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Copy of McKinsey's case study
Transcript of Copy of McKinsey's case study
Managing Knowledge and learning
The history of Mckinsey
A global and leading firm
The seven S strategy
From an‘accounting and engineering advisors’ to the world’s most prestigious consulting
Why Mckinsey became this bright and wealthy company?
Change of strategy because of the competitive environment
the capacity of auto-analyze
a new/ an innovative strategy with their management of knowledge.
Mr. Bower understood that “every assignment should bring the firm something more than revenue-experience or prestige (…)”
The firm growth and expand largely in the 1950s and in 1960s thanks to a “series of major changes” in the firm's structure and missions
1980s business leaders in the United States and later in Europe made value creation and cross-border competitiveness a priority, which intensified merger and acquisition activity
An unique source of competitive advantage
McKinsey’s recruiting and training strategy
The general survey outline
Bower refined and developed the “One firm” strategy
Recruited into the firm, not the office.
Made knowledge transfer through the mobility of people
People and profits are firm wide resources
Diversity of sources
Engagement of top managers in recruitment process
Global knowledge base
Built-in turn-over: constant renewal
The first case highlights :
the « one firm » strategy of McKinsey
the success of PDnet created in 1987
creation of a team with specialists to work on the financial growth development of a big Australian company
One Firm Strategy
The second case highlights the knowledge management change (compartmentalization) but also the career path system
The case: Creation of a federalist based-network about Telecom knowledge by an Australian specialists during the sharp development of Telecoms in Europe
1/Availability of specialists
2/Difficulty to manage
No face to face meeting
Time difference can slow down the project
3/ No breakthrough idea
- People from UK, NZ, USA, Australia
2/Accessibility to knowledge
- First phase complete through Pdnet
3/High level of expertise
4/ Good for Mckinsey’s image
1/Can create the best team for one situation
Kjersti Aarak Tvedt
Balance between Knowledge and Client Service
Reactivity to environment
Knowledge focus strategy improve expertise
Respond to the lack of consultant
less direct implication of specialists
Step away from the “one firm” strategy
This case shows:
the balance between knowledge focus and client service
the issue among different career paths
Creation of a new competence center and the challenges that Stephen Dull had to face as a new specialist employee
Service is the fundamental goal of McKinsey
Client relationship important for feedback, practice, loyalty but also for knowledge
Avoid the fact that Specialists less regarded than generalists
Development of new competence centers if necessary
Increase the level of expertise
Advantages of Knowledge focus
Advantages of client service focus
Thank you for your attention!
Uncertain payback on the investments - high risk
Be careful of not forgetting core business moving in a direction where there might be a too heavy focus on knowledge and less on service.
Overlooking the opinions of the “grass rots” needs, how they feel best to share and obtain knowledge.
Sharing through technology should remain only as a support tool.
Involve more of the corporate body in the Practice Olympics, and also change the team structure.
Highlight best team and individual performances.
Better communication/feed back process between the McKinsey Global Institute and the company.
Commission on Firm Aims and Goals
Neglect the development of their technical and professional skills.
Lack the deep industry knowledge or the substantive specialized expertise.
Recommit the firm to the continuous development.
To develop the ‘T-shaped’ consultants.
Ron Daniel’s response
Full-time director of internal training
Create industry-based and functional-based groups
Build a great firm
Develop the consultants’ skills and expertise.
Update the firm’s long-standing mission.
1926- James McKinsey
Global management Consulting Firm
90 offices in 50 countries around the globe
Marketing and sales,
Risk and strategy.
1933 - Marvin Bower
1940s - World War II
1950s-first international office in London
1960 - firm began to expand its international presence
1990s - redefined the parameters of business
Industry-based group: cut across the geographic offices and remained the primary organizational entity.
Functional-based group: Strategy, organizational and operations.
May damage McKinsey’s distinctive advantage of its local office presence.
Leverage the firm’s functional expertise.
‘Super Group’ meeting.
Articulate the firm’s existing knowledge in the organizational arena.
A Decade of Doubt
Fred Gluck's Contribution
Refine Knowledge Management
Develop Multiple Career Paths
Build a Knowledge Infrastructure
Centers of Competence
Revival & Renewal
15 centers built around existing areas of management expertise.
To complement the growing number of Clientele Industry Sectors.
To help develop consultants and to ensure the continued renewal of the firm's intellectual resources.
Staff Paper Series: to encourage consultants to publish their key findings.
Knowledge Management Project
-Firm Practice Information System: A computerized
database of client engagements.
-Practice Development Network: To capture
consultants-generated ideas and concepts.
Shift the focus from developing knowledge to building individual and team capability.
Integrated groups into seven sectors and seven functional capability groups.
Knowledge creation and competence building.
Create Client Impact Committee.
Redefine the key consulting unit from the Engagement Team to the Client Service Team.
Add long-term value and increase the effectiveness for the clients.
Client Service Staff paths: general consulting and specialized consulting.
Client Service Support: practice expertise and practice management administration.
To build a great institution.
1 Capitalize on the firm's investment in practice development driven by clientele Industry sectors and functional capability groups and supported by knowledge.
2 Create new channels,forums and mechanisms for knowledge development and organizational learning.
3 Multi year internal assignments, focused on emerging issues that where of importance of CEOS.
4 Mckinsey global institute, research center. A firm sponsored research center to study implications of changes in the global economy on business.