Wednesday, August 9, 2017

Bloomberg Is Getting Into the Management Consultancy Biz
From AdWeek:

Bloomberg Launches An Entirely New Model of Media
Tapping its deep resources to provide consulting services for businesses
Bloomberg is leveraging its vast reach in financial data, its media heft and its broad-based, deep-dive research to be the world’s next go-to management consultancy.

“Everything we do is from and for our audience,” said Bloomberg Media global chief commercial officer Andrew Benett, who joined the company in June. “Yes, Bloomberg is a media owner, but it’s so much more,” Benett told Adweek.

The new consultancy will tap rich data from the Bloomberg terminals, the built-in research arms of Bloomberg Intelligence and Bloomberg New Energy Finance (BNEF) as well as its 2,700 journalists and analysts.

“Given what’s happening in the industry with the complete blurring of the lines where consultancies are taking over agencies, we have a tremendous opportunity,” said Benett, who spent the last 13 years at Havas, lastly as CEO of the Creative Group.

The media sales organization will operate within the consultancy model, with the sales team evolving into practice areas to be overseen by Bloomberg global CRO, Keith Grossman. Benett expects to hire 20 to 25 people to supplement these specific practice areas, including financial services, tech & telecom, auto, government as well as luxury and lifestyle.

“I’m like a kid in a candy store because there’s so much intelligence in this company,” Benett said.

The company has also spent the last year building a new product called Bloomberg AIQ an AI-powered tool that scrapes the deep mine of Bloomberg content and 30,000 other publications. The tool will help clients in audience modeling, campaign analytics and thematic web search....MORE
An oldie but goodie:
The Devil tells a Consultant, "OK, I can make you richer, more successful and more famous than any Consultant alive. In fact, I can make you the greatest Consultant that ever walked the planet."

"Great" says the Consultant, "What do I have to do in return?"

The Devil smiles, "Well, of course you have to give me your soul," he says, "but you also have to give me the souls of your children, the souls of your children's children and, just for good measure, you have to give me the souls of all your descendants throughout eternity."

"Wait a minute," the Consultant says cautiously, "What's the catch?" 
Some prior thoughts on consultants:

Yves Smith Says Nice Things About McKinsey & Co. (they're in the business of propping up diseased managements)
Hey it sounds nicer than the post we linked to in "Is McKinsey & Co. the Root of All Evil ?".
I've never hired McKinsey and so don't have direct experience of their abilities. Besides the "root of all evil" post we've had a few others that don't speak to any special insight from the consultants:
McKinsey says Germany in terminal decline 
McKinsey Sees No End to the Global Commodities Supercycle

McKinsey--"Disruptive technologies: Advances that will transform life, business, and the global economy"
Sure we poke fun at McKinsey ("Is McKinsey & Co. the Root of All Evil ?") but all-in-all and averaged over the whole firm, especially if you include support staff, they're smarter than I am....
Clayton Christensen: The Next Industry Headed Toward Disruption--Consulting