World market trends consulting services
International experience of companies, which using consultancy services to work effectively under conditions of uncertainty of the economic environment. Analyze global trends in the market of consulting services to support and develop business.
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National Transport University
WORLD MARKET TRENDS CONSULTING SERVICES
Kozak L.S., Ph.D.
Formulation of the problem
This article covers information on various big companies all over the world and their progress in the last 10-year period. The past 10 years have represented a period of significant change for the business and other management consultancy sector, with the industry continuing to expand and grow in terms of size and turnover. As a result, the professionalism and sophistication of the industry have improved significantly, with the consultancy sector now representing a multi-billion-pound global industry. One of the most significant factors impacting the industry in recent years has been the 2008/2009 recession, with consultancy activities largely focusing on restructuring, efficiency and cost-cutting measures, as a result of a rise in the number of businesses opting to maintain a leaner and more agile structure in order to survive the uncertain economic environment.
However, since 2012, the economy has shown signs of recovery, resulting in stronger business confidence and a revival in consumer spending. In line with this more optimistic outlook, UK businesses have once again sought to embark on growth-led strategies, with consultancy budgets showing an improvement as a result. The changeable market conditions of the past 10 years have been reflected in industry turnover, with figures continuing to rise year-on-year until 2008, to reach Ј41.09bn. Thereafter, turnover has continued to fluctuate, contracting in 2009 and 2010, before growing by 13.1% in 2011 and falling once again in 2012. However, during 2013, a much stronger recovery in industry turnover was noticeable, after the market grew by 11.9% to reach Ј48.06bn - surpassing the pre-recession peak of Ј41.09bn.
Despite the more positive economic outlook, business consultancy activities have continued to focus on efficiency strategies and infrastructure change, particularly within the public sector, which has continued to shrink in size as a result of the Government's ongoing austerity drive. Nonetheless, demand for consultancy services within the public sector has remained strong, owing to the sector's ongoing infrastructure and budgetary changes. Meanwhile, in the private sector, consultancy activities have one again begun to focus more heavily on locating new growth opportunities within the much-recovered UK economy. Other areas of key investment within the business consultancy sector have included corporate social responsibility (CSR) and digital, as businesses seek to become more attuned to the social, ethical, environmental and technological demands of modern-day consumers. The number of enterprises has grown significantly. The employment figures have grown correspondently, both for part-time and full-time employees. Total purchases have been fluctuating during these years. However the overall tendency was to increase. Whilst total acquisitions and total disposals remained stable.
First and foremost, I would like to look at the financial situation of the company called Samsung Electronics Company. It is a South Korean multinational electronics company headquartered in Suwon, South Korea. Through extremely complicated ownership structure with some circular ownership it is the flagship division of the Samsung Group, accounting for 70% of the group's revenue in 2012. Considering financial summary of Samsung Electronics Company Ltd one can arrive at the conclusion that sales grew from 2010 to 2013. Afterwards there was a decrease in sales. At this point they dropped to 120000 GBP. After this insignificant decrease the sales continued going up. Concerning total assets, they were about 70 000 in 2010. However they constantly increased. They doubled in 2011 and 2012 reaching 100000 GBP. 1 year growth in this company equals 23.21%, whereas 3 year growth reaches 13.11%, 5 year growth is 10.54%. The efficiency of the company fluctuated throughout these years, being 4.56 in 2011, 5.04 in 2012, 4.98 in 2013, 4,63 in 2014 and 4,70. However, the overall tendency was increase.
For four consecutive years, from 2000 to 2003, Samsung posted net earnings higher than five-percent; this was at a time when 16 out of the 30 top South Korean companies ceased operating in the wake of the unprecedented crisis.
In 2005, Samsung Electronics surpassed its Japanese rival, Sony, for the first time to become the world's twentieth-largest and most popular consumer brand, as measured by Interbrand.
In 2007, Samsung Electronics became the world's second-largest mobile-phone maker, overtaking Motorola for the first time. In 2009, Samsung achieved total revenues of US$117.4 billion, overtaking Hewlett-Packard to become the world's largest technology company measured by sales.
Despite its consistent expansion, Samsung, along with its chairman Lee Kun-hee, has developed a reputation for insecurity regarding its financial stability and the potential for future crises to arise. After returning from a temporary retirement period in March 2010, Kun-hee stated that "Samsung Electronics' future is not guaranteed because most of our flagship products will be obsolete in 10 years from now.
The company has set an ambitious goal of reaching $400 billion in annual revenues within ten years. The company has 24 research-and-development centers around the world, and since the early 2000s and in the Vision 2020, Samsung has emphasized technical research and development. However, the large number of online complaints indicate that the company is weak at listening to customer feedback regarding the design of its technology and software.
In April 2011, Samsung Electronics sold its HDD commercial operations to Seagate Technology for approximately US$1.4 billion. The payment was composed of 45.2 million Seagate shares (9.6 percent of shares), worth US$687.5 million, and a cash sum for the remainder. In May 2013, Samsung announced that it had finally managed to test speed-enhanced fifth generation (5G) technology successfully.
In July 2013, Samsung Electronics forecasted weaker than expected profits for its April to June quarter. While analysts expected around 10.1 trillion won, Samsung Electronics estimated an operating profit of 9.5 trillion (US$8.3 billion). During the same month, Samsung acquired the media streaming device manufacturer Boxee for a reported $30 million.
Due to smartphone sales-especially sales of lower-priced handsets in markets such as India and China-Samsung achieved record earnings in the third quarter of 2013. The operating profit for this period rose to about 10.1 trillion won (US$9.4 billion), a figure that was boosted by memory chip sales to customers such as Apple, Inc.
In 2015, Samsung's profit dropped 39% to USD4.35 billion due to heavier smartphone competition from Apple's iPhone 6 and 6 Plus, as well as a slew of Android competitors.
On November 14, 2016, Samsung Electronics announced an agreement to buy American automotive equipment manufacturer Harman for US$8 billion.
The next company which we whose progress we will take a look at is Marks and Spencer plc (also known as M&S). It is a major British multinational retailer headquartered in the City of Westminster, London. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It specialises in the selling of clothing, home products and luxury food products. Total assets increased considerably with a little fluctuation at the beginning but constant growth between 2012 and 2015. It stated with 9,900 GBP going down to 9,600 in 2012. Then it kept growing until it reached 10,500 in 2015. Turnover was unstable during the whole period. Nevertheless, in general, it grew from 9,700 to 10,300 in 2014 and 2015. The expenses of the company grew insignificantly in comparison with the increase in the income. The figure representing them used to be 3,724.7 and reached only 3,870.7. The number of employees grew insignificantly. It grew from 78,169 in 2011 to 83,069 in 2015.
Chief executive, Marc Bolland, ordered a new store design in May 2011, and it was announced that the company would spend around Ј600 million between 2011 and 2014 on its UK stores, involving the launch of a range of different store formats based on the age, affluence and demographics of people in those areas. The design also included the trial of a new in-store "navigation scheme", which followed research showing that shoppers found M&S store layouts confusing and "difficult to shop [in]". It also confirmed that the amount of money-off promotions and deals offered would be increased, and that it would replace the Marks & Spencer label on clothing with "M&S Woman" and "M&S Man".
By 2013, M&S's clothing division had an 11% market share in the UK.
In May 2013 saw the launch of the Best of Britis range as well as the overhaul of Per Una and Indigo. Patrick Bousquet-Chavanne became the new marketing director, succeeding Steven Sharp in July. Mark Bolland also vowed to bring "quality and style back" M&S also stated it intended to increase its number of UK suppliers from the 20 it had at the time.
In November 2013, it was revealed that Bill Adderley, founder of homeware chain Dunelm Group, had amassed a Ј250m stake in M&S over the past 18 months. This disclosure was made as stock market rules mean that any holding over 3 per cent share must be made public.
On 7 January 2016 it was announced that Marc Bolland, who has been CEO since 2010 would step down on 2 April 2016, and be replaced by Steve Rowe, head of clothing, and previously head of the food business.
Stores identified for closure in July 2015 included Woolwich, Walsall, Erdington, Aldershot (which was there since 1922), Pontypridd in Wales, Hounslow in west London, and Royal Quays in North Shields, the three full-line stores in Stevenage, Wood Green in north London, and The Fort shopping park in Castle Bromwichand the Simply Food in Castle Bromwich. The Lewisham store also lost a floor. The closures in also included three traditional food and clothing shops, one Simply Food store and four Outlet stores that sell end-of-season clothing. Some 430 workers were affected by the closures. The cull cost up to Ј200m to implement; the closure included loss-making stores in European markets such as France, Belgium and the Netherlands as well as outposts in China.
Another company whose financial summary I took into consideration is Pret a Manger Ltd, a sandwich shop chain based in the United Kingdom. This company is relatively young in comparison with other companies presented. Its growth is highly stable and shows no fluctuation. Total assets have been growing at least by 200 million of GBP every year, starting with 200 and reaching 400 in 2015. Turnover showed approximately the same tendency. Turnover started at 300 million GBP and reached 520 in 2015 growing by 50 million GBP every consecutive year. Gross profit showed an incredible increase. From 2011 to 2015 it grew from 207,6 to 344,1 within just 4 years. The profit after taxes grew by much as well during this period, from 33,3 to 48,2. The number of employees showed approximately the same growth as the previous companies. In 2011, its sales were Ј377 million. As of 2012, efforts were underway in London to unionise shop employees.
The fourth financial summary which I am going to take into consideration is the summary of the company called BT Group PLC. It is a holding company which owns British Telecommunications plc, a British multinational telecommunications services company with head offices in London, United Kingdom. It has operations in around 180 countries. Most of BT's profits are generated by its Openreach subsidiary, which controls the UK's 'last mile' copper infrastructure/12-1 Since 2005, BT have been accused of abusing their control of Openreach, particularly by underinvesting in the UK's broadband infrastructure, charging high prices and providing poor customer service. The peculiarity of this company's progress from 2012 to is that all the indicators were stable from 2012 to 2015. Afterwards there was a sudden jump in total assets. They almost doubled after being 24,000 million GBP for a 4-year period. Sales simply remained at the level 20,000 million GBP for the entire period. Total revenue is mostly negative. 3 year growth is half as much as 1 year growth. Furthermore, 5 year growth is a negative number. Concerning profitability of the company, gross margin leveled out and stayed about 91% during the whole period. Whilst there was considerable growth in operating, pretax and net profit margin. Meanwhile asset turnover activities were completely opposite. I was reduced from 0.80 in 2012 to 0,55 in 2016.
And last but not least, I would like to present the financial summary of Teleperformance SE. It is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management, also known as Business Process Outsourcing (BPO). The company provides customer acquisition, customer care, technical support, debt collection, social media, and other services around the world. The sales grew gradually starting out with 1700 million GBP in 2011 and increasing gradually by 200 million GBP every consecutive year with the final result of 2500 in 2015. The situation with total assets is completely different. The increase was quite insignificant during the first three years. It did not exceed 100 million GBP. Then there was a sudden jump in 2014. Surprisingly, it was over 2,500 million GBP having increased by more than 700%. The main factors, namely Total Revenue, Gross Profit, Total operating expenses and operating income grew gradually. Company revenue totaled €3,398 billion (3.7 billion USD, based on €1 = $1.11) in 2015. Their services are operated in over 75 languages and dialects on behalf of companies in various industries. As of April 2016, the company's market cap stood at 4.577 billion USD with an AGR rating of 94.
While 2013 proved a particularly strong year for the consultancy sector, with market growth outpacing the wider economy, the future could bring even more promising opportunities for the sector, with the positive economic outlook and a renewed sense of confidence among businesses following the Tory-led majority voted in during the May2015 General Election serving to drive prospects across the industry. Digital and CSR will continue to represent particularly strong areas of investment going forward, with a growing number of companies - from SMEs to large enterprises - seeking advice and guidance on updated internal and external systems in order to meet the increasingly technical demands of modern-day consumers and clients. The digital challenge is expected to see a growing number of consultancy firms expand their digital expertise through acquisitions and mergers, as they seek to secure highly specialized capabilities, such as sector-specific knowledge and technical know-how in areas such as cloud computing, infrastructure, and e-commerce. Meanwhile, in the public sector, current infrastructure changes are likely to drive demand for consultancy services focused on creating efficiencies in the short term. However with the new Conservative- led Government seeking to reduce the deficit and cut public spending even further over the course of the next Parliament, long-term demand for consultancy work within the public sector is likely to be at risk. However, while the return of more stable economic growth over the coming years should help to drive demand for consultancy expertise focused on locating new growth opportunities in the post-recession market, value-for- money is likely to remain a major prerogative for clients when negotiating consultancy contracts. As a result, client demand for consultancy activities that deliver measurable ROI will continue to put pressure on client fees, with many businesses retaining the cost efficiency measures introduced in the wake of the 2008/2009 recession, during which time budgets and outsourcing contracts came under intense scrutiny.
1. Avention One-Stop Report BT Group PLC.
2. Avention One-Stop Report Marks And Spencer PLC.
3. Avention One-Stop Report Pret A Manger (Europe) Ltd.
4. Avention One-Stop Report Samsung Electronics Company Ltd.
5. Avention One-Stop Report Teleperformance SE financial report.
Kozak L.S., Levishchenko O.S., Grozdanova D.P. World market trends consulting services. Economics and management on transport. Kyiv. National Transport University. 2017. Vol. 5.
The paper proposes approach to identify the results of the large international companies work within the last 10-year period.
Object of research - international experience of companies, which using consultancy services to work effectively under conditions of uncertainty of the economic environment.
Purpose of the study - to study and analyze global trends in the market of consulting services to support and develop business in the conditions of uncertainty of the economic environment.
Methods of research - statistical analysis, analysis and synthesis, system approach. consultancy service economic market
The last 10 years is a period of significant change for business and for consulting sector. As a result of the professionalism and the possibility of adapting to significant changes in the economy consulting sector holds significant importance in the global business industry. The most significant value of consulting services that are in demand in the last decade have advice on restructuring, effective measures to reduce costs, advice on effective business management under uncertainty of the economic environment.
The results of the article can be used to create an enterprise development strategy.
KEYWORDS: CONSULTING SERVICES, COST, PROFIT, SALES, ASSETS, EMPLOYMENT.
Козак Л.С. Світові тенденції на ринку консалтингових послуг / Л.С. Козак, О.С. Левіщенко, Д.П. Грозданова // Економіка та управління на транспорті. - К.: НТУ, 2017. - Вип. 5.
У статті аналізуються результати роботи великих світових компаній, які працюють протягом останніх десятиліть.
Об'єкт дослідження - світовий досвід компаній, що використовують консультаційні послуги для ефективної роботи в умовах невизначеності економічного середовища.
Мета дослідження - вивчення та аналіз світових тенденцій на ринку консалтингових послуг для підтримки та розвитку бізнесу в умовах невизначеності економічного середовища.
Методи дослідження - статистичний аналіз, аналіз та синтез, системний підхід.
Останні 10 років є періодом значних змін як для бізнесу так і для консультаційного сектора економіки. В результаті високого професіоналізму і можливості пристосування до значних змін в економіці консультаційний сектор займає вагоме значення в світовій бізнес-індустрії. Найбільш вагоме значення серед консалтингових послуг, що користуються попитом за останнє десятиліття, є консультації з реструктуризації, ефективні заходи по скороченню витрат, консультації з ефективного управління бізнесом в умовах невизначеності економічного середовища.
Результати статті можуть бути використані для створення стратегії розвитку підприємств. КЛЮЧОВІ СЛОВА: КОНСАЛТИНГОВІ ПОСЛУГИ, ВИТРАТИ, ПРИБУТОК, ПРОДАЖІ, АКТИВИ, ЗАЙНЯТІСТЬ.
Козак Л.С. Мировые тенденции на рынке консалтинговых услуг / Л.С. Козак, Е.С. Левищенко, Д.П. Грозданова // Экономика и управление на транспорте. - К.: НТУ, 2017. - Вып. 5.
В статье анализируются результаты работы крупных мировых компаний, работающих в течение последних десятилетий.
Объект исследования - мировой опыт компаний, использующих консультационные услуги для эффективной работы в условиях неопределенности экономической среды.
Цель исследования - изучение и анализ мировых тенденций на рынке консалтинговых услуг для поддержки и развития бизнеса в условиях неопределенности экономической среды.
Методы исследования - статистический анализ, анализ и синтез, системный подход.
Последние 10 лет являются периодом значительных изменений как для бизнеса так и для консультационного сектора экономики. В результате высокого профессионализма и возможности приспособления к значительным изменениям в экономике консультационный сектор занимает весомое значение в мировой бизнес-индустрии. Наиболее важное значение среди консалтинговых услуг, пользующихся спросом в последнее десятилетие являются консультации по реструктуризации, эффективным мерам по сокращению расходов, консультации по эффективному управлению бизнесом в условиях неопределенности экономической среды.
Результаты статьи могут быть использованы для создания стратегии развития предприятий.
КЛЮЧЕВЫЕ СЛОВА: КОНСАЛТИНГОВЫЕ УСЛУГИ, РАСХОДЫ, ПРИБЫЛЬ, ПРОДАЖИ, АКТИВЫ, ЗАНЯТОСТЬ.
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