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Regulatory compliance is an organization's adherence to laws, regulations, guidelines, and specifications relevant to its business. The laws may be local or international, and may cover a vast array of compliancy issues. Violations of regulatory compliance can very often result in severe legal punishments, including fines or withdrawal of the product from the marketplace. Regulatory compliance gives your customers the confidence they need when purchasing equipment, and demonstrates that other equipment will function correctly in its presence. To not have such strict enforcement in place lays open the possibility of different pieces of electronic equipment interfering with other transmission or reception.
Organizations in heavily regulated industries are facing consistently tightening controls on how they conduct business. Whether you are a bank, financial institution, investment advisor, or publicly traded company, everyday there seems to be an ever-tightening grip by one regulating body or another.
Regulatory compliance is a huge subject, and with so many different aspects, it is a legal minefield that requires a professional to safely and fully navigate. Many of the standards that need putting in place and maintaining are expensive and complex, and require people skilled in their operation to install them. But with the necessary legislation in place and fully working, your company will be able to operate on a global level.
Our regulatory compliance team delivers insightful and comprehensive solutions including creative design and implementation of compliance management systems, specialized skills training, and evaluation of existing systems and processes. Using a customized approach, our consultants scrutinize and evaluate each organization's unique situation to provide the most accurate and effective management information.
Management consulting is the practice of helping organizations to improve their performance, operating primarily through the analysis of existing organizational issues and the development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialized expertise.
Sustainability has become a critical business issue. Today, executives report it is on their top management agenda. In the current environment, competitive advantage flows to companies that know how to do more with less. Winning organizations are embedding sustainability into their business models and governance processes to capture growth opportunities, resource advantages, and cost savings.
World-class people and organizational capabilities are a source of competitive advantage. Successful organizations are agile and focused, with the right leaders in the right positions. They have strong change management capabilities and the flexibility to embrace new ways of working in an age of constant digital disruption and high-paced evolution. Winning organizations have high-performance cultures that engage and inspire their employees and they align all functions to support a winning strategy.
After an era of stagnation in productivity growth, revolutionary applications of digital and analytics are rewriting the rules about how to improve efficiency and effectiveness. The use of big data, machine learning, artificial intelligence, and collaborative robots will allow for a quantum leap in speed, quality, and cost efficiency. As supply chains grow more complex and volatile, businesses must embrace collaboration, integration, Industry 4.0, and Service 4.0 opportunities to ensure success.
Smart homes, the Internet of Things, social media, mobile applications, and other technologies are generating an unprecedented amount of multi-structured data. This "big data" has the potential to transform businesses and industries and to unlock tremendous value. It transforms how companies organize themselves, decide which technologies to use, and build ecosystems of partners and vendors. The time has come to value data as a strategic asset that can help you win.
Globalization, technological change, and growing economic interconnections are challenging traditional strategy approaches. Yet strategy is more necessary than ever. The frequency and speed with which leadership positions change are increasing—and the performance gap between winners and losers is widening. To beat those trends, strategists must understand, compete across, and adapt to, a much broader range of strategic environments, each requiring distinct approaches and capabilities.
Globalization also, presents unparalleled business opportunities, but the threat of disruption looms large. Many companies have built sizable international footprints, yet struggle to maximize their potential in the face of changing markets, evolving consumer profiles, and the rising local competitors. Winning globally can be an incredible source of value creation, but it takes hard work, commitment, and a fundamental transformation of many organization functions.
Customers are rapidly shifting how they learn about and buy products, in both developed and emerging markets. At the same time, a powerful arsenal of commercial data and tools is now available. Leading companies are transforming their marketing, sales, and revenue functions. With low risk and high returns, transforming how you go to market can generate great value for you and your customers.
We are a consulting firm that serves a broad mix of private, public and social sector institutions. We help our clients make significant and lasting improvements to their performance and realize their most important goals. We’ve built a firm uniquely equipped to take advantage of opportunities that arise in the market.
For many small- and medium-sized businesses, business continuation insurance serves as a useful element of succession planning and can be a vitally important part of a business continuity plan. Usually consisting of life and disability policies structured to meet the business continuity needs of the owners of a business, should a partner die or become unable to participate in a company’s ongoing operations, these policies are payable per the terms of an ownership transition contract – typically either a buy-sell, cross-purchase or entity purchase agreement. Business continuation insurance is a risk management strategy that enables remaining business partners to move forward.
For businesses with two or more partners, a buy-sell agreement between the owners of a business stipulates how the proceeds from a business continuation insurance policy will be directed. Life insurance policies address the risk of an owner’s death; disability income insurance serves as a backstop in the case of disability.
- Term life insurance, permanent life insurance, and disability buyout insurance can all be used in buy-sell contracts
- Cross-purchase agreements direct that individual owners of a business are named as beneficiaries of insurance policies
- Entity-purchase or redemption agreements name the business itself as the beneficiary of insurance policies
Key person insurance also uses life insurance as a business continuation strategy for managing the loss of a person whose contributions are critical to an enterprise. Unlike business continuation insurance, however, it is typically not set up in conjunction with a buy-sell agreement.
The point of business continuation insurance is to mitigate the impacts of financial stress and loss of leadership that frequently follow the death or disability of an owner or partner. This insurance should be considered as just one piece of your company’s long-term planning.
The entire process of creating ownership transfer and financing strategies can give you and your partners the opportunity to set out a clear business succession agreement, and prevent future conflicts and misunderstandings from occurring down the road.
The game plan to get the ball rolling:
- If you’re a sole proprietor of a business, then key person (or key man) insurance can fill a function similar to business continuation insurance. This type of insurance can also be used as a strategy for covering the loss of a manager or other employee who does not have an ownership stake, but whose contributions are critical to your company.
- If you haven’t begun business continuation planning with your partners, now is definitely the time to start. Schedule a meeting to talk through all the “what-ifs”—including how to best transfer ownership in the event you or one of your partners should voluntarily or involuntarily leave the business.
- Speak with your business insurance professional about securing the business continuation insurance policies that are right for you and your partners’ needs.
- Effective business continuation strategies typically involve a host of complex areas of expertise, including insurance, estate planning, taxes, accounting, and finance—not to mention strategic planning. You and your partners may want to consider hiring a consultant who specializes in continuation strategies and can coordinate solutions among your advisers.
- Don’t confuse business continuation with business interruption (business income) insurance! Business interruption insurance covers the loss of income a business may suffer after a shutdown in operations occurs due to an accident, injury, or physical event like a fire or major storm.
Business Process Reengineering involves the radical redesign of core business processes to achieve dramatic improvements in productivity, cycle times and quality. In Business Process Reengineering, companies start with a blank sheet of paper and rethink existing processes to deliver more value to the customer. They typically adopt a new value system that places increased emphasis on customer needs. Companies reduce organizational layers and eliminate unproductive activities in two key areas. First, they redesign functional organizations into cross-functional teams. Second, they use technology to improve data dissemination and decision making.
How Business Process Reengineering works:
Business Process Reengineering is a dramatic change initiative that contains six key steps that managers should take:
- Define Business Processes. Map the current state (work activities, workflows, roles and reporting relationships, supporting technology, business rules, etc.).
- Analyze Business Processes. Identify gaps, root causes, strategic disconnects, etc. in the context of improving organizational effectiveness, operational efficiency and in achieving organizational strategic objectives.
- Identify and Analyze Improvement Opportunities. Identify, analyze and validate opportunities to address the gaps and root causes identified during analysis. This step also includes identifying and validating improvement opportunities that are forward facing – often strategic transformational opportunities that are not tethered to current state process.
- Design Future State Processes. Select the improvement opportunities identified above that have the most impact on organizational effectiveness, operational efficiency, and that will achieve organizational strategic objectives. Make sure to select opportunities for which the organization has the budget, time, talent, etc. to implement in the project timeframe. Create a forward-facing future-state map that comprehends the selected opportunities.
- Develop Future State Changes. Frequently overlooked (and a key root cause in failed BPR initiatives), this is where the above opportunities are operationalized before implementation. New workflows and procedures need to be designed and communicated, new/enhanced functionality is developed and tested, etc. Changes and opportunities cannot be implemented until they are operationalized.
- Implement Future State Changes. Classic implementation based on dependencies among changes/opportunities, change management, project management, performance monitoring, etc.
Companies use Business Process Reengineering to:
- Reduce costs and cycle times. Business Process Reengineering reduces costs and cycle times by eliminating unproductive activities and the employees who perform them. Reorganization by teams decreases the need for management layers, accelerates information flows and eliminates the errors and rework caused by multiple handoffs.
- improve quality. Business Process Reengineering improves quality by reducing the fragmentation of work and establishing clear ownership of processes. Workers gain responsibility for their output and can measure their performance based on prompt feedback.
IT consulting services are advisory services that help clients assess different technology strategies and, in doing so, align their technology strategies with their business or process strategies. These services support customers’ IT initiatives by providing strategic, architectural, operational and implementation planning. Strategic planning includes advisory services that help clients assess their IT needs and formulate system implementation plans.
Architecture planning includes advisory services that combine strategic plans and knowledge of emerging technologies to create the logical design of the system and the supporting infrastructure to meet customer requirements. Operational assessment/benchmarking include services that assess the operating efficiency and capacity of a client’s IT environment. Implementation planning includes services aimed at advising customers on the rollout and testing of new solution deployments.
Companies need technology organizations that fuel their strategy, not hobble it. We help you make confident technology decisions and ensure your IT organization is agile, effective and equipped to cut through the buzz of the latest trends to create enduring results.
Technology is an integral and potentially differentiating component of your business that both influences and is guided by corporate strategy. We take a unique approach to IT, working with business leaders to understand your strategic goals and then determining which technological capabilities, systems and support you need to achieve them.We work closely with you to:
- Reach new and game-changing levels of performance by modernizing your IT capabilities, including your systems architecture, operating model and cost structure, so your company is ready to pursue its digital future.
- Improve the value that IT brings to the business, by identifying the resources and capabilities needed to generate lasting results. Focus your investments on what matters most, ensure the right people and processes are in place, reduce complexity, and be confident that your large-scale projects will meet or exceed expectations.
- Our information technology consultants deliver custom-tailored IT consultancy services covering a variety of business technology strategies. Our team is available to provide strategic guidance on a variety of topics, including cloud strategy, IT budget planning, risk management, disaster recovery planning, business continuity planning, IT assessments and systems audits, planning, communications and more.