Consulting Network » Ernst & Young http://www.consultingnetwork.co.in Fri, 13 Jan 2012 04:39:53 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Recession and the Big 4 – How are they dealing with it ? http://www.consultingnetwork.co.in/recession-and-big-4-how-are-they-dealing-with-it/835/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/recession-and-big-4-how-are-they-dealing-with-it/835/#comments Fri, 29 May 2009 06:08:37 +0000 Mohit http://consultingnetwork.co.in/?p=835 Recession has affected almost all of the industries in India. Big 4 firms  despite their might have been having a tough time dealing with the recession.

One chain of thought argues that big 4 firms should, to some extent, be sheltered from the current crisis. Their type of client, the large private and public multinational company, will invariably have a legal requirement for an audit. This type of client is usually large enough to withstand economic downturns so audit fees from such companies should, in general, remain stable.

However, a large chunk of the revenue for the big 4 firms come from the non audit services such as risk advisory, transaction advisory etc. On one hand transaction advisory services are facing a major crisis since the number of transactions in the Indian markets have gone down significantly, on the other hand, other advisory services under the risk advisory/business advisory umbrella are not selling, since most of the client are postponing their decision to hire big 4’s or for that matter any consulting firm for such services. Many of these services are being considered a luxury  by prospective clients in these recessionary times.

PwC has been affected even further due to their alleged involvement in the Satyam scandal, many of the PwC clients are reportedly seeking services of other big 4 biggies, Deloitte and KPMG are speculated to have grabbed a number of PwC clients.

Most of the big 4 firms have frozen or deferred hiring and are adopting a “wait-and-watch” policy.

However, there is always an opportunity in adversity, from a human resource prospective, the recession provides big 4 firms an opportunity to build their brand equity and tackle high attrition problem by supporting their employees in these tough times and passing on the least amount of pain on them. Employee oriented moves during recessionary times could help big 4 firms to build their brand and attract quality talent in the long run.  However, how big 4 firms respond to the human resource aspect in this recession will only become clear in the coming months.

Most of the Big 4 firms have stepped up their business development activities and are aggressively pursing prospective clients. These may be classified as challenging times for the big 4 firms, but at the same time recession is forcing many big 4 employees to hone their existing skills and acquire new skills.

To summarize, there is unrest in the sea, and how will the big fish respond? This question will only be answered in time.

Views presented in this article are those of the author and author alone and in no way reflect the views of the author’s employer or any connected parties.

You can reach the author on mohit.kant@consultingnetwork.co.in or contactus@consultingnetwork.co.in


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]]> http://www.consultingnetwork.co.in/recession-and-big-4-how-are-they-dealing-with-it/835/feed/ 0 Wipro sets up consulting R&D arm/Sizes up its Competition http://www.consultingnetwork.co.in/wipro-sets-up-consulting-rd-armsizes-up-its-competition/578/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/wipro-sets-up-consulting-rd-armsizes-up-its-competition/578/#comments Mon, 30 Mar 2009 04:24:55 +0000 Knowledge Seeker http://consultingnetwork.co.in/?p=578

Technology major Wipro is planning a deep plunge into the global consulting market with the idea of competing with true-blue global consulting brands and IT consulting firms.

In preparation for this move, the company has carried out an in-depth study on select consulting majors including Ernst & Young, PriceWaterhouse Coopers, McKinsey and Bain & Company to understand what made them stay different in the consulting world.

Anurag Srivastava, head of Wipro Consulting Services (WCS) said, “The objective of the study was to gather a holistic understanding of the consulting business. We want to create differentiation in the global markets through innovation-driven consulting. Consulting will be the front-end service for most of our large business deals.”

Wipro has also set up a dedicated research and development arm, Global Research Centre, to support its initiatives in the consulting space. The R&D facility will seek to enhance the business value to clients through innovation. The company believes that consulting will work as a powerful tool during times of recession to gain customer confidence.

Wipro employs over 1,200 consulting professionals and 7% of them will now be part of the R&D team. The team will track 12 industry verticals. The research activity starts with profiling the customer, moves on to analysing industrial trends, followed by providing a macro-economic snapshot and culminating in a viable business strategy.

The job of the R&D team is to lay seeds of innovation. It will play a key role in bridging the divide between ideators and front-end workers.

“The researchers will work in tandem with consulting professionals, so that customers are increasingly benefited,” Srivastava said. “Consulting will have a significant impact on our IT/BPO revenues. It will transform us from an outsourcing player to a transformational partner.”

Sourced from Indiatimes


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