- McKinsey & Company: A Breath of Fresh Air
THE CHALLENGE:
McKinsey & Company came to Synecticsworld when it had a problem it couldn’t solve itself, quite a bold step for a hugely successful management consulting firm that specializes in helping senior management solve business problems.
But McKinsey called Synecticsworld when they recognised that they needed to not only infuse fresh ideas into the 82-year-old company, but specifically they needed to find ways of reducing costs. The Synecticsworld’s team:
- Looked for opportunities where cost could be cut
- Conducted interviews with the various departments to determine where money is spent most
- Developed a Skill Committee to decide what ideas to implement
- Formed a task force to assign duties and responsibilities
The Skill Committee was especially crucial as its presentations provided a positive environment so that McKinsey’s presenters would not feel intimidated.
THE PROCESS:
Synecticsworld led the McKinsey team through a process that included a three-day training session followed by innovation sessions that looked at:
• Promising cost reductions in overhead expenses
• Administrative cost reductions
• Re-engineering existing processes
THE RESULTS:
The Synecticsworld-led sessions produced significant savings for McKinsey and resulted in a long-term relationship that spanned two years and six different projects.
