Although the financial services sector is widely regarded for its ability to bring together teams of dynamic professionals to lead and manage new strategies or product implementations, the organisations that make up this industry often feel the need for rare or exceptional skill sets in order to remain agile in increasingly competitive markets.
It is this very need that has enabled the growth of professional consulting over the years, evolving from a niche offering into a vitally important resource to any business seeking to retain a competitive advantage or improve on ineffective internal processes.
Partnerships of this nature are not without their challenges. Business consultants and the corporate entities they counsel require a keen understanding of the unique opportunities and challenges that each faces in order to promote a healthy working relationship, says Natalie Bevan, Principal Consultant for Business Consulting Services at Ovations.
With this in mind, let us take a closer look at a few of the more common obstacles encountered by both consultants and clients when introducing a new face into a functional business environment.
Choosing the right supplier
The financial services sector frequently requires the supplementary services of a broad range of professionals.
Naturally, this persistent need has encouraged a number of prospective suppliers to enter the market - each offering attractive packages and extensive expertise in niche disciplines.
For this reason, it is vitally important that clients adequately investigate consultant histories and experience prior to signing on the dotted line. A poor fit would not only result in hours of lost productivity, but may also result in missed opportunities, a loss of income, and ultimately, delayed success.
A clear goal
Organisations seeking external counsel and assistance should maintain a clear view of the goals associated with business and project objectives throughout the implementation process.
All too often, businesses call on the services of a specialised individual or team without truly understanding what needs to be achieved.
Appreciating the finer details and how a consultant will fit into the mix will ultimately enable clients to allocate valuable time and energy to what really matters - strategic productivity.
Continuity of sponsorship
Although a consulting agreement is, by its very nature, one that is focused on business objectives and outcomes, this professional connection should still be viewed as a relationship that requires constant open communication.
By regularly engaging with consulting teams, organisations are afforded the kind of detailed view of the project, which will ultimately guarantee vital internal buy-in down the line.
Nonetheless, it is also vital that organisations ensure legacy communications are shared and available if the internal team responsible for the project alters.
In order to ensure continuity of sponsorship, the ideal is that clients enforce internal permanence relating to the ownership of projects or the implementation of new services or strategies.
If this ownership alters without a clear and comprehensive hand-over strategy in place, project objectives can easily be delayed while inconsistencies in project expectations flare up.
Regulatory challenges
Business activity within the financial services sector is often influenced by regulatory requirements.
For this reason, clients in search of a consulting partner to offer professional assistance in the implementation of a legally sensitive project or strategy should always ensure the chosen supplier is both qualified and familiar with these governing frameworks.
Culture clash
Although consulting partnerships are often formal in nature, they do require personal understanding and indeed solidarity, in order to be successful.
For this reason, organisations should be mindful of interpersonal compatibility before contracting a new supplier. A team that gels well together is often able to produce the best results.
Natalie Bevan is a Principal Consultant with expertise in project/programme management, change management, facilitation and people management. Bevan has global experience in the financial services, IT and petrochemical industries. She holds a Bachelor of Commerce Degree with specialisation in business management and has recently been appointed to Ovations' management team.
Share