels of multinational companies, and now those same employees are expected to collaborate with colleagues scattered all over the world.
»Review: Twitter is Not a Strategy
Today’s digital frenzy has led many to declare that advertising is dead… or at least dying. Is it?
»Excerpt: Procurement as Productivity
The following is an excerpt from the book Procurement 20/20: Supply Entrepreneurship in a Changing World by a quartet of McKinsey & Company consultants—Peter Spiller, Nicolas Reinecke, Drew Ungerman and Henrique Teixera.
»Review: The Risk-Driven Business Model
Most companies focus their innovation on new products.
»PwC Advisory Chief: PRTM Deal ‘Off to a Great Start’
Even though the deal just closed at the end of August, Dana Mcilwain, PwC Vice Chairman and U.S. Advisory Leader, says the firm is already seeing some significant success stories from its acquisition of PRTM.
“We’re off to a great start,” he says. “The transition is going very well, we are already working together seamlessly in the marketplace and pursuing and winning new opportunities. The deal is a strategic fit, economic fit, and most importantly, a cultural fit. Without the cultural aspect, this deal could not succeed.”
The acquisition adds some 725 new consultants into the PwC fold, bringing the total number of employees into PwC advisory to over 7,000. For now at least, PwC will continue to leverage the PRTM brand. Scott Hefter, former Global Managing Director of PRTM, is leading the “PRTM Management Consulting” unit within PwC’s advisory business. PRTM, the 40-year-old Waltham, Ma.-based operations firm, was ranked No. 15 on our annual Best Firms to Work For list in 2010. PwC, meanwhile, was ranked No. 8 on this year’s survey. Financial terms of the deal were not disclosed.
Meanwhile, Mcilwain says PwC is already getting positive feedback from clients about the benefits PRTM brings to the firm. Those benefits include expertise in the areas of strategy, product and services development, supply chain, customer experience, as well as very strong benchmarking and analytical skills.
From an industry perspective, Mcilwain says PRTM’s prowess in manufacturing, technology, industrial products and retail and consumer were major pluses. “We saw it as a tremendous fit both from a functional perspective as well as from an industry perspective,” he says. “PRTM’s capabilities really make us a leader in the operations management space, and we’ll continue to grow that business and drive a significant rate of growth for us going forward.”
The impetus for the PRTM deal actually started well over a year ago when PwC began a process of looking at firms with the skills and capabilities and industry credentials the firm was interested in acquiring.
“During that process, we looked at a number of companies and at the end of the day, Diamond Management & Technology Consultants and PRTM were the two companies that topped our list,” Mcilwain says.
PwC acquired Diamond in August 2010.
“Both Diamond and PRTM have great brands and a tremendous track record in terms of serving clients,” he says. “And they share our culture and do a great job of caring for and developing professionally their own people. That’s why we brought them into the fold. We want firms like that to join forces with PwC.”