The Role of Business Development in KPMG: Strategies and Best Practices
As one of the largest professional services companies in the world, KPMG has been at the forefront of delivering exceptional services to their clients for over a century. Business development has played an integral role in the success of KPMG by adapting to the evolving market and identifying new opportunities to grow the business. In this article, we will explore the role of business development in KPMG and provide insights into their best practices and strategies.
Understanding Business Development in KPMG
Business development in KPMG refers to the activities that contribute to the growth of the company, such as acquiring new clients, promoting existing services, developing new ones, building partnerships, and exploring new markets. It involves the identification of new business opportunities, nurturing relationships with clients and stakeholders, and the implementation of effective marketing strategies.
In KPMG, business development is not just the responsibility of one department or a specific group of people. Business development is a collaborative effort that involves various teams and individuals, including senior leaders, partners, managing directors, marketing and communications professionals, and even junior staff members.
As per the KPMG’s leadership team, business development is a collective effort and involves aligning people and resources towards a common objective. It’s about driving growth by working together to create an environment that fosters innovation and encourages taking calculated risks.
The Strategies and Best Practices of KPMG in Business Development
KPMG has a proactive approach to business development, which is evident from its strategies and best practices.
1. Focus on Industry Expertise:
KPMG’s business development strategy is to focus on industries where they have deep expertise. The company invests in building domain expertise across industries such as banking and finance, energy, healthcare, public sector, real estate, and technology. This approach helps KPMG to tailor its services according to the client’s specific needs, and position itself as a trusted advisor.
2. A Collaborative Approach:
KPMG believes in working closely with its clients to understand their business challenges and develop solutions that deliver tangible results. By collaborating with clients, KPMG has found new ways to deliver its services that align with the clients’ expectations. This approach has helped KPMG to create a long-term relationship with its clients.
3. Investing in Technology:
KPMG recognizes the importance of technology in business development and invests heavily in it. The company leverages technology to streamline its business development processes, provide data-driven insights, and deliver innovative solutions to its clients.
4. Networking and Relationship Building:
Strategic networking helps KPMG to build and maintain strong relationships with clients and stakeholders. KPMG actively participates in industry events, conferences, and networking opportunities to stay on top of current trends, identify new opportunities, and build trust amongst clients.
Conclusion
In conclusion, business development plays a vital role in the success of KPMG. The company’s proactive approach to business development, their collaboration and networking best practices, and investment in technology have helped them to maintain their leadership position in the market. By adhering to their best practices and developing strategic partnerships, KPMG demonstrates an unwavering commitment to its clients, people, and society as a whole.
