Bain & Co. Strategy
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Bain & Co. Strategy as PDF for free.
More details
- Words: 1,715
- Pages: 30
Knowledge Management at Bain
This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Most executives are not happy with KM “How Satisfied Are You with Each Management Tool?”
Rating (1 to 5)
Satisfaction (1 to 5) 4.0
“How Good is Each Management Tool at Getting Financial Results? 4.0
3.76 3.22
3.0
3.0
2.0
2.0
1.0
1.0
0.0
Average of Knowledge 31 Tools Management
Source: Bain Management Tools & Techniques Survey (2001)
0.0
3.55 2.96
Average of Knowledge 31 Tools Management NY Infotoday preez 1
2
Why KM Often Fails
Not properly defining KM for the organization Viewing KM as a separate function, versus just a part of business strategy Not enough thought before technology Misguided focus on people and process
NY Infotoday preez 1
3
Bain has created a leading KM capability A good strategy for content creation and capture - Focused, high value investments in intellectual capital - Deep mining of ongoing learnings from projects
The GXC - a great KM system - Classification/taxonomies - Integration of internal and external content - Integration of learning and knowledge - Powerful search
A lean, value-added KM team that - makes the process work - fits into existing company structures
A culture of sharing, not hoarding - Tacit - Codified NY Infotoday preez 1
4
Why KM matters to consulting firms Nature:
Two core assets: people and reputation Our “product” is intangible Global business, but with local differences Partnerships, not hierarchies
Trends:
Generic frameworks and data are commoditizing Industry life cycles shrinking More MBAs, low entry barriers competition! Global service is required
“Knowledge” is a critical capability for consulting firms NY Infotoday preez 1
5
Knowledge example in consulting You’re working in the PC Industry Data Market size Market share Competitor prices
A commodity
Knowledge The best way to segment the consumer market How to streamline the supply chain Impact of supplier consolidation on OEMs
A differentiator
World class KM programs manage & share both NY Infotoday preez 1
6
Overview of Bain and Company
Stockholm Brussels Moscow London Zurich Toronto Paris Chicago Boston Milan Munich San Francisco Dallas New YorkMadrid Rome Los Angeles Atlanta Mexico City
Beijing Seoul Tokyo Hong Kong
Singapore
Sao Paulo Johannesburg
Sydney
26 offices, working in 9 languages Over 2,500 consulting staff, “generalist” model Strict conflict and sharing standards NY Infotoday preez 1
7
Many KM failures over our first 26 years (1973-83)
“Word of Mouth”
(1983-93)
“Experience Center”
(1993-99) “BRAVA”
Many attempts at KM over our first 25 years But none worked. Examples of our everyday pain… -Proposals still kept by each partner – requiring email and fax -Research tools weren’t sufficient to do the job -Our “best” work was still in file cabinets -We still depended on word of mouth to find experts -We redid the same work multiple times each year NY Infotoday preez 1
8
Bain’s approach for getting it right Key elements of KM: Define KM for the company
Use
Create
Define your content strategy, and what needs to be created to support your strategy Determine how to capture (e.g., format, timing)
KM Objectives
Transfer
Organize and classify knowledge based on the business’ “view of the world”
Business strategy
Capture
Organize
Determine best modes for Transferring and sharing knowledge Ensure formats and access (e.g., IT) make use as easy as possible
NY Infotoday preez 1
9
The objectives of KM for Bain What It’s Not Advance the science Become famous authors Fancy portals Document management
What It Is Provide our staff with the tools and skills to develop Enable our consulting staff to work better and faster - selling to new clients - starting up work - “cracking the case” Apply Bain’s best global insights and approaches - No “re-inventing the wheel” Drive client results NY Infotoday preez 1
10
Bain’s knowledge is centered around our case teams Client Development (Partner) (1-3 weeks)
Case Start-up
In-Depth Work & Recommendations
(Partner, Manager and team) (1-2 weeks) (1-6 months)
Bain’s point of view on the industry and case topic Great examples and approaches Access to internal experts External Research
Implementation
(6 months +)
Knowledge “Needs”
Knowledge “Outputs”
New industry insights Update to Bain’s point of view New approaches (and solutions) to problems Insights on managing the case and client NY Infotoday preez 1
11
Our content strategy
External content
Bain’s case & people experience Codified Bain insights
Tools and skills
Major research databases Top external data sources Sanitized summaries of every client project Staff profiles & expertise For “tacit” sharing Bain’s critical IP - Industry verticals - Capability areas
“Reusable” formats Short shelf life Bain’s core global toolkit Embedded in our staff training programs Long shelf life
NY Infotoday preez 1
12
The BVU and GXC
External content GXC 1.0 launched 2000
Bain’s case & people experience Codified Bain insights
GXC 2.0 BVU 2.0 Launched October 2002
Tools and skills BVU 1.0 Launched 1999 NY Infotoday preez 1
13
GXC 2.0 home page
NY Infotoday preez 1
14
Additional screen shots removed due to sensitivity
NY Infotoday preez 1
15
10 industry pages on the GXC
NY Infotoday preez 1
16
Presentations are in an easy-to-use, webbased format
NY Infotoday preez 1
17
Bain Virtual University
NY Infotoday preez 1
18
BVU video modules
NY Infotoday preez 1
19
New External Sources Page speeds up your research
NY Infotoday preez 1
20
The GXC has changed the way Bain works “Thanks to the GXC, I was able to pull together a preez on the
impact of a proposed merger in the internet space here in Australia in just 24 hours. The deadline would normally have been impossible to meet with any quality, but we got it done. I love this tool!” Manager, Sydney “We pulled a case example on Asset Management in the Financial Services Page to create a presentation for the client in only 1 day. It was fantastic!” VP, Munich “GXC is fantastic, I am saving hours already!” AC, Dallas “Your KM system is one of the most intuitive and sophisticated that I have ever seen. You could do alot to help us out in this area.” Bain Client NY Infotoday preez 1
21
Bain knowledge creation and capture IP Development
Output:
Minimum Goal:
Selling process
Case Start-up
Case-end
• Focused • Proposals investments • Create new Bain points of view
• Case summaries
• Driven by Industry & Capability Practices
• 100% • One good compliance module on 50% of cases • Accurate • New data case tagging sources from every case
• Capture on 50% of cases
• In-depth codified modules • Top external sources
NY Infotoday preez 1
22
Many roles make this process work Dedicated facilitators for knowledge capture and sharing
Knowledge Broker
Partners who oversee Bain’s global Capability and Industry practices
Practice Areas
Case Team
Contribute best work to share across Bain
Knowledge Officer
Office-based GXC evangelist Runs office incentive programs
Info Services Best external data sources Research databases NY Infotoday preez 1
23
Knowledge Brokers at Bain Regional Knowledge Broker “Office generalists” Assigned by office Generalist KM support to teams in their offices - Assist finding content/people - Ensures accurate case tagging - Helps write case summaries
Probes case teams to find potential team insights to codify - Case end manager interview - Interfaces with relevant Knowledge Specialists
Knowledge Specialist “Global topic specialists” Assigned by Industry or Capability Practice Area Manages the GXC content and web site in their areas Coordinates IP development and capture with Practice Area VPs Supports Practice Area on communications, projects and incentives
Runs office incentive programs with Knowledge Officer 24
Metrics and incentives Office
Practice Area
Office KM Scorecard
Practice Scorecard
- Measures all office KM contributions - Normalizes for size - Sent quarterly to office heads and MD
KM factored in Office Head performance
- Measures KM progress in PA - Sent quarterly to PA heads and MD
KM is a core factor of performance and comp for PA heads
Individual Annual VP ratings - Assess KM contributions by each VP - Factored into annual comp
Office-based “sticks and carrots”
Annual Office Knowledge Award - 1 large, 1 small office - For all KM efforts NY Infotoday preez 1
25
So what’s the impact?
We can’t and won’t measure ROI - Most of the costs are “soft” and can’t be measured - Our product is intangible - KM is only one of many inputs
Today we capture many key success indicators - Usage - Satisfaction (annual surveys) - Online quality ratings - Informal “feel”
But, this is not sufficient
NY Infotoday preez 1
26
Our framework for KM impact Drive client results
Improve Staff Productivity
Build Relationships/ Increase revenues
Decrease costs
NY Infotoday preez 1
27
What we know so far Drive client results Teams deliver better quality and results, in less time - More time to “crack the case” - Access to the “best” insights - Better client collaboration
Improve Staff Productivity Partners build proposals in 30% less time The case team process runs 30%+ faster
Build Relationships/ Increase revenues Contact within the Bain network has increased Client leads have increased Win rates at “bakeoffs” have grown
Decrease costs
Classroom training costs cut by $1M - Shorter programs - No paper Caseteam expenses have decreased - Research - Telecom costs
Our client work is globally consistent NY Infotoday preez 1
28
Our next steps Drive client results
Improve Staff Productivity
Build Relationships/ Increase revenues
Decrease costs
Institutionalize regular customer research on the impact of KM on our jobs - Partners - Other consulting staff levels
Structured interviews and surveys, built around this impact framework Use results to direct - Changes to content strategy and priorities - Addition investments in the GXC - Further process improvements
NY Infotoday preez 1
29
Our key learnings Content and thought first, before the technology Build around how people really work and what they need Quality over quantity Internal and external knowledge together Massive focus on people and process - Knowledge Brokers - Practice Area VPs
Commitment from top management
NY Infotoday preez 1
30
This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Most executives are not happy with KM “How Satisfied Are You with Each Management Tool?”
Rating (1 to 5)
Satisfaction (1 to 5) 4.0
“How Good is Each Management Tool at Getting Financial Results? 4.0
3.76 3.22
3.0
3.0
2.0
2.0
1.0
1.0
0.0
Average of Knowledge 31 Tools Management
Source: Bain Management Tools & Techniques Survey (2001)
0.0
3.55 2.96
Average of Knowledge 31 Tools Management NY Infotoday preez 1
2
Why KM Often Fails
Not properly defining KM for the organization Viewing KM as a separate function, versus just a part of business strategy Not enough thought before technology Misguided focus on people and process
NY Infotoday preez 1
3
Bain has created a leading KM capability A good strategy for content creation and capture - Focused, high value investments in intellectual capital - Deep mining of ongoing learnings from projects
The GXC - a great KM system - Classification/taxonomies - Integration of internal and external content - Integration of learning and knowledge - Powerful search
A lean, value-added KM team that - makes the process work - fits into existing company structures
A culture of sharing, not hoarding - Tacit - Codified NY Infotoday preez 1
4
Why KM matters to consulting firms Nature:
Two core assets: people and reputation Our “product” is intangible Global business, but with local differences Partnerships, not hierarchies
Trends:
Generic frameworks and data are commoditizing Industry life cycles shrinking More MBAs, low entry barriers competition! Global service is required
“Knowledge” is a critical capability for consulting firms NY Infotoday preez 1
5
Knowledge example in consulting You’re working in the PC Industry Data Market size Market share Competitor prices
A commodity
Knowledge The best way to segment the consumer market How to streamline the supply chain Impact of supplier consolidation on OEMs
A differentiator
World class KM programs manage & share both NY Infotoday preez 1
6
Overview of Bain and Company
Stockholm Brussels Moscow London Zurich Toronto Paris Chicago Boston Milan Munich San Francisco Dallas New YorkMadrid Rome Los Angeles Atlanta Mexico City
Beijing Seoul Tokyo Hong Kong
Singapore
Sao Paulo Johannesburg
Sydney
26 offices, working in 9 languages Over 2,500 consulting staff, “generalist” model Strict conflict and sharing standards NY Infotoday preez 1
7
Many KM failures over our first 26 years (1973-83)
“Word of Mouth”
(1983-93)
“Experience Center”
(1993-99) “BRAVA”
Many attempts at KM over our first 25 years But none worked. Examples of our everyday pain… -Proposals still kept by each partner – requiring email and fax -Research tools weren’t sufficient to do the job -Our “best” work was still in file cabinets -We still depended on word of mouth to find experts -We redid the same work multiple times each year NY Infotoday preez 1
8
Bain’s approach for getting it right Key elements of KM: Define KM for the company
Use
Create
Define your content strategy, and what needs to be created to support your strategy Determine how to capture (e.g., format, timing)
KM Objectives
Transfer
Organize and classify knowledge based on the business’ “view of the world”
Business strategy
Capture
Organize
Determine best modes for Transferring and sharing knowledge Ensure formats and access (e.g., IT) make use as easy as possible
NY Infotoday preez 1
9
The objectives of KM for Bain What It’s Not Advance the science Become famous authors Fancy portals Document management
What It Is Provide our staff with the tools and skills to develop Enable our consulting staff to work better and faster - selling to new clients - starting up work - “cracking the case” Apply Bain’s best global insights and approaches - No “re-inventing the wheel” Drive client results NY Infotoday preez 1
10
Bain’s knowledge is centered around our case teams Client Development (Partner) (1-3 weeks)
Case Start-up
In-Depth Work & Recommendations
(Partner, Manager and team) (1-2 weeks) (1-6 months)
Bain’s point of view on the industry and case topic Great examples and approaches Access to internal experts External Research
Implementation
(6 months +)
Knowledge “Needs”
Knowledge “Outputs”
New industry insights Update to Bain’s point of view New approaches (and solutions) to problems Insights on managing the case and client NY Infotoday preez 1
11
Our content strategy
External content
Bain’s case & people experience Codified Bain insights
Tools and skills
Major research databases Top external data sources Sanitized summaries of every client project Staff profiles & expertise For “tacit” sharing Bain’s critical IP - Industry verticals - Capability areas
“Reusable” formats Short shelf life Bain’s core global toolkit Embedded in our staff training programs Long shelf life
NY Infotoday preez 1
12
The BVU and GXC
External content GXC 1.0 launched 2000
Bain’s case & people experience Codified Bain insights
GXC 2.0 BVU 2.0 Launched October 2002
Tools and skills BVU 1.0 Launched 1999 NY Infotoday preez 1
13
GXC 2.0 home page
NY Infotoday preez 1
14
Additional screen shots removed due to sensitivity
NY Infotoday preez 1
15
10 industry pages on the GXC
NY Infotoday preez 1
16
Presentations are in an easy-to-use, webbased format
NY Infotoday preez 1
17
Bain Virtual University
NY Infotoday preez 1
18
BVU video modules
NY Infotoday preez 1
19
New External Sources Page speeds up your research
NY Infotoday preez 1
20
The GXC has changed the way Bain works “Thanks to the GXC, I was able to pull together a preez on the
impact of a proposed merger in the internet space here in Australia in just 24 hours. The deadline would normally have been impossible to meet with any quality, but we got it done. I love this tool!” Manager, Sydney “We pulled a case example on Asset Management in the Financial Services Page to create a presentation for the client in only 1 day. It was fantastic!” VP, Munich “GXC is fantastic, I am saving hours already!” AC, Dallas “Your KM system is one of the most intuitive and sophisticated that I have ever seen. You could do alot to help us out in this area.” Bain Client NY Infotoday preez 1
21
Bain knowledge creation and capture IP Development
Output:
Minimum Goal:
Selling process
Case Start-up
Case-end
• Focused • Proposals investments • Create new Bain points of view
• Case summaries
• Driven by Industry & Capability Practices
• 100% • One good compliance module on 50% of cases • Accurate • New data case tagging sources from every case
• Capture on 50% of cases
• In-depth codified modules • Top external sources
NY Infotoday preez 1
22
Many roles make this process work Dedicated facilitators for knowledge capture and sharing
Knowledge Broker
Partners who oversee Bain’s global Capability and Industry practices
Practice Areas
Case Team
Contribute best work to share across Bain
Knowledge Officer
Office-based GXC evangelist Runs office incentive programs
Info Services Best external data sources Research databases NY Infotoday preez 1
23
Knowledge Brokers at Bain Regional Knowledge Broker “Office generalists” Assigned by office Generalist KM support to teams in their offices - Assist finding content/people - Ensures accurate case tagging - Helps write case summaries
Probes case teams to find potential team insights to codify - Case end manager interview - Interfaces with relevant Knowledge Specialists
Knowledge Specialist “Global topic specialists” Assigned by Industry or Capability Practice Area Manages the GXC content and web site in their areas Coordinates IP development and capture with Practice Area VPs Supports Practice Area on communications, projects and incentives
Runs office incentive programs with Knowledge Officer 24
Metrics and incentives Office
Practice Area
Office KM Scorecard
Practice Scorecard
- Measures all office KM contributions - Normalizes for size - Sent quarterly to office heads and MD
KM factored in Office Head performance
- Measures KM progress in PA - Sent quarterly to PA heads and MD
KM is a core factor of performance and comp for PA heads
Individual Annual VP ratings - Assess KM contributions by each VP - Factored into annual comp
Office-based “sticks and carrots”
Annual Office Knowledge Award - 1 large, 1 small office - For all KM efforts NY Infotoday preez 1
25
So what’s the impact?
We can’t and won’t measure ROI - Most of the costs are “soft” and can’t be measured - Our product is intangible - KM is only one of many inputs
Today we capture many key success indicators - Usage - Satisfaction (annual surveys) - Online quality ratings - Informal “feel”
But, this is not sufficient
NY Infotoday preez 1
26
Our framework for KM impact Drive client results
Improve Staff Productivity
Build Relationships/ Increase revenues
Decrease costs
NY Infotoday preez 1
27
What we know so far Drive client results Teams deliver better quality and results, in less time - More time to “crack the case” - Access to the “best” insights - Better client collaboration
Improve Staff Productivity Partners build proposals in 30% less time The case team process runs 30%+ faster
Build Relationships/ Increase revenues Contact within the Bain network has increased Client leads have increased Win rates at “bakeoffs” have grown
Decrease costs
Classroom training costs cut by $1M - Shorter programs - No paper Caseteam expenses have decreased - Research - Telecom costs
Our client work is globally consistent NY Infotoday preez 1
28
Our next steps Drive client results
Improve Staff Productivity
Build Relationships/ Increase revenues
Decrease costs
Institutionalize regular customer research on the impact of KM on our jobs - Partners - Other consulting staff levels
Structured interviews and surveys, built around this impact framework Use results to direct - Changes to content strategy and priorities - Addition investments in the GXC - Further process improvements
NY Infotoday preez 1
29
Our key learnings Content and thought first, before the technology Build around how people really work and what they need Quality over quantity Internal and external knowledge together Massive focus on people and process - Knowledge Brokers - Practice Area VPs
Commitment from top management
NY Infotoday preez 1
30
Related Documents
Bain & Co. Strategy
April 2020 6
Brand Concepts & Strategy
November 2019 19
Kezia Bain
June 2020 5
Bain Management Tools 2007 Strategy[1]
May 2020 2
Fa-bain
November 2019 15