Strategic Repositioning of the Caribbean Management Consulting (MC) Industry: An Overview

●Caribbean Export (CE)- (Foundation Partner)

●CICMC

●ICMCI (Int’l Council of Mgmt Consulting Institutes)

●Other Caribbean Regional Bodies

The Partners

●MC as regional priority sector for development

●Global competitiveness

●Export potential

The Context

●Development Programme for Caribbean MC Industry

●Technical Assistance Programme – MC as an input

The Programmes

●Both programmes simultaneously

●CE to administer & oversee

●Constant monitoring & evaluation

How they will work

Through initiatives such as ...

●Regional integration

●Cooperation

●Advocacy

Through ...

●Management and product development

●Market expansion

●Export diversification

●Technical assistance

●Direct assistance (grants)

Through ...

●Enhancing capacity of public and private sector BSOs (trade promotion organisations & investment promotion agencies)

●As well as supporting the development of vibrant business networks

Through ...

●Promoting the Caribbean as a prime destination for intra and extra regional investment.

Caribbean Export Development Agency: Key result areas and goals

Regional GrowthRegional Growth

Fostering an enabling

environment for trade and

investment

Enhancing competitiveness of firms

Strengthening institutional

capacity and Networking

Promoting investment

●Attract direct foreign investment

●Increase foreign trade in services – particularly high-end services

Economic Diversification

●As a means of sustainable economic growth

Fostering Regional Integration

●To advance regional goals and objectives

Use of trade agreements

●In all export sectors

Capacity to meet global standards

CARICOM member states have consistently agreed the need for ...

Enhancing Enhancing regional regional

competitivenesscompetitiveness

●Currently regional consultants only have 7% of regional market

●Global market worth US $500 billion

●Regional consultants paid less than international consultants

●“Exchange recovery” savings

●Access to both regional as well as international markets

●ICMCI institute network

●Global scarcity of qualified consultants

●Assess efficacy of traditional approaches to procuring MC services

●To be competitive in a global environment requires extensive collaboration

●Many IFI Caribbean projects specify “firms” re eligibility to compete

●Need to come together as competitive accredited group(s)

●Through Membership in ICMCI, the global body defining and regulating MC excellence in > 43 countries

●Through adoption of CMC designation and ICMCI code of ethics

Opportunities for Caribbean Management Consultants ...

Global Global competitivenesscompetitiveness

Increase Market

Share

Increase Market Access

Regional Collaboration

Attain International Standards

●Continuing Professional development

●Training, accreditation & certification

Training, Accreditation

& Certification

On-going analysis of issues & opportunities re needs of:

●Profession

●Members

●Clients (Institutions, Agencies, Governments and firms)Public

Education & Advocacy

●Strengthen HR capabilities

●Improve operational processes

●Enhance organisational structure

Organisational Structures &

Processes

●Develop chapters to ensure

membership services and benefits are accessible

Regional Chapter Development

CICMC - Strategic Drivers and Objectives

●Identified as a high export potential sector (Others include professional services, creative industries, ICT, health & wellness)

●Identified need for concerted sector enhancement programme

CARIFORUM Ministers decided to ...

●Ensure region able to satisfy requirements of current tender dossiers

●Develop and maintain database of Caribbean service providers

●Other sectors striving to improve competitiveness have difficulty gaining traction

●Consultants can provide access to global best practice, informed guidance and continuing presence

● EPA provides commitment re development funding for capacity building & competitiveness enhancement

● A significant % of development funds spent on management consultancy services

The case for Management Consulting as a regional priority sector for development ...

Caribbean Export/

COMSEC Study

Recognition of opportunities & weaknesses

Critical input to other service

export sectors

Maximize benefits of EPA

●Database of regional consultants

●Enrolment in CICMC

●Comprehensive web portal & e-services

●Mentoring programmesMembership

Development

●Continuing Professional development

●Training, accreditation & certification

●Certification Renewal

●Mentoring ProgrammesAccreditation & Certification

●Regulatory framework●Advocacy & public education●Membership support services●Management of strategic

relationships●Marketing & communications●Business symposia &

networking fora

Administrative& Governance

●Market development

●Vehicle for regional integration

●Are You Certified? promotional campaigns

●Annual CMC conference

Chapter Development

Proposed Development Programme for Caribbean Management Consulting Industry

●Caribbean Export (CE) will administer and oversee implementation in conjunction with CICMC

●CE and international management consulting body (ICMCI) will monitor and evaluate

Focus on ...

●Membership Development

●Accreditation & Certification

●Chapter Development

●Administration & Governance

●Total value approximately $US1.5 million over 4 years

●Progressive

●Each phase evaluated

●Collaboration with other regional bodies incl CARICOM, CROSQ, CDE & tertiary institutions

●Collaboration with other professional accreditation bodies

How Will it Work ?

Managed by Caribbean

Export in partnership with CICMC

Focus on Management Consultant Industry

Financial Implications

Delivered in phases over 4 years

Both programmes Both programmes operate operate

simultaneouslysimultaneously

●Transformation of Caribbean businesses and BSOs

●Improved management capability

●Better ROI for entities using management consulting

●Support for establishment of National/Regional Representative

●Support for research and analysis on needs

●Support for current methodologies, processes and practices utilised in “ best practice” organisations

●Accelerate conversion of export potential to foreign exchange reality

●Mitigate effects of new trade arrangements and global economic crisis

Proposed Technical Assistance Programme – Management Consulting as an input

Increase operational

efficiency

Enhance Level of Organisation of Key Sectors

Attain international best practice

Empower organisations to manage change/new opportunities

Caribbean Export will ...

●Assign consultants based on client need and consultant expertise

●Manage all contracts

●Monitor and evaluate

●Provide strategic support throughout the process.

Priority given to BSOs and firms in following sectors

●Music & Audiovisual●Fashion/Design●ICT●Health & Wellness●Other TBD

●Total value approximately $US3.0 million over 4 years

●All potential candidates subject to diagnostic analysis & evaluation

●Each beneficiary assigned a consultant

●Based on principle of partnership between beneficiary and consultant

How Will it Work ?

Managed by Caribbean

Export

Focus on Priority sectors

Financial Implications

Delivered on competitive basis

Both programmes Both programmes operate operate

simultaneouslysimultaneously