Another winning strategy belongs to the McKinsey digital transformation. What DX ways and methodologies do they follow? Let us learn and see what applies to your business.
Success Strategies from McKinsey Digital Transformation
McKinsey & Company, the world’s leading consulting firm, provides advisory services to businesses, governments, and institutions. The company advises clients on strategy, operations, technology, organization, and finance. They use advanced analytics. By doing so, they help their clients understand what is commonly referred to as “big data”. Which includes customer insights, operational intelligence, and financial information, for instance.
When the company launched its digital transformation initiative, it was at a time when client demand for digital services was increasing rapidly. Although McKinsey focuses on delivering high-quality work to clients around the world—a commitment that has earned it a reputation as one of the most prestigious management consulting firms in the world—it needs to move faster to address client needs.
They have a team of strategists.
One of the ways McKinsey addressed this need for speed was by consolidating its multiple research groups. For example, into a single team that met critical client needs with coordinated offerings.
As a result, McKinsey also moved some consulting services online. They do so by launching an online pricing engine that allowed clients to quickly calculate their total costs.
They use data and analytics effectively.
McKinsey is using analytics to gain new insight into core business processes and identify new areas of growth. They also improve their ability to serve clients across all industries and regions more effectively. For example, McKinsey has implemented an analytics platform that provides visibility into its performance across all service lines and geographies. The platform is helping McKinsey analyze data more quickly so the firm can make better business decisions more quickly.
The company is also using analytics to gain new insight into core business processes and identify new areas of growth. For example, McKinsey has analyzed anonymized data from thousands of advisers who interact with clients daily to identify trends that can help drive better decision-making on assignments. The insights have enabled McKinsey’s leadership team to improve discussions with internal stakeholders about lateral moves within the firm’s global organization structure.
They created a digital platform.
McKinsey’s digital transformation has also enabled the company to expand how it connects with clients. For example, McKinsey created a new digital platform called McKinsey Solutions, which is helping clients address their most complex challenges. The firm also launched a new digital platform called McKinsey Insights, which enables clients to explore data on topics such as economic growth, business risk, and business technology trends.
The company is focused on creating a culture of innovation.
McKinsey has taken steps to transform its culture so that it can develop the necessary skills to succeed in the digital world. Two examples of these changes are its development of an agile development methodology and its adoption of an open-innovation model.
To achieve speed and agility, McKinsey developed an agile development methodology that allows it to deliver high-quality products and services online to clients around the world more quickly than before. To develop this methodology, McKinsey brought together a group of experienced product managers and software developers from within the firm to form a dedicated team. The team developed an agile methodology that could be used to accelerate development for both existing and new products and services. The firm has implemented this approach across all products and services lines.