BrazilBCG banks 2019 revenues of $8.5 billion to be up by 14 percent
Boston Consulting Group, the world’s second biggest strategy and management consultancy, has banked 2019 revenues of $8.5 billion to be up by 14 percent.
Global strategy and management firm Boston Consulting Group has backed up its bumper growth of nearly one fifth in 2018 with another year of double-digit figures – booking revenues of $8.5 billion for its past financial year to be up by 14 percent at constant rates. The latest performance marks six consecutive years of double-digit growth for the firm, with BCG having tripled in size over the past decade.
In 2009, revenues stood at $2.75 billion, while the firm’s workforce has also exploded from 6,900 to 21,000 over the past ten years. “Our success is rooted in the strength and diversity of our workforce as well as our constant commitment to innovation and value creation,” said BCG CEO Rich Lesser. “More than ever before, clients turn to BCG for new solutions to the challenges of our times.”
Citing the need to address the “urgent climate crisis” as among such challenges, as well as navigate adverse market conditions such as those stemming from the coronavirus outbreak, Lesser continued; “For our company and our clients, the goal is the same: long-term and sustainable value creation that makes a positive difference in the world. That’s what will continue to drive us in the decade ahead.”
While BCG didn’t release a geographic or operational line breakdown, the firm noted strong growth across all regions and across its industry and functional practice areas last. The firm stated that is increasingly focused on clients’ needs for the coming decade, such digitising and embedding AI in core processes, building “bionic” organszations, and supporting large-scale change efforts to accelerate performance.
“Over the past decade, we’ve combined our expertise in large-scale transformation with digital capabilities in advanced analytics and AI to deliver the cutting-edge solutions our clients need now and in the future,” said Lesser, who was reelected in 2018 for a third three-year term as CEO and President. “This investment allows us to better serve our long-standing clients as well as the next generation of businesses and leaders.”
BCG is rare among the traditional partnership-owned management consultancies to release financial figures, but is pretty safely nestled as the world’s second-largest firm of its kind. Last year, McKinsey & Company boss Kevin Sneader – under public pressure for the firm to operate with greater transparency – confirmed revenues in the ballpark of $10 billion, while Bain & Company is said to have delivered revenues of $4.3 billion in 2018.
Fourth in line, Oliver Wyman, recently posted figures of $2.1 billion, with a following group including PwC’s Strategy& (formerly Booz & Co.), Kearney (which at the start of this year rebranded from A.T. Kearney) and Roland Berger. Things however get messy when accounting for the converging nature of consulting and implementation and the consulting wings of the non-traditional firms including Accenture and the Big Four.
