A good consulting firm can create huge value for a BFSI business. The hardest part though is to find the right one!
While this is not an exhaustive list and the companies are free to evaluate on their criteria, there are broadly five points that any business should consider when evaluating who (or which consulting firm) to partner with:
1. Context-led expertise:
Whether it’s marketing, tech, or operations - many firms will have the right team members, with the right skill set when you set out to look for a consulting firm.
However, very few will have the right context. Context could vary from the size of your business, or the niche verticals you operate in, to lack of in-house expertise, or any specific situation.
The quickest way to generate value from a consulting partner is by identifying out everyone you have spoken with, who understands your context better.
2. Experience with similar problem statements
Right skill sets and understanding of context ensures that the firm you choose to partner with can hit the ground running. However, the right firm should also have hands-on experience solving the problem statements that need solving.
It’s only when someone has gotten their hands dirty and solved similar problems before, that they can fully understand the ground realities, and help your organization navigate them.
3. Implementation experience
Building further on the first two points, the right consulting firm will have team members who will not only set up the overarching vision but also be able to lead the implementation. While a good consultant will give you the right advice, approach and frameworks, the best of the lot will not be afraid to dive into implementing the same.
Every plan made on paper acts as the first draft.
When you try to make the plan real, you realise the pieces you need to optimise for, and the variables you did not account for. A consulting firm experienced in implementation will have the capability to understand these shifts and swiftly bake in the changes while anchoring to the original plan
4. Client’s needs first
The world of consulting is broadly divided into two parts:
Those who have a solution which they are selling to every client
Those who understand their clients’ problem statement, constraints and capabilities first, and then identify the right solution for each problem.
Needless to say, most companies looking for a consulting firm will benefit more from the second category of firms. Not to say that the first option won't work, it's just that every customer and their problems are unique.
5. Owns ROI accountability:
Organizations bring in external expertise with an ROI in mind, which can vary from driving down costs to maximising profits or expanding operations.
The best consulting firms will brainstorm with the organisation's leadership and jointly identify the right ROIs. Once the ROI is identified, the consulting firm will ensure they own the ROI goals and meet them within stipulated timelines.
Not only does that signal professionalism, but it also ensures that the consulting firm operates with visible rigour and accountability - this visibility creates confidence across the organisation’s hierarchy, thereby generating successful results.
If you are part of a bank, NBFC, or a financial services organization, and looking for the right consulting firm - reach out to us today at firstname.lastname@example.org. We check all the above boxes, and then some!