‘Commercial’ is a big issue
This week, IACCM‘s expert interview will be with Ben Kent, CEO of Meridian West. The topic is ‘Effective adviser-client relationships’ and discussion will be based on research Ben undertook, in conjunction with the Financial Times.
Although Ben’s research focused on the challenges facing professional advisers (law firms, accountants, consultants), IACCM recognized that these were often mirrored in the pressures facing in-house support groups such as legal, procurement and commercial / contract management. The demands for greater value, for better alignment with the business and key strategies are commonly felt.
Among the many areas of interest in the findings is the recurrent issue of ‘greater commercialism’. Executive management confirms its frustration with continuous messages related to risk, without practical solutions. They need advisers with a wider view, who do not simply instruct on the many things that carry substantial risk, but instead look more holistically across the various issues and compose a workable answer.
The fact that they increasingly expect this from external sources does not bode well for internal groups, unless they start to expand their awareness of broader market trends and competitive initiatives or weaknesses. Commerciality is on many executive lips – which is great news so long as groups such as legal, procurement and contract management focus on how they will respond.