The Strategy Wall || 23rd Edition

VOLUME 23

THE STRATEGY WALL

THE STRATEGY AND CONSULTING CLUB OF IIM ROHTAK

Business Models in Consulting Industry

“Strategy is about making choices, tradeoffs; it’s about deliberately choosing to be different.”

- Michael Porter

Content 01

Business Models in Consulting Industry

03

WIPRO’S SHOPPING SPREE

05

Metaverse To Life

07

Deloitte and Relativity in India – A new chapter in post-COVID Consulting

09

STRATEGIES DEPLOYED… THE 21ST CENTURY SUCCESSFUL CORPORATES

BUSINESS MODELS IN CONSULTING INDUSTRY GREAT LAKES INSTITUTE OF MANAGEMENT (GLIM), GURGAON

Although consulting remains a traditional industry, three new

The traditional picture of consultants is strikingly absent

business models are gaining traction across the board.

from our findings. According to the research, the classic

Collaborative consulting, continuous consulting, and instant

leverage

consulting — or a combination of the three – are becoming

consultants, charging hourly fees, and focusing solely on

increasingly popular among consultancies.

advice – is still the most widely used. Only 15% of

model

consultancies

for

still

consulting

use

a

-

classic

employing

one-sided

young

strategy,

Navigating a fast changing world is difficult for consultants.

indicating that even traditionalists have included other

As a result, it's critical to stay up to date on industry trends.

parts into their business models.

We hope that by providing consultants with this large-scale, in-depth look at business model innovation, we will be able

According to a recent survey, rapid customer impact,

to assist them in developing their strategy in this area and

cooperation, and service specialisation have all become

provide them with some insight into the most recent trends

essential components of many consulting business models.

in the sector.

As a result, we discovered that collaborative consulting, continuous consulting, and instant consulting – or a combination

of

the

three

–

were

the

dominating

forthcoming models at most consulting firms when we looked at how they were hiring, delivering, and billing for their services.

PAGE 1

Collaborative consulting

Continuous consulting

By obtaining information from other firms, regular engagement amongst consultancies in a network on

The study's second model revolves around data analytics

different projects can help corporations build new

and subscriptions. Continuous consulting relies on the

proposals at a faster rate. This type of consulting business

utilisation of new tools or processes to speed up project

has low fixed costs since members can access talent not

delivery, with firms supplying these new services and

on their payroll as and when a suitable project arises —

processes to a group of current clients — resulting in

but it also has significant variable expenses, making long-

recurring revenue. This means that consulting firms that

term financial planning more challenging.

adopt a continuous model can expect a steady stream of revenue from their customers, almost like a consulting

Within collaborative consulting, there are two sub-

subscription, resulting in a high level of online contact

models. First, some consultancies use closed networks,

between the client and the firm.

which consist of a predetermined group of organisations

Continuous consultants' tools and processes entice

that collaborate on client assignments on a regular basis,

clients for recurring use since they make delivery easier

with others having to go through stringent selection

because they may help traverse frequently occurring

processes before being accepted into the network.

challenges and may be more up to date. Clients are more

Closed networks have the advantage that long-term and

likely to invest their long-term trust in established

more intense contacts lead to more intensive knowledge

companies, therefore it can be a tough sell for new

sharing and, as a result, improved value offers.

businesses. McKinsey Solutions, for example, comes within this group.

The Terra Numerata network, which Roland Berger is establishing to support the creation of digital business

Instant consulting

models, is an example of this.

Finally, when consultants use an immediate model for Open networks, on the other hand, see consultancies and

their services, they look for ways to demonstrate their

other businesses work on projects in a variety of ways,

worth to clients as soon as possible. Instant consulting's

with various partners for different projects. During the

major asset is its speed, which is best suited to a

course of a project, partners may enter and exit at any

disruptive corporate climate where agility is critical to

time. This technique is preferred by consultancies

keep up with competitors. With consultants working

because it allows them to get a broader set of knowledge

with a client over a short period of time, businesses who

and improves their agility in responding to changing

use this type of service can see rapid and measurable

demand. OpenIdeo, a network that uses the Ideo design

results from day one of a project, helping them to gain

approach to solve significant societal problems through

ground on competitors or maintain their lead over new

collaborations, is an example of this.

market entrants.

Because of its usage of gaming, this type of counselling requires less investigation before giving advice. People can witness for themselves how powerful gaming techniques can be in business by dissecting what games are and applying such a mind-set to real-life difficulties.

The instant consulting model can teach employees in a client

organisation

the

fundamentals

of

financial

principles by organising short running games, then applying what they've learned to achieve quick gains.

PAGE 2

WIPRO’S SHOPPING SPREE RAMJAS COLLEGE (RC), UNIVERSITY OF DELHI (DU), DELHI

“Wipro is a global company delivering innovation led

Even though Wipro might seem to be on an

strategy, technology and business consulting services.”

uncontrollable shopping spree the strategic decisions

Wipro to acquire cybersecurity provider Edgile for 230

it undertakes is putting it on the forefront of the

million

cybersecurity

market. Wipro was behind its competitors for more

consulting provider that focuses on risk and compliance,

than a decade now it’s starting to gain prominence in

information and cloud security and digital identity.

the consultancy field. It is making a mark in the global

Edgile clocked 44 million dollars in revenue in the year

horizon

2020. Now this acquisition can add roughly according to

shopping spree was undertaken by Theirry Delaporte

analysts about 0.4% to Wipro’s consolidated revenue in

and Wipro has been acquiring emerging cybersecurity

fy23. Delaporte’s aggressive doubling down on winning

startups since the year started. Wipro has done 8

large deals is slowly putting the company on an

acquisitions since Theirry Delaporte took over as CEO.

undisputed throne of IT companies. Wipro and Edgile

Wipro Ventures went from a portfolio of 250 million by

will develop an integrated suite that will enable

investing in 25 companies in July 2021 to a portfolio of

organisation to accelerate their digital transformation.

nearly 2 billion. Cybersecurity is one of the areas of

dollars.

Edgile

is

US

based

Earlier this year Wipro secured its cybersecurity business by acquiring Ampion, a leading provider of cybersecurity services in Australia and the cybersecurity practice of Capco, a leading consultancy in the BFSI Sector in Europe and the US. Additionally, through its Wipro ventures arm it continues to invest in innovative cybersecurity new age startups. The firm invest in early to mid stage startup companies which enhances the portfolio. The biggest purchase of Wipro was Capco which cost it 1.45 billion dollars.

through

these

various

acquisitions.

The

investment mentioned by Theirry Delaporte. The Fortune India 500 ranks Wipro as the 29th largest Indian company.

The company continues to strengthen its cybersecurity services aiming to be unchallenged in this sphere.

Wipro

will

develop

Wipro

Cyber

Transform

an

integrated suite that will help enterprises enhance boardroom

governance

of

cybersecurity

risk,

in

collaboration with Edgile. This will attract new age enterprises to Wipro. Wipro is committed in providing state of the art cybersecurity services in the coming time. India’s IT firms are leaving its mark in the international domain.

PAGE 3

Wipro’s share price had jumped over 1% after the

We can safely say that Delaporte’s “New Wipro”

acquisition of Australian cybersecurity firm Ampion.

growth strategy which focuses on winning large deals

Shares of Wipro gained 3% in the early trades on

is

Tuesday 22 hours after the acquisition deal was signed

witnessed a drastic rise in the share prices after each

with Edgile. This is a great indicator of the imminent

acquisition with international companies. This new

success of Wipro. Shares of Wipro are selling now for

strategy aims to outpace the ever-growing market by

699INR a week later it announced the acquisition deal

being more agile and problem solving for its clients.

with Edgile which is a whopping 5.1% increase in its

Wipro being a trusted brand name and a staple

share prices in such a short amount of time. It is evident

household name can safely double down on it “New

that this move strengthened the IT firm’s position in the

Wipro” growth strategy to establish its monopoly in

cybersecurity services play. This strategic move by Wipro

the global sphere. Wipro’s strategic choice of partner

has earned it a respected position and also has boosted

is also evident from the fact that its shares went down

the financial foothold of the company. Before going on a

only once after signing multiple an acquisition deals

shopping spree Wipro had started buyback way back in

this year. Wipro has faced a spurt of growth in the last

January and had completed 9500 crore INR share in its

year which according to Delaporte is the result of

buyback programme. This was undertaken by the

focussing on relationships with strategic clients.

company to return surplus shares to the equity

Wipro Ltd is one of India’s top IT consultancy

shareholders. Wipro after a decade of lagging behind its

companies boasting a total market cap of 3.8 million

peers is finally catching up and taking steps to leave

INR coming third to only TCS and Infosys. Wipro truly

behind its legacy and mark in the international spheres.

is leading India to global domination in the IT sector

Not only is Wipro investing in international companies it

near future.

a

huge

success

because

the

company

has

is also taking an interest in the companies springing in India. Interestingly, it can be observed that Wipro only invests in early age startup instead of acquiring the company.

This calculated move helps uphold the good name of their portfolio while keeping them involved and up to date with the market. The acquisitions are strategic either in terms of adding new capabilities, capacities or geographic expansion for the company. Wipro is reaching

global

heights

under

the

leadership

of

Chairman Rishad Premji, the company started the year with the share price of a meagre INR417 in January and is ending the year with the share price of INR699 which is an increase of 67%.

PAGE 4

METAVERSE TO LIFE KESHAV MAHAVIDYALAYA

Metaverse is a combination of various elements of

CHANGES TO TAKE PLACE

technology, including virtual reality(VR), augmented reality(AI) and video where users "live" within a

Facebook, Instagram, WhatsApp, Messenger will stay.

digital universe.

The corporate structure is not changing, however, starting December 1, the shares will trade under the new

What's new, META?

stock ticker “MVRS”.

At Connect 2021, CEO Mark announced that their

FUTURISTIC FUTURE QUITE FAR TO SEE!

apps and technologies shall now come under the brand META going for a futuristic move, represented

The company says the shift from 2-D screens to 3-D

by METAVERSE, the name for a shared online 3-D

reality to most of its components will only be fully

virtual space. Meta comes from a Greek word

realised in the next 10-15 years. They shall partner with

meaning “beyond” i.e. there is always a room to build

"industry civil-right groups, governments, nonprofits and

beyond. Meta’s focus will be to bring the metaverse

academic institutions to determine the way forward.

to life and help people connect, find communities and grow businesses.

USP (Unique Selling Proposition) The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology.Meta is working to create advanced virtual reality headsets, augmented reality devices for this digital universe where in the 3-D space we can get together with friends and family, work, shop, create, do business etc.

PAGE 5

OTHER INDUSTRY GIANTS WHO ARE BETTING THEIR FUTURE IN METAVERSE Microsoft Epic Games Roblox Minecraft

PAGE 6

DELOITTE AND RELATIVITY IN INDIA – A NEW CHAPTER IN POST-COVID CONSULTING SHAHEED SUKHDEV COLLEGE OF BUSINESS STUDIES (SSCBS), UNIVERSITY OF DELHI (DU), DELHI Deloitte India, one of India’s leading consulting firms

RelativityOne is a software that can manage large

has recently announced that they have brought their

volumes

global alliance with Relativity, a US-based SaaS

identification of key issues during litigation and

company to their Indian operations. The expanded

internal investigations. As a consulting behemoth

alliance comes after a healthy partnership of 13 years

in the concerned areas, Deloitte can certainly be

in different markets across the globe, and now

benefitted from this partnership expansion in the

Deloitte aims to deliver solutions with greater control

subcontinent

over data security in the thriving Indian market with

RelativityOne is used by Large Corporations, Law

the

Firms,

support

RelativityOne.

of

Relativity’s

flagship

software,

of

and

data

in

the

and

helps

post-COVID

Government

in

prompt

world.

Agencies

As and

interestingly, Deloitte contains the features of all 3 in a single organization, the partnership can help them grow in different sectors and impact most of their clients.

PAGE 7

In

the

post-COVID

world,

RelativityOne

has

With RelativityOne’s increasing popularity (and

witnessed a massive spike in its userbase and

utility) resulting in its brisk expansion across the

areas of operation as its technology has been

globe, it is the need of the hour that the Indian

proved useful against more advanced threats of

consulting industry also safeguards the interests of

financial frauds and cyberattacks to organizations.

its clients and opt for advanced platforms like this

With traditional modes of business disrupted and

one. Deloitte’s recent act not only puts them in an

the prevalence of global economic uncertainty

advantageous competitive position in the market

because of the COVID pandemic, organizations are

but also envisions the picture of the industry in the

facing a catastrophe with novel threats more than

coming decade (post-COVID).

ever. Only in India, the Reserve Bank of India (RBI), reported bank frauds of INR 1.38 trillion in year

Therefore, taking into consideration both the short-

2021. With the world closed and the swift and

term and long-term possibilities for Deloitte India

sudden shift to the online mode, dealing with such

along

threats is one of the tasks with paramount

circumstances, the alliance by all angles seems to be

importance.

beneficial for the Indian operations. In the shorter

With Relativity’s extra layer of protection, Deloitte

vision, it can help Deloitte to have a check on the

India can now provide greater security to its

increasing

clients against these sophisticated malpractices. In

organizations, deal with complex data sets and

addition to that, this move also helps Deloitte

problems with greater accuracy and lesser time, and

India to stay in the same league as some of its

meet the increased demand post-COVID in an

rivals who have already shifted to RelativityOne in

organized manner. Similarly, in the long run, this act

the subcontinent, like FTI Consulting which makes

can help in the expansion of operations, greater

this

client satisfaction and can help Deloitte outnumber

decision

well-needed

and

amplifies

its

with

its

past

experiences

in

cyber-malpractices

similar

affecting

significance.

its rival firms by acquiring more clients. On the flip

In the past, similar alliances of Deloitte with

side, the increased cost aspect for Deloitte India

organizations like Anaplan have been proved to be

would be worth watching in the coming years, they

successful and had helped Deloitte cater to its

will have to keep an eye on the increased cost and

clients with an updated portfolio of supports

have to prove it a profitable tie-up in the years to

across industries. And with the fruitful partnership

come.

of Deloitte and Relativity in the last 13 years

It would be interesting to see how the tie-up would

combined with the expected boost in consulting

work in India, would it continue the fruitful

and fraudulent activities especially in the Indian

partnership

market makes this move much needed and a

subcontinent will add different chapters to this

strategic one.

story?

of

Deloitte

and

Relativity

or

the

.

PAGE 8

STRATEGIES DEPLOYED… THE 21ST CENTURY SUCCESSFUL CORPORATES

SACRED HEART CONVENT SCHOOL (SHCS)

As technology and globalization are expanding, it is

Today, the whole global economy is facing the

formulating a way for new markets to enter and

competition

prosper in the consumption economy, beyond rich,

companies. As technology is upgrading and

industrialized nations. The global economy in the

replacing almost all the fields of business, non

21st Century is fluctuating extensively, thus bringing

tech companies are facing a hard time and an

new challenges for current and upcoming CEOs.

uncertain future. Since the covid pandemic, the

With the introduction of covid pandemic and

competition between both these industries has

change

increased

in

globalization

and

economy,

the

between

significantly.

tech

and

The

non

industry

tech

most

strategies used by most of the businesses earlier for

affected is the non tech industry. It is therefore,

successful

critical

operations

have

proved

to

be

for

businesses

to

improvise

certain

complicated and failed in the modern world. It is

strategies in order to function flexibly and

now important for all businesses to adapt to

improve strategies that don’t work.

changes taking place in their environment and take

There

steps accordingly. "To succeed in the long term,

corporates are taking up for longer sustainability

companies

of their business. Some of the strategies are listed

must

compete

effectively

and

are

many

strategies

that

successful

outperform their rivals in a dynamic, and often

below:

turbulent environment" (Thompson, 1995, p. 1).

Internationalization of Business: Just with a click on mobile, we’re able to communicate with people living far away, we’re able to share our ideas and spread our talents worldwide through social media and various other platforms. So, why cant we use such profitable platforms for expansion of our business? In the modern world, it is very important for businesses to trade their products

internationally

for

successful

operations.

PAGE 9

1.Good quality products with low prices are quite

1Ecosystem operating vs ruinous competition: The 21st

attractive for American consumers. If you are a

Century

company, which is looking to increase its profits and

collaboration

lower your cost of production, you can buy materials at

destructive competitive environment. The lingua franca

cheap prices from international markets and also have

of a 21CE is non-homogenous “ecosystems”. These are

cheap labour from other countries like china. You can

complex

also set up manufacturing units in countries which

suppliers, providers and consumers collaborate to

provide

Thus,

extend the ecosystem beyond the enterprise with one

internationalisation of business will not only assist you

common motive – to weave together a positive

in competing with other businesses but will also help

customer experience.

low

cost

of

production.

encourages rather

specialized

businesses than

working

businesses

networks

where

on

entering

employees,

you to maximise your profits and enjoy long term

Personal Strategies: The last but not the least, it is very

benefits.

important for all the CEOs and business students to .Technological

Impact

on

Businesses:

Its

quite

apply personal strategies in order to raise themselves in

astonishing to note the adverse changes in technology.

productive

business

environment.

Here

are

some

We are living in a technology based society where we

personal strategies that can help you to take your

need the latest technology for almost everything be it

business to a next level: Increasing the speed of your

buying or selling. So, business world needs to be

business, embracing new technologies, adopting global

updated with latest technology in order to ensure

thinking and investing in your business for a longer

innovation in their businesses so as to sustain and

term.

flourish. It is very important for all the CEO’s and deep

In addition to this, it is very important for all the

understanding of technology and adopt the technology

businesses to operate in such a way that it does not

which is effective and gives you economic benefits. In

harm any of the species living on this planet or our

the end, the business which gives high level of

environment and also have good CSR activities. People

satisfaction

So,

always get attracted and encourage those businesses

businesses need to keep upgrading their technology for

which are contributing for the betterment of the society

giving satisfaction to their consumers.

and the country as a whole.

business

students

to

its

to

demonstrate

consumers,

is

a

successful.

There are many changes occurring in our society and Outcome and Input based Businesses: The 21st century

our global economy. From all the predictions of great

does not focus much on input based businesses.

economists, the pace of these changes is likely to

Successful businesses in 21st century are mostly

increase further. This article highlights five strategies

outcome based. It is very important for businesses who

that can help you grow your business further and help

want to survive in 21st century to revolutionize their

in

business models and to supply outcomes in such a way

environment.

sustaining

your

business

in

this

dynamic

that it cuts across value chains.

PAGE 10

THE STRATEGY AND CONSULTING CLUB OF IIM ROHTAK

snc@iimrohtak.ac.in

ANKIT PALIWAL GARGI GARIMA KUMARI KRITI SETHI MADHU PRIYA MACHADI PARNIKA SHARMA POOJA CHAUDHARY RASTRA KUNWAR MAURYA RUDRAJIT BANERJEE

ABHAY JAIN FATHIMA HEERA F SAPTADWEEPA BANJI SHIPRA AGRAWAL SWAPNIL GUPTA YASH BANSAL

FOLLOW US ON: DISCLAIMER: THE VIEWS AND OPINIONS EXPRESSED IN THIS MAGAZINE ARE THOSE OF THE AUTHOR AND DO NOT NECESSARILY REFLECT THE OPINION OF THE STAKE HOLDERS OF IIM ROHTAK