Best Practices for Valuing Internal Consulting Organizations : Market Research Report

Best Practices for Valuing Internal Consulting Organizations

Published: Dec. 1, 2008 - 54 Pages

STUDY OVERVIEW: Research Objective and Methodology; Definitions Used in this Study
KEY FINDINGS AND INSIGHTS: FTEs, Evaluation Metrics; Evaluations and Communications; Leadership, Funding, Scope
BENCHMARK CLASS: Participating Companies; Participating Company Size; Participant Consulting Perspective; Internal Consulting Group Longevity; Respondents’ Years of Experience
STRUCTURE & SCOPE: Group Leadership & Reporting Structure; Funding of Internal Consulting Groups; Scope of Participants’ Consulting Projects; Average Number of FTEs
VALUE & PERFORMANCE MANAGEMENT: Indicators Most Frequently Used to Determine Group Value; Value Indicators with Highest User Ratings; Methods for Quantifying Value (per Indicator); Additional Indicators Used for Valuing Groups; Most Frequent Approaches for Evaluating Project Success; Most Influential Project Evaluation Approaches; Highest Rated Approaches Not Always Most Used; Additional Project Evaluation Approaches; Project Evaluation Frequency; Spotlight: Ongoing Evaluations; Spotlight: Effective Measurement Practices
EFFECTIVE COMMUNICATION: Most Common Methods for Communicating Value; Highest Rated Communication Methods Used by Respondents; Communication Method Use & Effectiveness; Additional Communication Methods Used; Communication Frequency
STRATEGIC ALIGNMENT: Key Steps for Alignment with Corporate Strategy; Practices for Effective Strategic Alignment; Spotlight: Annual Meetings
CRITICAL SKILLS FOR INTERNAL CONSULTANTS: Critical Skills and Attributes for Internal Consultants
ADVANTAGES OF INTERNAL VS. EXTERNAL CONSULTING: Internal vs. External Consulting: Viewpoints; Use of Internal vs. External Consultants
KEY SUCCESS FACTORS AND BEST PRACTICES: Success Factors for a High-Value Consulting Function; Best Practices: Communicating Value; Best Practices: Measuring Value; Best Practices: Client Interaction & Relationships; Additional Best Practices; About Best Practices, LLC

Abstract

Many leading companies have developed and staffed an internal consulting organization for various reasons, but in times of economic adversity, as costs are scrutinized, the value of all functions within companies are being questioned. Although internal consulting organizations are typically created with a clear purpose, often these organizations grow and take on additional responsibilities supporting important executive issues in a rather amorphous manner, lacking the clear measures of other functions within companies.

This benchmark research study examines and shares the best practices that internal consulting groups can use to effectively measure performance and communicate the value of their function.

Among these areas studies in this research are:

Effective value indicators
Methods for qualifying value
Project evaluation approaches
Evaluation frequency
Effective methods for communicating value
Communication frequency
Methods for aligning strategy with corporate goals
Key internal consulting skills
Success factors and best practices for measuring and communicating value

INDUSTRIES PROFILED

Pharmaceutical; Consumer Products; Manufacturing; Office Equipment; Energy; Insurance; Professional Services; Chemical; Telecommunications; Electronics; Computer Hardware; Computers; Shipping; Biotech; Health Care; Utilities

COMPANIES PROFILED

3M Pharmaceuticals; Legget & Platt; Colceramica; Detroit Edison; Tufts Healthplan; Thomson Reuters; Grace; Erie Insurance; Wyeth Pharmaceuticals; Amadeus IT Group; BT Group; Canon ITS; Caterpillar; Dell Computer; FedEx; Fluor Corp.; Genentech; Indegene Lifesystems; Johnson & Johnson; General Mills; MetLife; Motorola; NSTAR; PSE&G

STUDY SNAPSHOT

This research was undertaken to identify practices internal consulting groups can use effectively to measure their performance and to communicate their value to senior leadership.

The research involved an online survey of 31 internal consulting leaders at 24 companies, as well as in-depth follow-up interviews with participants who demonstrated innovative methods for capturing or communicating group value.

Key metrics collected for this research include:

Internal Consulting Function Represented
Longevity of Internal Consulting Function and Respondents’ Years of Experience
Funding Source for Internal Consulting Group
Initiatives of Internal Consulting Group in Last Two Years
FTEs Dedicated to Internal Consulting
Indicators Used to Determine Overall value of Internal Consulting Group
Effectiveness of Value Indicators
Approaches for Evaluating Success of Internal Consulting Projects
Ranking of Approaches for Evaluating Success of Internal Consulting Projects
Methods for Communicating Value of Internal Consulting Services
Effectiveness Rating for Communication Methods

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Best Practices for Valuing Internal Consulting Organizations

Table of Contents

Abstract