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New Study Provides Benchmarks for Best Practices for Valuing Internal Consulting Organizations

Posted on: Thursday, 5 February 2009, 09:55 CST

CHAPEL HILL, N.C., Feb. 5 /PRNewswire/ -- Many leading companies have developed and staffed an internal consulting organization for various reasons, but in times of economic adversity, as costs are scrutinized, the value of all functions within companies are being questioned. Although internal consulting organizations are typically created with a clear purpose, these organizations often grow and take on additional responsibilities supporting important executive issues in a rather amorphous manner, lacking the clear measures of other functions within companies. The latest data has shown that more than a third of internal consulting organizations communicate value assessments only when requested. In light of these points, a recent study was conducted by Best Practices, LLC, with insights available in the newly published report, "Best Practices for Valuing Internal Consulting Organizations." This study employed an online survey of 31 executives as well as in-depth follow-up interviews with participants who demonstrated innovative methods for capturing or communicating functional value.

In a benchmarking study that included such influential companies as 3M Pharmaceuticals, Dell Computer, FedEx, Genentech, General Mills, Johnson & Johnson, MetLife, Motorola, Thomson Reuters and Wyeth Pharmaceuticals, key topics included:

• Effective value indicators
• Methods for qualifying value
• Project evaluation approaches
• Evaluation frequency
• Effective methods for communicating value
• Communication frequency
• Methods for aligning strategy with corporate goals
• Key internal consulting skills
• Success factors and best practices for measuring and communicating value

Among the key metrics gathered in this report are:

• Internal Consulting Function Represented
• Longevity of Internal Consulting Function and Respondents' Years of Experience
• Funding Source for Internal Consulting Group
• Initiatives of Internal Consulting Group in Last Two Years
• FTEs Dedicated to Internal Consulting
• Indicators Used to Determine Overall Value of Internal Consulting Group
• Effectiveness of Value Indicators
• Approaches for Evaluating Success of Internal Consulting Projects
• Ranking of Approaches for Evaluating Success of Internal Consulting Projects
• Methods for Communicating Value of Internal Consulting Services
• Effectiveness Rating for Communication Methods

For more information on this report, contact Benjamin Gregory at bgregory@best-in-class.com or (919) 767-9160. To access the full report or download a complimentary copy of the report summary, go to http://www.best-in-class.com/rr978.htm.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more than 15 years, our highly credentialed research staff has conducted primary research exclusively for our Fortune 500 client base.

SOURCE Best Practices, LLC

Source: PR Newswire

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