HOW TO SOLVE PROBLEMS - How do consulting firms work (hypothesis-based problem solving explained)

[@FirmLearning]

Do you want to learn to create slide presentations like top consulting firms? I created an online course, teaching you the slide writing skills I learned in consulting: link.firmlearning.com/slides

[@sandeepsahoo3155]

Nice

[@marcnaidu5804]

I suggest you give a simple real world example problem that everyone can relate to. Then apply the iterative approach to show the problem can be solved. For example, a 40 guy that has a body fat ratio of 25% would like to get a six pack in 6 months. What must he do ... Thanks for your video ☀️

[@iamteamthinkbig]

Can I get this sample slide deck? I love this and i'm working on a new project I think this would be perfect to have on hand. I love your videos and use your recommendations regularly. I already have 7 of the books on the recommended reading list you posted on another video. Thanks bro.

[@pedroroque8681]

My two tips about consulting in general : 1. be good at digging information and creative storylines 2. Be a good storyteller

[@thibaultbossert8863]

1. be good at bsing 2. that's it ftfy

[@daavidelatorre]

Business world in that high level is rarely transparent. As an aspiring consultant this content is extremely valuable, thank you for this project.

[@osamaibrahim4581]

As an ex Mckinsey consultant, I really enjoyed how you explained the conceptual problem solving approach. Your channel is amazing.

[@FirmLearning]

Super happy to hear from fellow alumns here in the comments! Thank you man, appreciate it! :) Best, Heinrich

[@lukaseberhart9958]

Watching this video is very concerning to me as it shows a Consultant is just bsing every single word he says. As somebody who is working in the start up industry i would not hire or pay someone with that kind of approach!!!

[@amirassadi]

@@lukaseberhart9958 I watched his video, and I do not find any BS. He explains clearly one approach (among others) for problem solving: Hypothesis based problem solving, which domainated many branches of the science, medicine etc. Only recently (say since 2000) data-driven problem solving has found its place, gradually. I have trained my students and post docs in both. When you or someone in your startup does data analytics, ML, AI, visualization etc, a human in the loop (or a superior AI system that I am ceratin you don't know about) will formulate hypotheses, and then the rest goes along what Heinrich summarized...... Now, it is not my place or task to tell you about your startup (my company revenue comes from companies like you, so it will cost to know what I know and what I would recommend), yet I can say your hasty call to judgement is not going to attract VC and stakeholders who are needed to finance your startup.... Regards, AA

[@Ferenczi69Aron]

@@lukaseberhart9958 The most important part is to obviously develop a robust business hypothesis ;)

[@cky0100]

As a product of on the job learning with no tertiary qualifications, this channel has been a godsend. This is top tier content for people like me

[@FirmLearning]

Hi Adam, thanks so much for your kind comment. Glad to hear the videos are helpful! All the best to you - Heinrich

[@adwnasa1]

Your English is So German. 👍

[@FirmLearning]

The reason for that is probably that I am German ;) Thanks for watching! Best, Heinrich

[@thomasferradini3549]

The "consulting" is sooo German

[@FirmLearning]

@@thomasferradini3549 Yess!!!

[@luiscarlostorres3108]

"I think, that your english so german is."

[@jonas4201]

​@@FirmLearning nur so mal als Frage, ist dir der starke deutsche Akzent mal zum Nachteil geworden?

[@centerfield6339]

This is a great way to do management consulting. Make your job as simple as possible, rely on all the info and effort from people doing the work, and redefine the problem to be one that can appear to be solved by a report.

[@gordonmcdonald7734]

Yeah this video really did just argue for creating a "solution" before talking to anyone involved or knowing anything about the situation, and then only discarding it reluctantly if the data goes completely the opposite way to your assumptions. Make up a story and then justify it, looking only for positive reinforcement. Way better to actually consult first, people in the situation have a lot more knowledge that the consultant in this model has discarded and under valued. Also, the consultant has no idea in this model if they're even solving the right problem. A benefit of this approach is that it's quite efficient to think you know the answer before you begin, as you don't have to spend time finding out what you don't know you don't know yet 😂

[@judyl.7811]

2:40 there are gaps, things you do not yet know. 3:05 this is not you operate in a business world. this is academic approach to close the gap by looking into everything to do research. but in business, you should have a hypothesis to test and analyze for. 4:05 to start, what do i know already? then what else I need to close the gap? 4:45 now you sit in the client room, maybe likely with partner and client also. and you ask yourself, "what is my hypothesis?", "what the answer should be?", and "in which country the market entry is recommended?" 5:20 after the factors, you need to collect the data, understand it and verify it. 6:45 so if the CEO comes in and ask, "what's the status?" you could give the hypothesis w/o looking into data. 7:40 key drivers: and many called different names, as modules, workstreams, project areas. 8:00 now the MECE principle comes in. 8:40 this is your roadmap for the project. 9:15 MECE structure is right and you will get the right result. 9:20 move to second phase of work: analytical work. 9:45 if i take away this hypothesis, can i still defend my conclusion? or do i need to iterate and change it? revise my hypothesis, conduct some new analysis, and review and update the recommendation based on that.

[@peteroht6083]

Talk to current employees. Get their solutions and thoughts. Put them in a power point and use technical jargon and phrases in every sentence. Insert hundreds of millions of dollars in benefit. Invoice for a 7 or 8 digit bill. Thats how it works.

[@FirmLearning]

Hi Peter, while there is some truth to that, I do think that consultants are able to add more value than what you are describing :) But of course, respect your experiences. Best! Heinrich

[@gordonmcdonald7734]

This is sometimes alot of the value a consultant can provide, to reflect the ideas of low ranked staff to management together with a solid business case. Management will listen to the consultant but would not have listened to the low ranked staff. The solutions were already there but never would have been implemented unless the consultant did the connecting work and translation.

[@thomasreiter2367]

Pure Gold. Not only the content but the high-quality way in which it has been explained

[@FirmLearning]

Thanks Thomas, much appreciated!! Best, Heinrich

[@kajalojha3181]

this is exactly what i have been looking for more than 2 months, got lucky today! thanks firm learning!

[@bethiciaprasek9415]

This approach is similar to what I have used for market-driven product development projects. I will be revisiting this one and others. Thank you.

[@FirmLearning]

Makes sense, thanks for sharing Bethicia! Best, Heinrich

[@anugrahitkerketta8382]

The way you have filled the video description is just how a consultant works- comprehensive and neatly aligned. Thanks a lot for the video. :)

[@FirmLearning]

Guess I take this as a compliment ;) Thank you for watching Anugrahit!! Best, Heinrich

[@thanhvanle3024]

Thank you, Heinrich! Even á a student, I find the problem-solving process my lecturer requires me to follow is hectic and unrealistic. This video is exactly what I need. Keep up with the good work!

[@FirmLearning]

Super happy to hear you find this video to be helpful - thanks Than! Best, Heinrich

[@EricYang-y1c]

This could apply to so many teams and companies outside management consulting!

[@zakiribnehai]

Your positive eagerness comes across the screen. Good stuff! Thanks!

[@PHahn-fd2rj]

Ich find Ihre Videos beeindruckend. Echt Klasse Heinrich!

[@luuk6587]

As an Industrial Engineering Management student from the Netherlands i get so much insights on how to function into a firm, I am a little bit worried about my research intership next year but with these video's I know how to properly solve problems into a firm. Your solving does kind a look like the DMAIC-method.

[@FirmLearning]

Hi, thanks for your comment great to hear it is helpful. Not too familiar with DMAIC but looks good as well. All the best to you for your start! Heinrich

[@mohd.asaads.279]

​@@FirmLearning DMAIC is a Lean 6 sigma framework

[@ccleanon5576]

I’m glad I found this channel.

[@suhansi1954]

thank you for this video it was really helpful for my final year assignment

[@luckysusie6481]

Such a great video and explanation! Thanks so much. Really helpful!

[@FirmLearning]

Great topic - stay tuned :) Best, H

[@MiguelAngelQuijano]

Excellent!!! Thanks for sharing!!! This is very insightful for people who want to solve problems in the business world.

[@beastnawa]

Thank you so much. Enjoy learning from your videos

[@FirmLearning]

Super happy to hear that - thank you for watching! Best, Heinrich

[@baikaranabyo]

Thank you Heinrich for the content. It;s top notch content that all people in busness should consume.

[@RockyBaja]

Hynrick, does a good job, for the amount of time. Keep it coming. Excellent work.

[@ZeqiG]

Currently binge watching videos on this channel :) Really useful stuff!

[@FirmLearning]

Great to hear that. Thank you for watching Lisa! :) Best, Heinrich

[@ZahraAmirloo]

this is the first time I watched your video. It was well structured and very helpful content. Thank you! Btw, I'm also English second language, and love your accent. the fact that language can't a barrier !

[@FirmLearning]

Super happy to hear you got value out of it! Best, Heinrich

[@CimolOk-nz5yj]

🎯 Key Takeaways for quick navigation: 00:00 🌐 *Introduction to Hypothesis-Driven Problem Solving* - Introduction to the concept of hypothesis-driven problem solving used in consulting. - Explanation of the methodology's relevance in various contexts, not just consulting. - Personal background of the presenter in consulting. 01:23 🧩 *Defining Hypothesis-Based Problem Solving* - Explanation of hypothesis-based problem solving as a method to structure projects. - Its role in defining project scope, focusing data collection, and solving complex problems. 02:22 📊 *Transition from Problem to Solution* - Discussion on the necessity of facts and analysis to move from a problem to a solution. - Critique of the academic approach of extensive research before solution formulation. - Emphasis on havingan initial hypothesis to guide the solution process. 04:16 🌍 *Practical Example: Mobile Payment Service in Brazil* - Illustration of the hypothesis-driven approach with a case study of a mobile payment service entering the Brazilian market. - Identification of key factors influencing the decision, such as market growth and competition. - Process of hypothesis testing and data analysis to validate the decision. 07:08 🔍 *Structuring and Executing the Hypothesis-Driven Approach* - Steps to translate management objectives into project goals. - Breaking down projects into sub-parts and applying the MECE principle. - Importance of structuring the problem before conducting analytical work. 09:36 ⚙️ *Iterative Process and Conclusion* - Description of the iterative process of hypothesis testing and revision. - Discussion on the importance of structure in achieving correct results. - Closing remarks on the efficacy and utility of hypothesis-driven problem solving. Made with HARPA AI

[@hkia7893]

Really good, I can immediately imagine how to implement it.

[@lizziespice_]

Thank you so much for this. It made me understand problem structuring.

[@ehwangah]

Hi Heinrich, absolutely love the content and concise explanation. I have a couple of questions and would love to hear your answers on them. 1. Does this same framework apply if you're doing a diagnostics piece? Say for example you want to understand an industry well and fast - can you apply this? 2. How do you come up with a good day 1 answer or framework if there's a lack of contextual knowledge? 3. If the hypothesis is disproved / incorrect - how do you swap it out with another module and have the storyline in tact? 4. Adding on, how do you come up with a storyboard from this framework? 5. What do you do when you get stuck?

[@FirmLearning]

Hi Josh, thank you for your questions! Let me try to offer some thoughts on them: 1) Indeed in a diagnostics project you usually have a clear set of analyses that you want to do. In these projects, this type of project solving approach is less relevant. 2) Usually coming up with these day 1 answers is the job of the partner / the more senior consultants on the team who have already experience in the industry and maybe even working with the client. Can see how this might be more tough if you are the young business analyst on the team :) 3) This should be an interative process - sometimes you just need to adjust the hypothesis a little but but your conclusions are still intact, then everything still holds. Sometimes you indeed need to change your conclusion and therefore also your storyline. 4) The good thing about this is that you should be able to come up with a story rawling on day 1 - you from the beginning have your recommendation with the underlying rationale. Of course, if something changes, then you need to update the storyboard accordingly. 5) Depends on where exactly you get stuck. Usually if e.g., you are lacking certain pieces of data and cannot get hold of any relevant proxies, you try to substitute quantitative data with qualitative insights, e.g., expert interviews. Hope this helps. Lots of success to you man!! Best, Heinrich

[@faarao75]

Heinrich, love the insight and information like this in particular.

[@jorgepinoalejandre3939]

Hola Excelente exposición del tema. La "RESOLUCIÓN" de problemas es EXACTAMENTE IGUAL QUE REALIZAR UNA INVESTIGACIÓN. Como Internacionalista, y como Metodologo en las Relaciones Internacionales, puedo decir que la metodología de las R.I. es suficiente y más para dar Solución a problemas con potencial solución, y derivar los problemas que no tienen solución.

[@FirmLearning]

Hi Jorge, thank you for your comment! Always great to hear that these methodologies are applicable and indeed applied across disciplines (IR in your case). Best! Heinrich

[@jorgepinoalejandre3939]

@@FirmLearning Hola, seria excelente, si haces un envivo para dialogar sobre metodología, o hablar sobre la resolución de problemas, gracia.😀

[@adalrasheed]

Thanks, very useful approach

[@FirmLearning]

Great to hear that - thanks Adel! Best, Heinrich

[@Tom9111]

Just commenting to say 'Super Sache, treuer Heinrich!' and I do mean that. Insightful and somehow enjoyable at the same time.

[@FirmLearning]

Lieber Tom, thanks for your comment :) Super happy you find the video helpful! Best, Heinrich

[@sajithchannadathu7902]

Good video explaining how Consulting works. this is also one of the reason why, Ppl avoid consulting firms for new ideas. bcos your video shows that the research is clearly biased. when you make such a hypothesis you are skewing the output and miss out on lot of insights. so consultant's should be used only when u want to verify some thing which you may have an idea about and not to come up with some thing new . Thanks' appreciate

[@FirmLearning]

Hi Sajith, thank you for your comment. Interesting perspective. Agree that the method is not perfect, though I personally do see value in it. Best! Heinrich

[@sajithchannadathu7902]

@@FirmLearning Thz I my self run my own consulting firm. Many rimes we have come across this comment from clients or potential clients that consultants ask us get info from us and come back with the same info what we already know. I am trying a new approarch. . ro keep an open mind to the problem So that we may come up with new solutions.

[@FirmLearning]

Lots of success to you!!

[@sajithchannadathu7902]

@@FirmLearning Thx

[@alexfrank1831]

Ģreat video! This kind of thinking should be taught at universities. If more companies were scientifically managed there would be far less project failures!

[@FirmLearning]

Hi Alex, thanks for the comment! Fully agree that more hypothesis-based thinking would probably not hurt for most organizations :) Best, Heinrich

[@janlaenge]

Really useful, I wanted to leave a like and a comment for the algorithm

[@FirmLearning]

This is much appreciated - thank you Jan! best, Heinrich

[@audreycollins8780]

Thank you so much for such a helpful video. It feels a whole new world after I have watched this video, realizing I have had a wrong approach for all the case study I am learning. Again thank you so much 🥰🥰🥰

[@FirmLearning]

Hi Audrey, thanks so much for your comment. Great to hear the video was helpful.. all the best to you for your case prep!! Best, Heinrich

[@palomatavares1995]

I love your videos! You’re so didactic! I’m Brazilian and your accent with English it’s very easy to understand. Basically right now I’m focusing on learning Storytelling. I’m a procurement coordinator in a carrier company. Thanks for your content.🇧🇷

[@AF-mi7yf]

Eu moro na Alemanha, o sotaque de muitos alemães é realmente forte. Porém, ele pronuncia as palavras com clareza e num bom ritmo. Sucesso nos teus estudos!

[@KleinmeisterPang]

Very very good video - this is very important topic and I think everyone should learn this approach. Explaining this in 10 min. is very difficult, and you did very well!! However, you missed out to mention the potential traps and risks of this approach. In my humble opinion, it is always good practice to mention possible downsides as there is no "right way for anything" it always depends & there have been many examples where MBB companies failed with this approach at significantly large projects. For everyone that wants to improve problem-solving I would recommend the book "cracked it" its fantastic. Hypothesis-driven approach is also covered (including the risks that this approach involves)

[@FirmLearning]

Thanks for your comment - definitely some truth to it. Also did not know the book you recommend, have added it to my reading list ;) Best, Heinrich

[@Miratelmani]

Great video and especially the top down apporach part😊

[@k.berkcakr379]

Helpful video, produces with good intentions. Thank you Heinrich!

[@douglasherron7534]

How to solve problems consulting style (expanded from @Lee Ledbetter): (1) Discuss a "problem" with senior management/ the Board (2) Negotiate an eye-popping fee (3) Send in a team of "consultants" (otherwise known as snotty-nosed, recent graduates who know nothing) to ask middle management how they would solve said "problem" (4) Get aforementioned snot-nosed graduates to produce a powerpoint (detailing middle management solutions) (5) Helicopter in some consultant bigwig for half a day to present said powerpoint to senior management / the Board (6) Present invoice (normally increased above eye-popping fee due to "complications" and "administrative costs") (7) Walk away (8) Repeat at next victim... I mean client

[@FirmLearning]

Sorry to hear you made this experience. Still thanks for watching!

[@ivanmadan8207]

Love your channel. Keep the great work!

[@FirmLearning]

Super happy to hear that - thanks for watching Ivan! Best, Heinrich

[@alairsilvajunior7814]

As a Sr. engineer I can say that I miss this structured approach in several Root Cause Analysis (RCA) reports I analyzed and even elabored myself. Thanks for sharing this knowledge. Hope I'll be able to apply it soon.

[@boweidu1012]

looking forward more videos and buy the way, ignore those comments about your accent. these lessons you taught don't have any accent good job man. merci pour tes vidéos concernant la consultation

[@FirmLearning]

Thank you Dubien for your kind message.. appreciate it!! :) Best, Heinrich

[@brianomalley7267]

Excellent channel and work Heinrich, really helpful!

[@FirmLearning]

Great to hear that, thank you Brian! Best, Heinrich

[@AdetokunDayo]

Amazing video. Many thanks for taking time to break the approach down for better understanding

[@joebrierly7924]

Wow, great vid with loads of information in a short amount of time! Would love to see some more examples of this method. Thanks for the excellent content!

[@renegade2592]

Thanks for this video Heinrich! All the best

[@FirmLearning]

Thank YOU for watching! Best, Heinrich

[@FrenchUncleLou]

Great video! I've enjoyed all of your videos (that I've seen thus far), and this one is my favorite. Thank you!

[@FirmLearning]

Hi Liam, thank you, this is great to hear. Thanks for being a regular viewer of the channel :) Best, Heinrich

[@farizalpratama5138]

Really helpful! I am recently looking for ways to improve my problem solving skills

[@FirmLearning]

Great - indeed hope this video helped you with this. Thanks for watching!! Best, Heinrich

[@roscokelky5972]

Great value, high quality, informative, excellent video thank you Heinrich.

[@FirmLearning]

Thank you Rosco, super happy to hear that!! Best, Heinrich

[@gabrielalexander2735]

Smashing the like button as always! 😻

[@FirmLearning]

Thank you Gabriel, that is very much appreciated! Thanks for watching! Best, Heinrich

[@cheehiong]

This is one of the best consulting materials channel. - from another ex-Deloitte consultant. Amazing work here man - you covered most of the skills my mentor from Mckinsey actually taught me.

[@FirmLearning]

Thank you, super happy to hear from fellow consultants that the material is helpful :) Appreciate it! Best, Heinrich

[@PaulinaValenzuelaMunoz]

Love the video!! New sub from Chile!!

[@FirmLearning]

Super happy to hear you like it - thank you Paulina! Best, Heinrich

[@millennialadvisorsinc.448]

Very informative. Perfectly paced. Well done!

[@enlighten92]

Nice video. Please do a more detailed explanation on the problem framing stage

[@FirmLearning]

Yes, might create more on this in the future - stay tuned! Best, H

[@camilafloressanhueza7966]

I absolutely love this type of videos!!!

[@FirmLearning]

Happy to hear that - thank you Camila! :) Best, Heinrich

[@kimdupont-madinier9796]

Love it! Keep the content coming!

[@dinhanhnguyen8242]

Thank Heinrich, very valuable video. Could you please make another video on this topic with some examples that I believe will be greatly helpful?

[@j.candrews4527]

Intelligence Analysts use a variant of this approach, called Analysis of Competing Hypothesis, for complex issues that need frequent assessments. I liked your explanation, it was very informative.

[@FirmLearning]

Interesting, thanks for sharing! Appreciate it Joshua. Best, Heinrich

[@olipop84]

Great video! Thanks Heinrich!

[@FirmLearning]

Hi Oliver, thanks for your comment! Super happy to hear that the video is helpful :) Best! Heinrich

[@dwobstacles]

I would love to see more videos on this structure with different applications/subject areas. I loved the video!

[@lanmeister9334]

Yes! Especially in Product Management! Great video!

[@FirmLearning]

Yes agree! Thanks for watching. Best, Heinrich

[@ricrocker5848]

Awesome knowledge Sharing. TYSM !

[@carmentan1289]

THanks a lot! It is very helpful!

[@FirmLearning]

Great to hear - thanks for watching Carmen! Best, Heinrich

[@dhruvberry]

As a soon to be grad looking to break into consulting/business analytics.... thank you!

[@FirmLearning]

Thank you for watching Dhruv, happy to hear it was helpful! Best, Heinrich

[@МаріяЯщенко-ц6ш]

Great video as always, thanks

[@marcelobarcia861]

Super helpful information!

[@FirmLearning]

Hi Marcelo, great to hear that, thank you! Best, Heinrich

[@MrAldochin]

Nice video, Heinrich! Two questions, to what degree does creating hypotheses biases you to confirm them (and of course you have to try to remain objective, but we're human)? Second, if you only look at data to verify or discard a given hypothesis, to what degree does that impact the discovery of creative or alternative solutions? Thanks! Aldo

[@FirmLearning]

Aldo my man!! Yes fully agree, this approach might lead to a confirmation bias. Super important to have a good problem solving process in place for this to work - and creating a culture where team members are encouraged to dig deep. Also agree that this approach is not well suited to come up with super creative, out of the box solutions. Though frankly in MBB consulting it is rarely important to be super creative. In most cases the work is more focused on optimizations and solid analysis. Best!! Heinrich

[@kennethwu1989]

@@FirmLearning Thanks, I actually have similar question. Because disproving a hypothesis you suggested to client on day one, will invite challenge from client about consultant's credibility and the outcome. Afterall MBB projects are expensive, they do not expect to pay for disproved ideas. Instead, they want solutions and get fixed ASAP. When I did consulting (which couldn't last long), I felt very uncomfortable to give hypothesis. as data discovered later may go the other direction. How would you recommend?

[@mikeruhland6928]

@@kennethwu1989 Your gut was correct.

[@ludgerderyce7312]

Great Video, Insightful presentation

[@FirmLearning]

Thanks Ludger - happy to hear that!! Best, Heinrich

[@patrickrojo7105]

Amazing content! as always.

[@artsofsenthu]

Great stuff. Just applied it on a recent consulting gig.

[@FirmLearning]

Happy to hear that Senthu!! Thanks for watching! Best, Heinrich

[@christoph3187]

Thanks Heinrich, very helpful!

[@ivnacuri5231]

I love the hypothesis based problem solving! Very logical and efficient. Loved the explanation. Thanks.

[@FirmLearning]

Great to hear the video is helpful, thanks Ivna :) Best, Heinrich

[@wellingtonbumhira2813]

What do you use to create nice and neat graphs? thanks

[@tripnation9659]

Thanks for the vid! Great content Ps: The accent just makes the content so much better🎉

[@FirmLearning]

Thank you, happy to hear you like the video and the accent ;) Best! Heinrich

[@sitrakaforler8696]

Bloody awesome ! Thank you for the vidéo !!!

[@connieg3377]

Enjoyed your videos. Thank you!

[@neyetm5550]

Thank you. I really liked this

[@veganfoodporn7219]

Very good content! Great!

[@FirmLearning]

Great to hear that - thank you!! :) Best, Heinrich

[@majunga6909]

Great stuff Heinrich

[@thearchibaldtuttle]

This is very interesting! Thanks!

[@FirmLearning]

Super happy to hear this, thank you! Best, Heinrich

[@townsendmustin9531]

Quick one, Heinrich: How do you know whether you have "Collectively exhausted" all drivers of a particular problem? At some point don't you have to simply choose a basket of what you think the most important drivers are and go with them? Can't there always be some subjective component constantly challenging the notion that you have "exhausted" all factors? *** This is the one part of MECE that always gets me.

[@FirmLearning]

Hi, yes fully agree that these problems exist. In practice, you will often adopt a more heuristic approach by conduction interviews with experts etc. in the beginning to develop a structure that is "good enough" for what you are trying to achieve. Of course, errors might happen und might also occur that you later change the structure because you learnt new thing. Best! Heinrich

[@CaseWithFox]

Excited for this video!

[@FirmLearning]

Hope you liked it :) Thanks for watching! Best, Heinrich

[@CaseWithFox]

Another insightful video, like how you show hypothesis-driven approach is applied in real projects apart from merely using in case interviews!

[@FirmLearning]

@@CaseWithFox Thanks!!

[@SharafAlSharif]

Very useful content, thanks. Keep up the great work.

[@FirmLearning]

Thank you Sharaf - much appreciated. Thank YOU for watching! Best, Heinrich

[@ananditasingh428]

Excellent quality content!

[@tobiasrekker5376]

This is a great episode. I discovered your channel just now. You have done great work. I start my position as a first-time consultant in two weeks. Do you have a video about the fundamentals for a consultant? I am going to be more into IT and cybersecurity implementations.

[@Sameer-er3wz]

I find your videos very helpful in structuring my thinking and presentations.

[@FirmLearning]

Hi, thank you so much for your feedback, appreciate it! Best, Heinrich

[@applesgreenandred5287]

I agree!

[@louiseli3793]

Thanks for walking through the model. Can you put a case example for this framework? More importantly, can you talk about data sources. It’s always challenging to find relevant updated specific data points for a certain industry or subcategory. Can you share what more type of data sources commonly used by consulting firm? Another topic I’d be curious to see is company re-org. We always hire consulting firms to do re-org. Other than doing the dirty job of letting people go, can you talk about how a company approaches these problems ?

[@FirmLearning]

Hi Louise, Thanks for your comment! Regarding data sources, you usually have two types of data you use: 1) client data, so all the internal data the client has and 2) external data from market research agencies like Nielsen, GfK etc. - usually the big consulting firms have subscriptions to all these data bases that they leverage. However, what most consulting firms are good at is really bringing all this data together and creating insights by linking different data sources, sometimes also just based on internal data, that the client alone so far was not able to do. Regarding re-org / cost cutting projects, consulting firms usually work in 2 steps: First, they size the reduction potential by function by using benchmarks of other companies / databases they develop over time or comparable analyses. Second, after agreeing on the reduction potential, they help to define the new "operating model" of the function to make sure it actually can be operated with the smaller cost base. Here in overhead functions, approaches can be e.g., automatisation of processes, shared service centers, cutting of non-essential activities etc. But important topics indeed, might make a more detailed video about this in the future! Best, Heinrich

[@louiseli3793]

@@FirmLearning Thanks Heinrich! These are great insights. Really look forward to your more detailed video on this topic. Change management is ALWAYS painful and hard to navigate.

[@FirmLearning]

@@louiseli3793 Fully agree. Good weekend to you! - H

[@bergeryap87]

Thanks for sharing. Great stuff

[@FirmLearning]

Thanks, appreciate it!

[@Gorlenius]

Great and insightful video, thank you for making this!

[@FirmLearning]

Thank you!

[@rezaardiansyah596]

Wow, Thank you so much for the explanation

[@FirmLearning]

Thank YOU for watching Reza! Best, Heinrich

[@ebukanwankwo4596]

Thank you very much for this video.....

[@mouradattia2903]

Quality content. Learning a lot. Please keep going!

[@FirmLearning]

Thanks Mourad, much appreciated! Best, Heinrich

[@wh464]

Thanks got the great effort you put in

[@divyabajpai9821]

Great content...really helpful

[@noveleden]

This was an amazing video. Thank you.