Management consultants are dedicated to creating value for their clients, and the purest form of this is cost transformation. Making a meaningful impact on client costs requires simplification and innovation, empowering the client to pursue new opportunities and growth. Consultancies can help their clients with complexity management and budgeting to some extent, but a solution that unlocks significant technology cost savings immediately has not existed until now.
Imagine having the ability to simply hand over your clients’ PDF invoices and contracts, then receive real-time insights that enable immediate, mid-term, and long-term cost savings to be made automatically. With these insights, management consultants can report back to clients with a plan to save up to 50% of their technology spend in the long run. Not only that, 10% of their tech spend can be recouped within a month. Thinking Machine Systems has made this solution a reality, and in this article, we will explore why it is a game changer for management consultancies.
A new breed of solution
We understand how important it is for management consultancies to deliver fast, seamless services for their clients, and we have these traits at our core. As a new breed of AI-based solution, we do not require any heavy, complicated IT integrations to uncover the kind of cost savings outlined above. By working with PDF documents, the solution is extremely easy for management consultants to access and use. You can have your own teams get hands-on with the solution, or we can uncover and execute on savings opportunities for you.
In a recent, high-profile case study, we helped Scotia Gas Network to realize major cost-savings associated with their telecoms service usage. Using our AI-based solution, we rapidly matched individual contractual terms against real historical spend, leading to the discovery that they were paying 22% more than necessary on Voice and Mobile services. This overspend was due to shared mobile data rates weighing heavily in the supplier’s favor, at no additional benefit to Scotia Gas Network.
The unique advantage
The unique capability the solution offers comes from our Knowledge Model, a Machine Learning and AI-powered system that stores, maps, and navigates the complex terminology used in technology service contracts. This is the engine that that enables the solution to build a clear picture of the services you are paying for and the value they are yielding. Reflecting again on the case of Scotia Gas Network, the solution identified an obscure term relating to a minor £0.02 voice calling rate, which was forecasted to become twice as expensive as other viable options. Had this not been identified by our solution, additional costs would have been incurred automatically and indefinitely.
The solution provides its user with five times the areas of saving opportunities, which are analyzed instantly regardless of language and region. For verification and for communicating opportunities to key business decision-makers, the solution also provides the exact financial calculations used to identify the cost-savings. Armed with the ability to identify granular, impactful cost-saving insights, management consultants can delight their clients with efficient bottom-line gains.
A dedicated partner
The nature of our solution and our dedicated team combine to make Thinking Machine Systems a formidable partner to management consultants. This is because the support we provide is end-to-end, which allows you to focus on maximizing the quality of your client services while sourcing transformational cost-savings. Our support begins with data sourcing, which involves helping you to gather invoices from business stakeholders or the suppliers themselves. Next, we manage any issues with data accuracy, improving data hygiene and loading the invoices simultaneously.
Validation and communication are the next key benefits we provide, this involves us providing the calculations and evidence to support the cost-saving opportunities we identify. Helping your key executives and clients to clearly understand these savings opportunities is also an integral part of the process. Finally, we make sure to execute with precision. This step involves following up with suppliers in a thorough way, ensuring that nothing gets in the way of achieving the full value of the savings opportunities we identify.
To find out more about how Thinking Machine Systems can unlock immediate and long-term savings for the clients of your management consultancy, click here.