Our approach to research and analysis is based on a rigorous and structured framework, which includes the following steps:
- Thoroughly comprehend the problem at hand
- Develop hypotheses to test potential solutions
- Collect and analyze relevant data to validate or disprove the hypotheses
- Articulate and present our findings and recommendations to our clients.
Thoroughly comprehend the problem at hand
Typically, as part of our consulting process, we conduct interviews with our clients to comprehensively ascertain their requirements. In some cases, the client’s needs may be explicit and straightforward, but frequently, due to limitations of their dataset, they may have an incomplete understanding of the problem. To gain a broader perspective on the challenges and potential solutions, it may be advisable to undertake further research beyond the client’s purview.
Develop hypotheses to test potential solutions
Formulating hypotheses is an essential aspect of our problem-solving approach. Our hypotheses are meticulously crafted to be specific, tangible, and verifiable, thereby facilitating a rigorous evaluation of their validity. It is imperative that the hypotheses suggested to our clients are capable of being proven or disproven, as we believe that it is not beneficial to propose conjectures that cannot be verified through empirical evidence.
Collect and analyze relevant data to validate or disprove the hypotheses
Prior to data collection, consulting firms typically undertake a structured process to comprehend the client’s predicament and brainstorm viable solutions. However, during the data collection phase, firms tend to diverge into two categories: those that extensively explore external viewpoints and those that rely primarily on client-provided data. External data comprises insights gathered through interviews with customers, suppliers, competitors, partners, and other stakeholders beyond the client’s business. On the other hand, client data refers to information gathered from interviews with internal personnel and access to data such as sales reports and internal documents.
It is important to note that data collection methodologies vary considerably depending on the specific problem(s) under consideration.
Articulate and present our findings and recommendations to our clients.
The communication of findings represents a critical phase of the consulting process. It is the juncture where the narrative is presented to facilitate the desired impact that was envisioned at the onset of the project. The story must be lucid, succinct, and grounded in empirical evidence. To ensure clarity in our communication, we rely on several frameworks, with the consultant-standard 2×2 matrix being a popular choice. For more information on how to construct effective frameworks, please refer to the resource linked below.
There are numerous other frameworks that can be employed, some of which may be more intricate and tailored to a specific industry. In certain cases, it may be necessary to represent a complex set of ideas using visuals, graphics, or tables, which may require a balance of both analytical prowess and creativity.
As an illustration, during a client engagement, the research and analysis phase typically commences with two simultaneous exercises. The first exercise involves a “baselining” process to ascertain the current state of affairs at the client’s organization. Concurrently, the second exercise, an “industry benchmarking” analysis, allows our consultants to obtain the latest insights from the industry and comparable organizations.
Through this approach, our team is able to complete the diagnostic phase, which is a critical precursor to making preliminary recommendations