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Consulting shift as mid-tiers take the lead

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Recent pressure on the global consultancy sector has led to one of the lowest levels of growth for the Australian industry in more than 10 years - however mid-tier firms say they are now seeing opportunities where they would have been previously overlooked in favour of the big players.

According to Wi Liem Chua, partner and national head of retail at consultancy Grant Thornton, larger firms have always been traditionally expert at producing strategies but have struggled when it comes to execution.

A collaborative approach builds trust with clients. iStock

He says mid-tier firms such as Grant Thornton – with its focus on audit, tax, risk and management advisory services - are quickly adapting to a changed market dynamic where clients not only want a strategy, but also a partner that will help them put it into operation.

“In the early stages of my career I had experience with the top-tier management consulting firms and what always amazed me was the diverse thinking they brought to an organisation: clients are paying for this diversity of thought and for guidance in best practice,” Chua says.

“But what I found challenging was that while they delivered great opportunities – largely through expansive PowerPoint decks – the question left behind among the C-suite and mid-tier management was how to operationalise the transformation and realise the value in the bottom line.”

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Likening the roles of consultants to either architects (those who design strategies) or builders (those who implement these blueprints), Chua says that clients are increasingly looking for nimble, mid-tier operators that have the experience of performing both functions.

“We find there’s a level of stickiness with our relationships when we’re in that building seat,” he says. “What we want to do is to build alongside them so that by the time we finish, there’s a rising tide of capability.

Wi Liem Chua, partner and national head of retail at consultancy Grant Thornton. 

“There’s a sustainability in what is delivered that lives on beyond the external support.”

Grant Thornton, he says, differentiates itself through personalised service, practical experience, and a collaborative approach that builds trust with clients.

“We are not a consulting firm that has vast libraries of one-size-fits-all methodologies; our methodology is in our team and this differentiates us in a very challenging market.

“We bring a level of experience and personalisation that is difficult to find unless you’ve actually walked in the shoes of your clients.

“Our team has real depth – we have senior retail leaders from industry to others who come from an engineering background, for example, and then those who have just finished an MBA – and this means from a retail perspective that there’s a real diversity of thought and understanding about what the problem to solve will really mean to the profit and loss of a company.”

The consistency of the team, too, has a strong impact on customer experience.

Guiding a client throughout the entire transformation journey means that conversations are remembered, relationships are built, deep connections are made, and the vision is maintained.

“Finding a values alignment is something that we hear back from clients quite a lot,” he says. “We’ve been partnering with David Jones for some time now on core elements of their transformation journey, and their CEO would talk about, not just the experience that we brought to this process, but also the alignment in values between our team and their organisation.”

David Jones CEO Scott Fyfe says that partnering with Grant Thornton’s management consulting team has “delivered tangible and real enterprise value for our business”.

David Jones CEO Scott Fyfe. 

“Their proactive and collaborative approach, with their deep understanding of our unique needs, have led to the successful implementation of tailored strategies, driving meaningful growth and lasting transformation,” says Fyfe.

Grant Thornton’s Chua says: “Ultimately, Grant Thornton’s focus on reputation means that clients benefit from a team that understands that brands are built on a solid foundation of core values. One of the things we hold dear is our commitment to core values.”

“When we think about our collaboration, authenticity and the responsibility we have towards excellence, and living that through our work, then reputation becomes a big part of the relationship itself.”

Chua says the preference of the Grant Thornton team is to work alongside clients wherever possible.

“If you do that, there’s really nowhere to hide with your clients,” Chua says. “They see you working on-site with them and this is how we build trust and transparency; by being shoulder to shoulder with them.”

To learn more, please visit Grant Thornton.

Sponsored by Grant Thornton

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