BEACON Newsletter

ISSUE 1
NOVEMBER 2012
Sydenham Institute of Management Studies, Research and Entrepreneurship Education
BEACON
BE-A-CONSULTANT
A MONTHLY NEWSLETTER FROM SIMCON - SIMSREE CONSULTING CLUB

C O N T E N T S O F I N T E R E S T
1. ABOUT SIMCON
A number of student clubs have been active in SIMSREE but due to growth in consulting industry there existed a need for consulting club. As a result, few students of the 2012-2014 batch initiated the formation of SIMSREE Consulting Club named as SIMCON. The SIMCON aims to provide exposure to the consulting industry & enables students to get a better idea of what a career in consulting is all about by networking with other consultants. We plan to have some interactive sessions and competitions, also update students with the latest thoughts and ideas in the industry, and providing them information about careers in management consulting via industry workshops, alumni interaction etc. As part of the same effort, we are starting with SIMCON monthly newsletter named BEACON (Be-A-Consultant) from this year and are happy to present you the first issue. Hope you enjoy reading it.
About SIMCON Food for Neurons Know your Company Book Review Mind Workout
M E M B E RS :
ASHISH NAMJOSHI DEVARSH CHAVAN KANT MISHRA KARAN KATARIA ONKAR SOVANI PRATHAMESH PARKAR RAHUL RAMAN SAGAR SANKHE SAHIL KAMDAR VISHAL BANIYA
SIMCON FOUNDERS
W h a t
Our Vision:
a r e
w e
a i m i n g
f o r !
1. To create awareness amongst the students about consulting industry & its latest trends 2. To maintain strong relations with top consultancy firms Our Mission: 1. To provide platform to craft highly skilled & competent consultants from SIMSREE 2. To provide exposure to students via competitions, live projects, guest lectures & conclaves
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B E A C O N
2. FOOD FOR NEURONS: MANAGEMENT CONSULTING INDUSTRY OVERVIEW

What is management consulting? If we ask ourselves Which organisations are the big & famous today? a long list comes to our mind. These organisations are huge in size, employ massive number of resources, have operations all round the world and are involved in complicated stuff every single day. Naturally, they do have some critical issues to handle and some crucial decisions to make. Given the complex nature of their business and large number of functions to look after, these organisations look for some external helping hand in such cases, an advisor who knows in and out of the particular area wherein the issue lies, an expert who has solved similar issues successfully in the past or a short-term workforce which is task-ready from day zero, which can come in, can help the organisation with a short term project and then move out. A more simplified definition of management consulting would be helping out organisations to improve their performance by analysing their current issues, providing them with solution & designing plans for its future development.
CONSULTING KNOWLEDGE FROM STUDENTS ,FOR THE STUDENTS
Business problems exist across a range of industries, business functions and organisation types. Consequently, consulting firms also vary in size from huge MNCs (examples include McKinsey, BCG, Bain, IBM Global Services, and Accenture) that cover a wide range of issues to smaller boutique firms that cater to a particular industry or functional areas. What are different roles / profiles involved in career path of a consultant? Specific titles vary from firm to firm, but the individual roles are usually as follows: Analyst: This is an entry-level consulting role with candidates usually coming in straight from undergrad. Role involves strategic analyses, participating in team problem solving, client interaction and leadership, and communication of recommendations and analyses. Usually, analysts are expected to venture off and get some other experience of two years (different job, grad school, etc) before coming back as an Associate. Associate/Consultant: Candidates often come in after business school or some other graduate program, but there are also cases where Analysts are promoted directly to Associate and others when candidates come in as experienced hires from other industries; Role involves the same sort of tasking as the Analyst, but theres an expectation of greater business knowledge/insight and greater role in client leadership; People usually stay in this role for 2-4 years, depending on the firm. Manager: At this point, the consultant starts driving the problem solving effort using the work of the Analysts and Associates. Role involves high-level problem structuring, resource allocation, process management, direct client leadership, and providing quality control on final deliverables; People usually stay in this role for 2-3 years, depending on the firm. Associate Partner: Transition role between Manager and Partner where a person begins to add value to multiple teams and/or clients concurrently; At this point, the consultant also takes a greater role in business development and selling work for the firm; By this point, the consultant should have developed an area of functional and/or industry expertise that he/she will leverage as a platform to work toward a promotion to Partner; Consultants usually stay in this role for 2-4 years, depending on the firm. We hope you liked small ounce of upcoming flood of knowledge of consulting, write to-simcon.simsree@gmail.com
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3. Know your company: Cognizant

Industries serviced :Banking & Financial Services, Communications, Energy & Utilities, Healthcare, Information, Media & Entertainment, Insurance, Life Sciences, Manufacturing, Retail, Transportation & Logistics, Travel & Hospitality AREAS OF SPECIALTY 1. Business Issues Prepare for the Future of Work Put Analytics to Work Improve Your Customer Interaction & Experience Run IT Like a Business Transform Your Enterprise 2. Strategic Services Application Portfolio Rationalization Business/IT Strategy Business Operations & Process Transformation Cloud Optimization Future of Work Readiness Assessment Global Sourcing Transformation IT Cost Optimization IT Organization & Operating Model Organization Change Management Post Merger Integration 3. Customer Solutions Customer Relationship Management (CRM) Business Process Management (BPM) Cloud Enablement B2B-to-B2C Transformation 4. Enterprise Information Management & Analytics Business Analytics Data Warehousing 5. IT Infrastructure Services Enterprise Computing Infrastructure Security Network & Convergence End-User Computing IT Management Consulting
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4. Book Review: The Mckinsey Way

Title: The Mckinsey Way Author: Ethan M. Rasiel The sole reason that I went ahead to read this book was a keen interest in consulting field. But after reading this book, I would say that almost all the thoughts and problem solving techniques are more or less applicable to every professional who is looking forward to make a successful career as a manager and want to lead his/ her firm or business to greater heights. The author is an ex-employee of one of the most prestigious business management firms; Mckinsey & Company and he has written the book with goal of explaining various work methods used in Mckinsey, the thought process behind these methods and how these would help to help professionals more efficient & effective in business. The book has been logically divided into five parts, each dedicated to different areas which author wants to explain. In the first part, author takes us through the initial stage of problem analysing at Mckinsey. Here author gives insights about how a typical Mckinsey-ite would approach a business issue brought by the client. He also explains about few rules and principles followed by Mckinsey while building solution to a business case. Rasiel then takes us to the next stage, which is solving the business problem. Here, he explains about various tasks involved in building the solution to a business case and how a typical Mckinsey team would work on these tasks. He takes us through brainstorming till selling the solution. In third part, author explains about importance of presentation skills required while dealing with the client. He stresses on the fact that even after building a perfect solution for client, the job is only half done. The next step is to sell the same to the client convincingly. This section covers creating effective presentations, usage of data charts and working with client. After this, author focuses on the survival skills for a business consultant. Though the section heading suggests that it is about Mckinsey, the thoughts and advice given by author are more or less applicable to every consultant professional. Lastly, author concludes with his memorable moments at Mckinsey, his life after Mckinsey and the key learnings he took away from his tenure at Mckinsey. The book is very well structured and author has maintained a very good flow of thoughts. The order of sections and chapters is so natural that many times you get exactly the same topic what you expected to come next, while reading previous page. Another worth mentioning feature is very lucid language. This is a self-help book which wont ask you to look out for words in dictionary. At the same time, author has used specific jargons wherever those are required to get the readers acquainted with those. But, footnotes make the understanding of jargons very easy. Lastly, the feature which makes this book a must-read is the illustrations that the author gives to back up a thought or advice or even a method which is followed by a typical McKinseyite. First hand experiences shared by author increases the authenticity of rules or principles explained in the book. All in all, I found this book to be of great value yet easy to read. This book is a great source of real world information for professionals keen to get into consulting field. At the same time, it is equally useful to anyone who works within an organization as most of the ideas in here are replicable.
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5. MIND WORKOUT: QUIZZ TIME !!

Mail answers to simcon.simsree@gmail.com (we will announce winners in next month) 1. An alumnus of IIT Delhi & Harvard University . He went on to become the CEO of one of the worlds leading consultancy firm . Identify who & which firm? 2. Identify the lady. (Chairwoman of one the leading consultancy firm) 3. He started his career with BCG & later joined Bain & co In 1984 he left Bain & co to cofound private equity firm Bain Capital. We know him better because of his other pursuits Who? 4. The firm started in in 1909 by an MIT chemist who had discovered acetate. Named after its founder this company pioneered the concept of contracted professional services. The company played key roles in the development of business strategy, operations research, the word processor, the first synthetic penicillin, LexisNexis. Which firm? 5. The firm was created by the merger of two large firms in 1998. The two firms each had histories dating back to the nineteenth century. It provides auditing services to the Academy of Motion Picture Arts and Sciences, giving it the unique distinction of having been the tabulator and certifier of votes for the Academy Awards (Oscars) since 1934.
Contributions invited:
To make this feature a successful effort, we
seek continued involvement and contribution. From our readers, that is YOU. We invite articles and trivia on themes related to consulting. Be it industry news, consulting trends, a joke, a cartoon or feedback, we are eager to hear from you. So go ahead, do your research, pen down your thoughts and mail your entries to simcon.simsree@gmail.com. Best Regards, SIMCON SIMSREE CONSULTING CLUB SIMSREE, B-ROAD CHURCHGATE 400 020, INDIA. Mail To: simcon.simsree@gmail.com
HASTA PRONTO!!

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ISSUE 1

Sydenham Institute of Management Studies, Research and Entrepreneurship Education

A MONTHLY NEWSLETTER FROM SIMCON - SIMSREE CONSULTING CLUB

2. FOOD FOR NEURONS: MANAGEMENT CONSULTING INDUSTRY OVERVIEW

CONSULTING KNOWLEDGE FROM STUDENTS ,FOR THE STUDENTS

3. Know your company: Cognizant

4. Book Review: The Mckinsey Way

5. MIND WORKOUT: QUIZZ TIME !!

To make this feature a successful effort, we

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