The Future of the Firm

Richard Fleming, European Head of Restructuring at Alvarez & Marsal, and Margaret Cameron-Waller, Associate Consultant at Source, caught up with Emma Carroll, Source’s Head of Content, on the latest episode of our The Future of the Firm podcast.  Richard and Margaret shared their insight on the following matters and more:   Hotspots for restructuring work currently include Germany, France, the UK and Nordics. When looking at sectors there’s activity in real estate, housebuilding, the automotive supply chain, and anything with a strong consumer focus.  Early signs of trouble are a drop off in demand, liquidity pressures, and a lack of financial discipline.   We discuss parallels between tech businesses that are in trouble today and those during the dot.com crisis, including the risk of large amounts of money being made readily available to creative, tech businesses where the financial acumen available in leadership teams doesn’t support the weight of the investment being made.  Changes in the restructuring market itself, including spinouts from the Big Four, and how this has affected clients and competition.   What clients are looking for when they choose a restructuring firm, including regulatory knowledge, restructuring creativity, great stakeholder management, reputation, the appropriate scale, and cost.   Plus, Richard shares his experience of restructuring a critical healthcare business just as COVID lockdowns hit.   If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we debate whether organisations have pursued the cult of leadership to such an extent that they have forgotten how to manage.

Alex Teytelboym, Professor of Economics at the University of Oxford and Director of their Business Economics Programme, and Fiona Czerniawska, Founder & CEO at Source, caught up with Emma Carroll, Source’s Head of Content, on the latest episode of our The Future of the Firm podcast. Alex and Fiona shared their insight on the following matters and more:  Climate change can be viewed as a failure of the market—in theory, this means that solving it could make everyone better off. Policy responses and regulation are lagging behind what is happening to the planet. It’s very difficult to predict how the risks will manifest, but they will be complex and unpredictable. Business leaders should think about climate change as being about operating in a complex and unpredictable environment. That means we need to build in resilience and redundancy. There is going to be a lot of creative destruction. Successful businesses need to innovate early and broadly, thinking about innovation in terms of a portfolio. Consultants need to talk to clients about the long-term view and about the real problems climate change poses—this can be counterintuitive to consultants who like to be optimistic and target near-term wins. Voluntary carbon markets and carbon offsets are potentially a terrible way for businesses to meet their climate goals. Regulation is not sufficient and there are reputational greenwashing risks attached. Carbon measurement should be simple, but there’s still a lot of difficulty measuring complex supply chains. The EU’s Carbon Border Adjustment Mechanism is set to accelerate progress, and consulting firms will be in demand to help clients comply with this.   It’s going to be harder to be an average manager with so many different goals to meet. This means it is going to be even more difficult for businesses to incentivise their people appropriately. We used to think about climate change as a slow process, but that’s no longer true. To succeed in this space, businesses must move early and create a portfolio of innovations. Seventy-five percent of clients think that the way they are approaching sustainability needs to change.   If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we set out the big business challenges that clients say they’ll be facing in the year ahead. 

James Byles, Partner & UK AI Service Delivery Transformation Leader at Deloitte, caught up with Emma Carroll, Source’s Head of Content, on the latest episode of our The Future of the Firm podcast.  James shared his insight on the following matters and more:   Clients are asking questions about how firms are using AI themselves, including how they are dealing with risk, data, and adoption of this technology.  Use-case themes include search capability, data scanning, autonomous coding, and how to generate, analyse & report on data.  How the use cases in firms are set to translate into client services.   Tricky questions around the appropriate use of data.  How to empower people in your business to innovate around AI.  Thinking about the areas where AI is set to disrupt the professional services market.  Working out what the analyst of the future will look like and how that will impact pathways into the profession.   Identifying non-traditional competitors and how they may disrupt the market.  If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we set out the big business challenges that clients say they’ll be facing in the year ahead. 

As the age of the ubiquitous, AI-enabled organisation draws closer, leaders need to think differently about talent. New roles are emerging, existing ones becoming broader, and people across the board will need to be reskilled. We discuss how all this can be achieved by firms and their clients alike.    Dr Gianluca Barletta, Global Head of Data Science at PA Consulting, and Fiona Czerniawska, Source’s CEO and Founder, join Emma Carroll, Source’s Head of Content, for the latest episode of our The Future of the Firm podcast.   They share their insight into the following issues and more:   Nobody knows exactly what the future will bring, so, when it comes to talent, organisations need to focus on resilience, readiness, and agility It is crucial to have your data foundation in place, to allow you to move beyond ‘proof of concept’, embrace AI, and scale at pace People will need to be reskilled. We discuss solutions, including AI academies and cultural change Fear can be a big barrier to delivering the talent piece around AI Everyone in an organisation now needs to be a data custodian. We examine what this looks like in practice What are the new roles we need as we ramp up AI? Clue: Beyond data scientists, there is a role for linguists, designers, and user experience experts How the concept of the T-shaped consultant is evolving, as knowledge needs to become broader, but clients are demanding more specialists If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we set out the big business challenges that clients say they’ll be facing in 2024.   

As we head into 2024, revenue growth is coming under pressure in professional services firms. In this podcast, experts at Source discuss the trends and challenges that will really matter in the year ahead, including which markets are set to grow, what clients are looking for from pricing, and how firms can’t risk letting customer experience fall off the leadership agenda.   Fiona Czerniawska, Source’s CEO and Founder, and Margaret Cameron-Waller, Associate at Source, join Emma Carroll, Source’s Head of Content, for the latest episode of our The Future of the Firm podcast.   They share their insight into the following issues and more:  Revenue growth for professional services firms came under pressure in Q3 2023, and this has continued into 2024.   Today’s market is patchy, and firms will have to select where they want to focus carefully. Technology, cybersecurity, and data & analytics will remain important.   Pricing is coming under pressure. There is some discounting taking place to allow firms to maintain their market share.   There are tentative signs that outcomes-based pricing is becoming more interesting to clients.   AI remains top of mind for clients in 2024, and work will centre on areas like strategic reviews, pilots, and advice on regulation. However, clients aren’t yet spending on larger-scale projects.  There is a danger that ESG work may get absorbed into business as usual, and this risks it failing to get the attention and investment it deserves.  It’s crucial that customer experience doesn’t suffer in 2024, and expertise will be a crucial attribute for firms.   If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we set out the big business challenges that clients say they’ll be facing in 2024.

Emma Carroll, Source’s Managing Editor, is joined by Fiona Czerniawska, Founder & CEO at Source, and Paul English, Strategy Director at Source, for a special edition of our Future of the Firm Podcast.  AI is set to have a significant impact on the professional services market. At Source’s recent flagship event, leaders and experts shared how they are adapting their business models in response to the opportunities and risks this provides.  In this podcast, Fiona, Paul, and Emma discuss the big learnings coming out of the event.  They share their insight into the following issues and more:   How strategy is changing   The ways firms are reshaping their business models with the help of AI   The opportunities and risks of tech ecosystems   How firms can use their own ways of working to showcase AI in action  What Source’s research is telling us about the market in this space  Plus, a sneak peek into our new report on the role of AI in thought leadership 

Successful transformation programmes need clear goals that are set and communicated upfront, honesty and openness from everyone involved, and sponsorship from an organisation’s top team. In this podcast, we talk to Melanie Lindsay, Partner at Vici Partners, and Fiona Czerniawska, Founder & CEO at Source, about what else they would add to this recipe for success, including how to navigate the emotional timeline of any change.  They share their insight into the following issues and more:  The key components of a successful transformation programme Drawing on the knowledge of people within a business to inform change Balancing the quality of change initiatives and the strength of buy in Empowering clients to challenge themselves Building agency and accountability within an organisation The emotional timeline of a transformation How tech can play a role in addressing emotional challenges Balancing strategy and implementation If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we discuss reducing complexity in your business, with Beth Butterwick, CEO at Jigsaw.   

“In the public sector, where we have a wealth of data, I think AI is going to be one of those tools that is a game changer,” Hilary Robertson Emma Carroll, Source’s Managing Editor, is joined by Hilary Robertson, Strategy Director at Sopra Steria UK, and Fiona Czerniawska, Founder & CEO at Source, for the latest episode of our Future of the Firm Podcast.  The outsourcing market has shifted rapidly over recent years, and work done in the public sector is no exception. The pandemic, business failures, and digital developments have all played their part. In this podcast, we talk to Hilary and Fiona about what’s new in the public sector outsourcing market, and where they see things heading next. They share their insight into the following issues and more:  How the public sector procurement process has improved and why, including the introduction of the UK government’s outsourcing playbook. The importance of technology, including AI, and the risk of obsolescence and skills shortages. The search for agility and how clients saw outsourcing as a solution during the pandemic. This appears to be a trend that has stuck. How the pandemic has caused clients to reconsider organisational boundaries and consider outsourcing core parts of their businesses. How clients are balancing investment in resilience versus investment in change. Addressing low-cost-bid bias amid macroeconomic uncertainty. The governance challenges faced by organisations that are juggling multiple external consulting providers. What’s new in measuring value in public sector outsourcing: This includes the importance of social value measures. Mindset change as part of outsourcing and whether this can or even should be measured. If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we discuss reducing complexity in your business, with Beth Butterwick, CEO at Jigsaw. 

Emma Carroll, Source’s Managing Editor, is joined by Per Breuer, Head of Global HR at Roland Berger, and Fiona Czerniawska, Founder & CEO at Source, for the latest episode of our Future of the Firm Podcast.   A firm’s talent is by far its greatest asset, and managing this resource for success, in both the short and medium-term, is complex at the best of times. In today’s uncertain environment—when clients’ needs are unpredictable—balancing supply and demand requires both creativity and a practical approach.   In this podcast, we talk to Per and Fiona about what a truly successful approach to talent looks like.  They share their insight into the following issues and more:   Leading on talent in a VUCA world (volatile, uncertain, complex, and ambiguous)  Getting expertise in the right places, at the right time, in the best way  The real opportunities AI is offering today—and what it promises for tomorrow  Using multidisciplinary teams to support your clients and your people  Driving individual accountability for creating client value  The risk of neglecting the mid-term talent agenda.  

  A firm’s brand is one of its most important assets, but is yours still delivering? Shifting services, new tech competitors, and a more complex ecosystem of buyers may mean it needs attention.   In this podcast, we talk to Ed and Alison about how to make your professional services brand work harder.  They share their experiences of the following issues and more:  The big challenge of differentiation in the professional services market today  Balancing a master brand with a firm’s specialisms  Leveraging your brand to help you move into new spaces  Understanding buyers’ emotional responses in a B2B setting  What’s new in brand measurement?  If you enjoyed this conversation, don’t miss our sister podcast, Business Leader’s Voice. In our latest episode, we discuss reducing complexity in your business, with Beth Butterwick, CEO at Jigsaw. 

It may seem like a long time since the COVID lockdowns of 2020 and the sudden pivot to working from home, but our research on the buying habits of consulting clients confirms a lasting legacy of the pandemic on the significance of thought leadership. In December 2022, our global study of more than 3,500 executives in major markets found that over 90% of the C-suite across all regions and industries said thought leadership had at least some impact on their decision making when purchasing professional services.  With levels of thought leadership consumption growing strongly over the last couple of years, firms are thinking more strategically than ever about how to build a thought leadership function that drives brand awareness and reputation. One such firm is Oliver Wyman, whose flagship thought leadership wing, the Oliver Wyman Forum, reaches across industries and geographies, convening senior leaders from business, public policy, academia, and social enterprise to help solve the world’s toughest problems.  Today we are delighted to be joined by John Romeo, Managing Partner and Head of the Oliver Wyman Forum, and Paul English, Director of Marketing Advisory here at Source, to discuss the changing needs of thought leadership consumers, and the Oliver Wyman Forum’s unique approach. 

In a crisis-dominated world, clients are increasingly looking to transform their tax function. With more ambitious goals than pre-pandemic, they are now trying to adapt to a far more challenging and unpredictable world. On this episode of The Future of the Firm, Fiona Czerniawska is joined by Marna Ricker, Global Vice Chair of Tax, EY to discuss the way clients are changing their thinking and what this means for professional advisors in this space.

According to our research, 'sector knowledge and expertise' is now the second most important attribute to clients when choosing a firm to work with, having skyrocketed from 12th place just a couple of years ago.  In this episode of The Future of the Firm, Ed Scott and Fiona Czerniawska are joined by Allan Platt, CEO of boutique consulting firm Clareo, to discuss the importance of sector-specific expertise in times of uncertainty. Specialising in the natural resources, energy, and food industries, Clareo’s highly targeted approach is worlds away from the broad-brush strokes adopted by many larger firms, but it’s not a position Clareo landed on from day one.

The last few years have presented organisations with a seemingly endless series of new challenges to navigate. The big story in this regard was of course COVID-19, but with the situation in Ukraine, global market and geopolitical uncertainty, energy prices, and inflation to contend with, the plates of many businesses around the world are looking increasingly full.  Chuck in the destabilising effects of new technologies like artificial intelligence, and it’s a wonder anybody is able to keep up at all.  How can consulting firms help clients to achieve resilience, then, when firms themselves are having to contend with new technologies and new ways of working? Joining Ed Scott in the latest episode of The Future of the Firm podcast are Mohamed Kande, Vice Chair - US Consulting Solutions Co-Leader & Global Advisory Leader at PwC - and Fiona Czerniawska, CEO of Source.  In this episode, Ed, Mohamed, and Fiona discuss how firms and clients alike can build resilience that doesn’t just fortify them against challenging climates, but actively harnesses the potential inherent in uncertainty to drive growth.  

Transformation. It’s something that almost every client we speak to at the moment is talking about.  In our most recent data, 52% of clients say that they’re either already making a significant investment in digital transformation or planning to do so in the next 18 months, and 41% say they’ll be investing in target operating model transformation. But is something missing from this conversation? If transformation were just a matter of implementing new systems, models, or processes, it might be laborious, but not necessarily all that challenging. But of course, it’s so much more than that.   Joining Ed Scott to talk about the role of people in making transformation happen are Alex Bombeck, CEO of consulting firm North Highland, and Fiona Czerniawska, CEO and founder of Source.  

Artificial intelligence is the topic on everyone’s mind at the moment, but what does it actually mean for consulting firms? To find out, we've been delving into our own quant and qual research, in which we regularly ask clients about the impact of emerging technology on their use of consulting firms.   

Question: What do a father's mental health, a mother's chances of returning to full-time employment, and their newborn child's lifetime earnings have in common? Answer: They would all be improved by an effective Equal Paid Parental Leave policy, according to PwC's 2023 Women in Work report.  In this episode of The Future of the Firm, Jennifer Richards, Chief Strategy Officer at PwC, joins Ed Scott to discuss shifting attitudes to parental leave, and the opportunity for firms to demonstrate genuine leadership in this space. 

Ed Scott is joined by Martin White and Fiona Czerniawska. The partnership model has its advantages, but the cancellation of EY's Project Everest has shone a light on some of its pitfalls.  When big decisions depend on a complex and lengthy voting process in which partners may put their self-interest ahead of the firm’s, a firm’s ability to reconfigure its business and meet clients’ evolving needs is hampered.  In this episode of the Future of the Firm podcast, Martin White and Fiona Czerniawska discuss the future of the partnership model.

In the last few months, we’ve seen artificial intelligence skyrocket from the pages of speculative fiction to increasingly becoming an everyday reality. Technologies like ChatGPT have been the subject of much discussion, but thus far, at least from the outside, AI is yet to break through that invisible boundary between ‘interesting gimmick’ and ‘revolutionary new tool’.   So, what’s going on? Is AI destined to remain an interesting sidenote in the annals of technological history, or does it represent something more fundamental? Could it be the future, for instance, of consulting?   Dr Jan van de Poll certainly thinks so. As the founder and managing partner of PRAIORITIZE, an Amsterdam-based provider of virtual consultancy technology for consulting firms and organisations, he's on a mission to drag the consulting industry into the 21st century, using artificial intelligence to create a virtual consultant which offer advice vertically and horizontally across an organisation.

When was the last time you experienced a crisis? How did you react? If you're anything like the rest of us, the answer might be—not that well. But what if that crisis wasn’t something personal, but global? How would you deal with that if you were in a position of leadership, and others were looking to you for guidance? In this episode, Fiona Czerniawska speaks with Adrian Bettridge, who brings over 26 years' experience as a consultant to his role as managing partner at Baringa. Recorded as part of our Greater Leadership Rethink in collaboration with Sheffield Haworth, Adrian and Fiona discuss how leadership within professional services has evolved over the past few decades, particularly in the light of the COVID-19 pandemic and subsequent crises.