Do you know what you want to do after your time in consulting? Are you just going to pick the consulting firm with the largest reach? If so, you might be surprised to learn that neither McKinsey, BCG or Bain are even in the top 10 in terms of revenue generated. Yes, MBB firms offer the greatest prestige, but there actually may be other firms that fit your specific career path better. If you’re an aspiring consultant, don’t stop at the Top 3 ( MBB) consulting firms – there are many aspects to consider when looking at which consulting firm would be the right fit for you. But how do you know which consulting companies would be best for your career path? Well, we’ve aggregated a list of top management consulting firms for you.
#Inform consulting professional
While everyone knows about McKinsey & Company, Boston Consulting Group, and Bain & Company, there are numerous other consulting firms that offer great client service and fantastic professional experience.
Create report formats that are easy to produce month over month but also provide key information managers can use to make informed decisions.Decide which key metrics drive the success of business.For example, do you allocate drug testing costs back to a client or only reconcile this expense in the overall financial reports? Decide how you want to allocate costs and revenue.Begin by looking at monthly client profitability data for the past three years. Analyze your current data set and decide what key data is missing.How are you communicating and preparing your clients for the impact of the renewal?.How do the costs associated with these programs affect your position in the market?.What proactive steps have been taken to improve the quality of your programs?.The quality of your key programs (Worker’s Comp/EPLI, Healthcare & SUTA).What Information is Key to Understanding Your Business?Īs a starting point, two key areas you should consider include:Īre your inflows greater than your outflows? As a PEO grows, it is often more challenging to grow sales organically and solve potential issues before they influence client satisfaction Industry consolidation through acquisitions resulting in disparate data sets that must be joined together to produce meaningful results.The proliferation of private equity backed PEOs has increased the need for timely and relevant reporting.Increased regulatory and compliance standards and oversight in the industry.Increased competition has decreased normal operating margins in many states and has created an urgent need for PEOs to understand their revenue and costs.The following factors contribute to the increasing need for management reporting: For example, which clients are really the most (or least) valuable? A high revenue client may not be as valuable after consideration of the impact to your Worker’s Compensation and Health Insurance Programs. The ability to monitor trends, productivity, and profitability from a high-level and detailed view allows your management team to agree upon and support strategic decisions. Truly understanding and reporting on your business in a timely manner is crucial to keeping up with competitors that can make more informed and faster decisions. Why is Business Intelligence so Important? Time and effort required to prepare necessary reports and dashboards for stakeholders.Providing correct and up-to-date reports to regulatory and compliance agencies (DOL, Federal & State Government, etc.).Necessary data is housed in disparate systems and has to be properly joined together into a useable data set.
#Inform consulting how to
How to best determine true profitability (or loss) of an individual client.Over the years, RVR has recognized common challenges related to the accuracy, depth, speed, and reliability of management reporting, involving: Evaluating financial and operational data leads to better informed, quicker decisions, but it can also seem like a daunting task.Ĭommon Challenges PEOs Face with Their Data Many PEOs do not have a clear understanding of their current performance, internal risks, and growth projections. PEO Business Intelligence: Make Informed Decisions with Management Reporting
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