Once organized into this framework, we can form our initial hypotheses on how to solve the problem(s). ... Much of the organizational inertia that usually stands in the way of unlocking these big moves is now gone, as the crisis has rendered obsolete the budgets and personal targets that make such moves so hard to achieve. During a recent quarterly earnings call, Microsoft CEO Satya Nadella said, “We’ve seen two years’ worth of digital transformation in two months.” The quarter is the new year, and the fastest will win. If structured thinking is hard to find at GE and GlaxoSmith-Kline, two of the world's most respected and successful companies, one can imagine that it may be a pretty rare coin in many organizations. Most are somewhere in between. The McKinsey Way + The McKinsey Mind: Understanding and Implementing the Problem-Solving Tools and Management Technique (Set of 2 books). First, you must understand that structure doesn't exist in a vacuum; you have to wield it with a goal in mind. The team then have drawn up an initial hypothesis for the problem, and races to gather the facts necessary to support or refute it. Please try again. This book quickly became a "must-read" for anyone applying to work in the management consulting industry as it gives inside tips into what it is like to work for "the firm." Rarely do people take the time to examine the issue and develop a clear plan of action. Being MECE in the context of problem solving means separating your problem into distinct, nonoverlapping issues while making sure that no issues relevant to your problem have been overlooked. Similar acceleration patterns can be seen in online education, nearshoring, and remote working, to name but a few areas. Your organization may have its own frameworks, and you should take advantage of them if possible. You MUST keep others "in the loop." McKinsey continues to thrive in up and down markets that included the tech bubble bursting, 9/11 terrorist attacks, and the worst economic recession since the 1930's. Submit your email address to receive Barnes & Noble offers & updates. That’s a pattern that has been evident since 2010. For example, 80% of the sales come from 20% of the brokers. You have to validate your initial hypothesis with fact-based analysis. Today's executives and entrepreneurs have access to far more information than they can possibly use. our use of cookies, and Chris Bradley is a senior partner in McKinsey’s Sydney office, Martin Hirt is a senior partner in the Taipei office, Sara Hudson is a partner in the London office, Nicholas Northcote is a director of strategy and corporate finance in the Brussels office, and Sven Smit is a senior partner in the Amsterdam office. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Please check back later for updated availability. Designed to work as a stand-alone guide or together with The McKinsey Way, The McKinsey Mind follows the same critically acclaimed style and format as its predecessor. Feel free to be MECE. You never want to exaggerate to a business contact, or find yourself stumbling and bumbling around for words. A2A. This really depends on the unique needs and desires of each student. You're listening to a sample of the Audible audio edition. Sylvia Mathews was deputy chief of staff to President Clinton, so she should know: Problem solving at the federal government level tends to be a little more complicated than in the business world, in that it involves things that are less tangible than valuation of companies, profit, loss, etc. Don't reinvent the wheel. Structuring your thinking can add value outside the confines of the business world. BTW have you read Stewart's "The Management Myth"? The McKinsey Way will reveal the problem-solving, communication, and management techniques of the world's most respected "corporate doctor." Uh-oh, it looks like your Internet Explorer is out of date. Keep an open and flexible mind. Our analysis reveals that the gap in economic profit between the top corporate performers and everyone else has widened dramatically. Taking the all-or-nothing approach may not necessarily be the best way to create value; the incremental sales may not be worth the incremental costs and risks. Combine that with some educated guessing, and you can be well along the road to the solution. So, what are these guidelines? The cornerstone for getting inside the McKinsey mind is the MECE (pronounced "me-see") mantra - an acronym that stands for "mutually exclusive, completely exhaustive." It’s much better to get to first base consistently than to try to hit a home run – and strike out 9 times out of 10. Rasiel quotes one Engagement Manager who said, "You have to be fundamentally skeptical about everything" (p. 2). Now, The McKinsey Mind pulls back the curtain to reveal the ways in which McKinsey consultants consistently deliver their magic and how those methods can be used to achieve exceptional results in companies from 10 employees to 10,000. The McKinsey Mind: Understanding and Implementing the Problem-Solving Tools and Management Techniques of the World's Top Strategic Consulting Firm Ethan Rasiel. Unlimited FREE fast delivery, video streaming & more. Sometimes the best ideas come from your teammates, Rasiel advises, "Keep an open and flexible mind. 2. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Every now and then, take a mental step back from whatever you’re doing. Reinvent your business. The facts, as we will see, come later. We framed the issue very clearly: What is the problem? These techniques may be somewhere in your organization, either written down or in the heads of your fellow employees. Telemedicine experienced a tenfold growth in subscribers in just 15 days. For examples, McKinsey has developed a number of problem-solving methods and give them fancy name: Analysis of Value Added, Business Process Redesign, Product-Market Scan, etc…, …But Every Client if Unique (There Is No Cookie-Cutter Solutions). The 80/20 rule is one of the great truths of management consulting and, by extension, of business. One of those is The McKinsey Way by Ethan M. Rasiel. The best-selling book "The Witch Doctors" calls McKinsey a "breeding ground for gurus." […] or present a picture.Did i have any hypothesis which i wanted to prove or disprove ( Courtesy : The McKinsey Way. These techniques, which relate to problem solving, management and communications, combine to produce the equivalent of a basic MBA textbook. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. This book will allow people to take McKinsey's secrets and apply them in their own business life. The mind-set seems to be "once we have identified an issue, let's wrestle it to the ground and move quickly," and they're great at doing it. The appropriate structured framework will allow you to do this much more efficiently, thereby increasing the probability that you will arrive at a solution in a reasonable amount of time—and add value to your business.