Maximizing the Value of Consulting

Book description

Provide organized, efficient, relevant consulting with lasting value

Maximizing the Value of Consulting is an indispensable, practical guide for managing, measuring, and delivering the results that make internal and external consulting a lasting value to clients and the company. Sponsored by the ROI Institute and the Association of Internal Management Consultants, this book provides a roadmap to relevance for consultants operating in the increasingly fast-paced, changing, dynamic environment. Readers will learn how to use resources properly and manage the investment efficiently, while truly connecting to the business, securing appropriate levels of commitment, and providing adequate levels of support. Detailed coverage includes guidance toward calculating the value of consulting in terms that executives understand, including business impact and ROI, and using the appropriate tools to show how things are working throughout the process.

Whether organizations are using internal or external consultants, or both, consultants can provide better value to the company. Consultants are needed to provide advice, support, and insight into the processes undertaken to improve the business, and integrate the input of different functional units into a more streamlined strategy. This book is designed to help consultants provide the utmost value to clients by maximizing organization, efficiency, and ultimately, ROI.

  • Manage for value with better organization and cost control
  • Set objectives at multiple levels to deliver useful results
  • Measure implementation, impact, ROI, and intangibles
  • Use final results to drive appropriate actions, creating lasting value

The skyrocketing need for internal and external consultants will continue, in almost every functional area ranging from HR and technology, to auditing and risk management. Maximizing the Value of Consulting provides a manual for relevant, value-driven consulting, with world-renowned expert insight.

Table of contents

  1. Title Page
  2. Copyright
  3. Dedication
  4. About the Authors
    1. Jack J. Phillips, PhD
    2. Patti P. Phillips, PhD
    3. William D. Trotter, PhD
  5. Acknowledgments
  6. Preface
    1. The Dilemma
    2. The Foundation
    3. The Flow
  7. Chapter 1: The Role and Importance of Internal and External Consulting
    1. Trends in Internal and External Consulting
    2. Key Practice Areas and Projects
    3. Key Success Factors
    4. Final Thoughts
  8. Chapter 2: Organizing the Consulting Practice to Deliver Value
    1. Creating a Business Plan
    2. Developing Your Methodology
    3. Managing the Project
    4. Structuring Consulting Processes
    5. Planning for Skill and Resource Requirements
    6. Creating a High-Performance Culture
    7. Establishing and Integrating Areas of Practice
    8. Orchestrating an Effective Performance
    9. Final Thoughts
  9. Chapter 3: Managing the Consulting Practice to Deliver Value
    1. Maintaining a Professional Management System
    2. Positioning Business Partner Role
    3. Executing Effective Marketing and Business Development
    4. Managing for Results
    5. Final Thoughts
  10. Chapter 4: Controlling Costs and Enhancing Value
    1. The Planning and Budgeting Process
    2. Monitoring and Controlling Costs
    3. Managing Suppliers for Value
    4. Implications for Maximizing Value-Added
    5. Final Thoughts
  11. Chapter 5: Utilizing the Consulting Scorecard for the Practice
    1. Basic IPO Scorecard
    2. The Balanced Scorecard Process
    3. The Causal Chain Scorecard
    4. AIMC Scorecard
    5. Using the Scorecard
    6. Final Thoughts
  12. Chapter 6: A Logical Approach to Measure Impact and ROI for Projects
    1. The Case for ROI
    2. The ROI Challenge
    3. The Forces Driving ROI
    4. The ROI Methodology
    5. The Framework: Evaluation Levels
    6. The ROI Process Model
    7. The Operating Standard: Guiding Principles
    8. Implementation of the Process
    9. Applications
    10. Application of the ROI Process: A Case Study
    11. Final Thoughts
  13. Chapter 7: Developing Powerful Objectives at Multiple Levels
    1. Overall Project Goal
    2. Levels of Project Objectives
    3. Reaction Objectives
    4. Learning Objectives
    5. Application Objectives
    6. Impact Objectives
    7. Return on Investment Objectives
    8. Importance of Specific Objectives
    9. Final Thoughts
  14. Chapter 8: Aligning Projects to the Business
    1. Introduction to the V Model
    2. Payoff Needs
    3. Business Needs
    4. Performance Needs
    5. Learning Needs
    6. Preference Needs
    7. Final Thoughts
  15. Chapter 9: Planning the Evaluation
    1. Initial Planning for Success
    2. ROI Analysis Plan
    3. Communication Plan
    4. Project Plan
    5. ROI Planning Meeting
    6. Final Thoughts
  16. Chapter 10: Methods of Data Collection
    1. Using Questionnaires and Surveys
    2. Using Interviews
    3. Using Focus Groups
    4. Measuring with Tests
    5. Measuring with Simulation
    6. Using Observation
    7. Using Action Plans
    8. Using Performance Contracts
    9. Monitoring Business Performance Data
    10. Selecting the Appropriate Method for Each Level
    11. Final Thoughts
  17. Chapter 11: Data Collection at All Four Levels
    1. Sources of Data
    2. The Importance of Measuring Inputs, Level 0
    3. Importance of Measuring Reaction, Level 1
    4. The Importance of Measuring Learning, Level 2
    5. Topics for Reaction and Learning
    6. Using Reaction and Learning Data
    7. The Importance of Measuring Application and Implementation, Level 3
    8. The Importance of Measuring Business Impact, Level 4
    9. Data Collection Key Issues
    10. Final Thoughts
  18. Chapter 12: Isolating the Effects of Consulting
    1. The Importance of Isolating the Effects of Consulting Projects
    2. Preliminary Issues
    3. Use of Control Groups
    4. Analytical Approaches
    5. Estimates from Credible Sources
    6. Using the Techniques
    7. Final Thoughts
  19. Chapter 13: Converting Data to Money
    1. Importance of Converting Data to Monetary Values
    2. The Five Key Steps to Convert Data to Money
    3. Standard Monetary Values
    4. When Conversion Should Not Be Pursued: The Intangible Benefits
    5. Selecting the Techniques and Finalizing the Values
    6. Final Thoughts
  20. Chapter 14: Tabulating Project Costs and Calculating ROI
    1. The Importance of Costs and ROI
    2. Developing Costs
    3. Cost Tracking Issues
    4. Major Cost Categories
    5. Basic ROI Issues
    6. ROI Measures
    7. Other ROI Measures
    8. Benefits of the ROI Process
    9. Final Thoughts
  21. Chapter 15: Reporting Results to Key Audiences
    1. Communicating Results: Key Issues
    2. Planning the Communication
    3. Selecting the Audience for Communications
    4. Developing the Information: The Impact Study
    5. Selecting the Communication Media
    6. Communicating the Information
    7. Analyzing Reactions to Communications
    8. Final Thoughts
  22. Chapter 16: Call to Action
    1. At the Organizational Level
    2. At the Individual Project Level
    3. Building Capability
  23. Index
  24. End User License Agreement

Product information

  • Title: Maximizing the Value of Consulting
  • Author(s): Jack J. Phillips, William D. Trotter, Patricia Pulliam Phillips
  • Release date: June 2015
  • Publisher(s): Wiley
  • ISBN: 9781118923405