Business Consulting by Grant Thornton: “Transforming” organisations’ challenges into prospects

Paying attention to the needs of the market for consulting services in public and private sector organisations to transform their business model, Grant Thornton Cyprus created a Business Consulting department in October 2022.

A year and a half later, the department is thriving as through the quality services it is offering, it has also managed to create relationships of trust with a significant number of clients.

In an interview with InBusinessNews, the head of the department and Grant Thornton Cyprus partner Sakis Moiseos, along with the department’s senior manager, Constantinos Raftis, take a look back at the work that has been done so far and explain the services that if offers.

At the same time, they lay out the main challenges organisations are facing in their journey to transform their business model while also warning of the dangers if they fail to adjust.

In October of 2022, Grant Thornton Cyprus created a Business Consulting department. What prompted you to create this department?

Sakis Moiseos (S.M.): The main reasons that prompted Grant Thornton Cyprus to create the Business Consulting department are the growing needs observed in the market for the provision of consulting services to public and private sector organisations regarding the transformation of their business model.

We have all noticed and admitted I can say, that conditions in the wider environment have changed significantly, due to various external factors such as the crises we have experienced in recent years.

For this reason, it is not just a choice but imperative for organisations to transform their business model. What does this mean practically?

To review how they serve their clients, perhaps revise their pricing policy, redesign their procedures and upgrade their staff’s skills and capabilities through continuous training, so that they can adequately respond to the growing demands of modern business.

Finally, they should include in their business model the appropriate technological solutions that will help them become even more competitive.

How do you rate your first year and a half of operation?

S.Μ: After a year and a half of operation, the assessment of the department’s work is extremely positive as we have managed, through the quality services we offer, to create relationships of trust with a significant number of clients in the public and private sector.

For us, the term “quality services to our clients” is not generic and vague but very specific. It means we are in a position to provide our clients with immediate and practical solutions through our services, that have a positive impact on their organisations’ operation.

And we are primed to attain this goal as our executives have excellent technical training and have the corresponding experience. In addition, the international experience, expertise and good practices of Grant Thornton worldwide are an important factor that ensures we achieve this goal.

What are the pillars of the services you offer?

Constantinos Raftis (C.R.): The main pillars of our services have the ultimate objective of assisting organisations to successfully complete their so-called “transformational journey”, which concerns among other elements such as their business model, technological solutions and the “customer experience”, dealing with all the relevant challenges.

We help our clients define their strategies, so that they are in a position to make better choices, based on which they can build their organisation’s long-term, sustainable growth.

Another pillar of the services we offer is redesigning organisations’ operational framework. If an organisation manages to operate smoothly and efficiently, this enables it to be flexible and cost-effective.

Another key pillar of our services is Program & Project Management on behalf of our clients, ensuring a structured and transparent approach to project planning and monitoring.

Furthermore, the department has the know-how and experience to provide consulting services on human resources management, which include the redesign of relevant processes, the creation of learning, performance and remuneration management frameworks.

Finally, the department provides specialised services for the redesign of processes related to the supply chain of companies in various sectors of the economy, but also the redesign of the processes related to the supporting functions of an organisation such as e.g. the Accounting/Finance Department.

What I want to emphasise at this point is that we have the know-how and experiences to suggest to our clients the technological solutions they should implement to become more efficient and in most cases, to implement projects related to these suggestions.

What are the biggest challenges organisations face on their business transformation journey?

C.R.: In my view, a major challenge that organisations initially face in their attempt to transform their business is to clearly define the main objectives of this undertaking.

If the main objectives are not clearly defined, in all probability the organisations will not be able to determine the specific actions that they should implement, nor to budget with relative precision the resources that should be invested in their business transformation.

Additionally, delays in implementing the project are very likely to significantly increase the costs.

Finally, one of the most important challenges organisation are faced with in their transformational journey is managing the change; and this concerns both the organisation’s staff and in many cases, the clients.

To this end, the organisation must prepare a comprehensive plan to manage the change that includes, among other, actions such as retraining staff so they are in a position to follow through with the organisation’s new business model.

Transforming an organisation’s business model is a necessary requirement for it to adjust and evolve in the new conditions. What are the risks for those organisations that choose to remain stagnant?

S.Μ.: In my view, the resulting risk to organisations can be summed up in the following phrase: "Reduced competitiveness".

Organisations in the private sector will not be able to contain their costs or their costs will be significantly higher than their competitors who have chosen to transform their business model, thereby passing on the increased costs to their clients through increased prices of the products or services they provide.

In this case, their products or services will not be "value for money" so there will be a decrease in their turnover which will lead to a loss of profits which will make the organisation unsustainable.

As far as public sector organisations are concerned they will not be able to serve citizens and businesses effectively. The cost of this inefficiency will inevitably be passed on to the real economy, i.e. businesses and households with very negative consequences.