The rising health costs and the constant innovation and discovery of new health drugs make healthcare sector volatile and unpredictable. If you have a business in the healthcare industry you need to be sure that you abide by the new regulations and stay abreast of the new technologies and discoveries. To keep you updated and informed you need a healthcare sector consulting firm that has the right amount of expertise and experience. Consulting firms are important because they allow you to make the most of your options and resources.
One of the reasons why your health care business needs health consulting services is because you want to identify certain business problems and solve them effectively. Consulting firms not only understand the market dynamics but also focus on your business requirements, preferences and budget. They come up with business models and strategies that are uniquely designed for your business. They also have a huge database of relevant information which is always updated. Hence, you can be sure that you have a partner that has an insight into what’s happening in the market.
Pharmaceutical industry consultancy services also focus on how you can improve your patient care and how you can tackle immediate challenges that most pharmaceutical companies are facing in the evolving medicine industry. If you are interested in having a healthcare sector consultant for your business BMG India can provide you with cutting edge insights, information, suggest robust methodologies and strategies that would allow your business to grow in the real world scenario.
Many have wondered on what exactly a business strategy consulting firms do. To help everyone understand them in a better way, we will elaborate on the definition and the reasons most of the companies hire them.
Business Strategy Consultants: The crux of business strategy is to support the business in generating more profits now as well as in future. Strategy consultants help organizations in identifying emerging trends and developing strategies to cope with them. They help organizations to stay ahead of the curve and beat the competition through superior strategic insights. While operations only look at “How we can achieve it?” strategies mainly address the question of “How we can accomplish this?”
Reasons behind major companies hiring the business strategy consulting firms:
While many wonder why the companies usually outsource or discuss strategies with firms that are not part of the company. While it might sound good for a company to discuss strategies within the company’s boundary and implement them. In practice, this approach has not been very successful. Hence, it is very important to take the help from the business strategy consultants. Strategy consultants leverage their business acumen to provide an unbiased strategic approach and ensure data based decisions making. While the companies seek the help of the consulting firms, at the end of the day, companies take the decisions after thoroughly evaluating all the information and inputs.
Another reason the strategy consulting companies can be of great help is because they usually have tremendous knowledge in the market especially while taking crucial decisions. This is a result of working with many companies. This knowledge can be of a great advantage to the company. Strategy consultants are a great sounding board to bounce off new idea. With an extensive experience in that sector, they can provide valuable advice to the top management and help them in avoiding wrong decisions.
Automotive Industry consulting services ranges from Quality assurance mechanisms, operational excellence to setting up a factory. The consultant’s primary objective is to help the company identify and remove loopholes, increase the process efficiency and performance, help the company enter new markets as well as address the most critical safety issues. The staff who work in the top automotive consultant firms usually have a lot of experience in the Auto industry which can be very beneficial to the automotive companies.
One of the prominent area in Automotive Industry consulting services in India is consulting with the car dealers. Car Dealers prefer using the services rendered by the top automotive consultants to improvise their profitability. The consultants advise them on various factors that can change the way they operate and help improve the processes, staff efficiency. They also provide insights on how they can market themselves and how they can retain the existing customers. Consultants also offer insights about the ways to improve the service department, which is one of the most important element that needs training. Some of the Parent companies prefer hiring automotive consulting firms in India in order to train the dealer’s values as well as in promoting the branding so that dealers universally understand these values and are consistent in their approach. Sometimes the dealers directly get the help from the top automotive consultants as they see the necessity of improvising the way they function.
Another major area of services that an automotive consulting firms in India deal with is the manufacturers. Their work might include optimizing the manufacturing line as well as streamlining the shop floor processes to boost the performance of the plant. They also help the companies in identifying new markets for entry, possible joint ventures, partnerships and efficient procurement.
If you are running a small business and wondering about the process to choose a top management consulting firm, this article will provide some important guidelines to simplify your journey. First you need to identify what type of help your business needs and how to find a business consulting company in completing this task. Below are some very useful tips that can help you in identifying the right consultant:
- Primary Target: Identify the targets that you want your business to achieve. Are you trying to cut down expenses Or Are you planning to increase the operational efficiency of the organization Or Are you looking at ways to increase growth as well as the profitability of your company?
- Experience in the same sector: Choosing a business consulting company which has hands on experience in the same sector can be a boon. Hiring a business consulting company which deals in other sectors might not be of a great help and you might end up paying a lot of money without achieving anything. However, when you choose a Business consulting company in the same sector, they will help you in many aspects from giving orientation to your company on the best practices that are prevalent in the sector to providing you insights of advanced technologies that are used by the competitors. Since consultants might have solved some of the similar problems that your company is facing now, they can give excellent guidance to resolve these issues.
- Knowledge Transfer: Most importantly, you have to ensure that the post-departure of the top management consulting firm, your team is confident and have learned some of the skills required to overcome future problems. In absence of this, the solution won’t be sustainable and you will need outside help again. Development of in-house talent is a major advantage of hiring consultants.
Most small business owners have always dreamed of having their businesses and being their own boss. They want to make all the important decisions without consulting anyone. But running a small business is not as simple as most people assume. A small business can easily go under when the owner doesn’t consult the right people when making management decisions. And that’s why every small business needs the help of a leading strategy consulting firm.
Set realistic business goals and benchmarks
With the help of consultants, you can set goals for your business that which you can achieve. Most business owners are very optimistic and have big ideas that sometimes are not practical. Consultants will utilize their experience to help you maintain organization when developing business objectives.
Consultants can also help a business owner to plan for setbacks and unexpected costs that may cause the business to fall. In most cases, owners don’t have the experience to foresee certain issues that will affect their business in the near future. With the help of an experienced consultant, this is no longer a problem.
There’ll come a time when you, as a small business owner, realize that it’s impossible to do it all by yourself. Management is very taxing and sometimes complicated. Strategy consultants can help your organization to grow by taking care of the management aspect. As business owners get bogged down in certain routine tasks, it’s easy to forget some important aspects of the business that can affect its revenue.
Offering important suggestions
A consultant will also perform a market analysis and suggest ways to better leverage your money. These professionals are also responsible for spotting weaknesses in your target market and give suggestions that will make your business more competitive.
With proper management, your small business will work on achieving its mission and purpose. Remember that the Business Strategy Consultants will help you to come up with a clear purpose or goal which you can focus on achieving. With a clear goal, it will be much easier for your small business to grow and maintain proper organization.
BMGI as the Strategic Advisor and Shanghai based Lnoppen, conducted the 3rd India Hotel Expansion Summit 2013 at The Westin Mumbai Garden City on 29th & 30th August 2013. The event had a representation of Senior Industry leaders across the world including Starwood Group, Marriott International, Holiday Inn, Concept Hospitality, Svenska Design hotels, Keys Hotels, Ten Hotels, Berggruen Hotels and Sahara Hospitality to name a few.
The event was flagged off with forethoughts on trends observed in the “Indian Hotel Industry” by Mr Naresh Raisinghani, CEO & Executive Director, BMGI India. Mr Raisinghani discussed the challenges of development costs, capacity expansion, availability of skilled manpower and business seasonality faced by the industry. Ms Benaifer Jehani, CRISIL concurred with Mr Raisinghani stating significant growth in Tier 2 & Tier 3 cities in the last year. She indicated that Revenue Growth would be subdued at levels of 4-5% with increased operating costs.
Mr Bhatnagar, Westin Hotels discussed 2 market segments “The Developed” and “The Developing”. He reaffirmed that the developed markets need to focus on increase in footfalls, reducing cost of capital, improving visibility and striking right partnerships to achieve targeted RevPar. Increased GDP per capita in developing locations would be a key driver for identification of new locations. Mr Rajiv Puri, Marriot International stressed that Stakeholders and Owners should be educated on aspects of operational & technical expertise, global alliances and new trends in creating brand visibility. Mr Sheikh of Svenska Design Hotels elaborated that new age channels such as Social Media Marketing, Blogs, Virtual Tours and Mobile Optimization will play a key role in branding and would be very cost effective.
An insight on “Green Thinking” for resource conservation and reduction in costs was shared by Mr Kannampilly of Fern Hotels. New technology for LED lighting, HVAC systems and Water management systems were shared by representatives from Crompton Greaves, ALKO Therm, AmpleBit, Coram & Aquanomic Systems.
Substantiating the need for Revenue growth through Innovation Mr Ambarish Raj, Senior Principal Consultant BMGI India covered aspects of “Business Model Innovation” & “Industry Innovation Intensity Analysis”. He shared examples on innovation across the elements of the Business Model from the industry. Some innovations showcased were – value proposition of Ginger Hotels offering superior product at reasonable costs, TAJ Wellington Mews creating an innovative Core Offering for extended stay, CGH Earth Lakshadweep in designing a unique customer experience through ecotourism and many more.
“Understanding Cost per Key” was a refreshing concept shared by industry veteran Mr Partha Chatterjee – Advisor Key Hotels Resorts & Apartments. Another interesting comparison was made by Mr Rajesh Mohan, Head Strategy Planning, Sahara Hospitality Ltd between the reservation system of airlines and hotels and he stressed the need to learn from airlines to drive up revenues using a dynamic reservation system.
The Panel discussion theme was to discuss on how we capitalize on growth opportunities through innovative investment options. Mr Shah – Howrath, shared that the Industry demand is being fueled by Medical tourism, Institutional demand and MICE Segment. It was felt by Mr Puri that there is a need to establish best in class infrastructure in India. For alternate investment routes “Asset Light” models – franchisees and “fee based” models were pointed out by Mr Agrawal of Berggruen Hotels & Mr Puri of Marriot Intl respectively. It was felt that a “single window” licensing system, industry subsidies from government and a new and improved Tourism policy to cover challenges of Infrastructure development will be key enablers for the growth of the industry.
The event acted as an industry platform in discussing key issues and solutions for the Hotel Industry in India.
Every organization cuts costs, in one or more areas. However, cutting corners is confused with spend rationalization. We have seen organizations generally resolve to direct measures like downsizing, travel restrictions, reducing spend on new product development, reducing features from products/services, adopting cheaper alternatives rather than really cost effective solutions and adding multi-level approvals to deter expenditure without effective analysis.
Cost cutting measures as above give you immediate savings but may start destroying the fabric of the organization. Employees start feeling too constrained, spends that can generate higher ROI get discouraged, workload on resources increases, and all this might prove to be detrimental for the long term. Also, when going gets better, these measures get lifted and bring the flab back into the system. Such measures also deteriorate customer experience and affect the brand negatively, which are not as easy to win back later. Think about the cost of cost cutting before taking the measures.
Organizations that take the way of improving performance through initiatives driving an excellence mind set and continuous improvement culture are able to manage both the short and the long better for sustainable business performance. Such organizations achieve the goals by finding the right opportunities and then quickly but systematically exploiting those to achieve spend rationalization without disturbing the organizational eco-system. This is what cost reduction really is.