How the Big Firms Sell Illusions and Bill for Failure
For decades, the world’s largest management consultancies—McKinsey, Bain, BCG, Deloitte, and the rest of the usual suspects—have positioned themselves as indispensable to corporate success.
CEOs, desperate for strategic clarity, turn to these firms for their glossy PowerPoints and highly paid wisdom.
But strip away the expensive suits, the jargon, and the exorbitant day rates, and a different picture emerges—one of strategic failure, recycled advice, and a staggering lack of real impact.
The Numbers Don’t Lie
Various studies suggest that a significant number of executives feel hiring top firms has not helped their business transformation.
A study commissioned by Emergn and reported by The Times found that:
- 84% of executives who worked with McKinsey, BCG, and Bain felt these firms “were no help at all.”
- Only 13% said they were more help than hindrance.
- 3% even said these firms had a negative effect on their business.
Let that sink in—nearly nine in ten executives who had spent millions on these firms admitted they got nothing of value.
And yet, the industry keeps thriving, fuelled by a cycle of dependence where consultants create more problems than they solve—ensuring their continued relevance and a never-ending stream of billable hours.
Billing for Hot Air
At the heart of the traditional consultancy model is a fundamental flaw: selling ideas, not execution.
The big firms rarely implement their grand strategies, preferring to deliver polished recommendations while leaving the actual work to the client’s internal teams. This allows them to:
- Evade accountability when things go wrong.
- Charge astronomical fees without delivering measurable impact.
Take Deloitte UK, which just announced another round of job cuts:
- 180 roles slashed in its advisory business.
- Following a previous 800 consulting job cuts last September.
If the world’s biggest companies were truly getting value from these firms, why are consultancies themselves struggling to justify their own bloated headcounts?
The harsh reality? Many businesses are waking up to the fact that the old consulting model is broken, bloated, and increasingly irrelevant.
A Legacy of Catastrophic Failures
The track record of major consultancies should make any rational executive think twice before signing that next retainer agreement.
KPMG & the Carillion Collapse
- KPMG faced scrutiny for its role in Carillion’s collapse, one of the UK’s largest corporate failures.
- The firm was fined millions for its audit failings, yet continues to advise companies on risk management.
You couldn’t make it up.
McKinsey & the Opioid Crisis
- McKinsey paid a $650 million settlement following scrutiny over its advisory role with Purdue Pharma.
- The firm’s recommendations were linked to boosting OxyContin sales while downplaying addiction risks.
With track records like this, why do companies still trust these firms with their most critical business decisions?
A House of Cards?
With businesses increasingly demanding measurable results rather than vague ‘strategic guidance’, cracks are forming in the consultancy empire.
The old playbook—drop in, charge millions, deliver a PowerPoint, then leave—no longer cuts it.
What the industry doesn’t want you to realise:
- The best consultants aren’t found in massive firms with fancy branding.
- They’re the ones who actually implement, deliver, and take responsibility for outcomes.
And that’s exactly why the traditional consultancy model is on borrowed time.
The question isn’t whether management consultants provide value.
The question is: Why do businesses keep paying for failure?
What’s Your Take?
- Have you experienced the reality behind the glossy consulting promises?
- Have these firms actually helped—or just left behind a PowerPoint?
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