FINDING THE CRITICAL EDGE

Eoin Daly, Managing Partner of McKinsey & Company, Malaysia, tells Michael Oh the importance of Asia to the GLOBAL MANAGEMENT CONSULTING FIRM AND WHAT MAKES IT DISTINCTIVE.

ThePeak_Interviews_FindingtheCriticalEdge

I joined McKinsey in London in 1999 and was based there for 10 years. In 2009, I started working for clients in Malaysia and spent about 12 months flying regularly between London and Kuala Lumpur. I really enjoyed the experience of working in Malaysia – the people, the clients, our office and colleagues. It was exciting to be in a fast-growing economy with so much happening across many industries, and with increasing numbers of Malaysian companies expanding their operations within ASEAN and globally. So, I was delighted when the opportunity to move to Kuala Lumpur came up in 2010. My wife and I also felt it was the right time for us as a family. Our two sons were very young and our daughter was born here soon after we arrived. Malaysia is a wonderful place to call home and we are very happy here. A year after joining the KL office, I was appointed Managing Partner.

Asia is very important for McKinsey and we have grown rapidly across the region. Today, we have more than 5,000 people working across Asia. I am particularly excited about ASEAN. As a region, it is already the seventh-largest economy in the world and set to be the fourth-largest by 2050. The potential of the consumer market is huge, with the number of consuming households expected to double within the next 10 years. Trade opportunities are also increasing, both within ASEAN and with the world, particularly with the implementation of the ASEAN Economic Community. It truly is a privilege to work with Malaysian companies and to help them capture new opportunities in Malaysia, in ASEAN and globally.

The economic potential of the ASEAN region is enormous. The diversity in ASEAN is incomparable and there are opportunities across many sectors of the economy, from healthcare to consumer goods to energy. But to succeed in ASEAN, an organisation needs to be competitive across critical business functions, such as operations, marketing and sales, and finance. It also needs to have the right leadership capabilities. That is what McKinsey helps our clients with and it’s a very exciting challenge.

McKinsey has evolved since I joined in 1999. Historically, we have been known for our work as strategic advisors. However, the Firm has changed rapidly in response to the changing needs of our clients. Let me highlight three examples—implementation, building capabilities and digital. Increasingly, we are working on-site with clients to implement recommendations and end to end programmes. We now have 16 implementation hubs globally and I’m proud to say that one of them is located here in Malaysia. Building capabilities for clients is also a significant part of our work globally and in Malaysia. This includes leadership development as well as building capabilities in areas such as operations, and sales and marketing. Recently, one of our pioneering leadership experts relocated to Kuala Lumpur with his family to help us strengthen leadership capabilities for clients both here and in the region.

Technology and capturing the right digital opportunities is another priority area for McKinsey. Our support to clients combines strategic planning and technology expertise, including big data and advanced analytics to improve performance, and new software solutions to enhance outcomes. We now have dedicated teams of data scientists, application developers and designers building solutions for our clients. This ‘new’ McKinsey is evident in the way we are serving our Malaysian clients across different sectors, such as financial services, telecommunications and energy.

There are a few things that make McKinsey distinctive. Firstly, our primary focus has always been to help clients achieve higher sustainable performance. The impact of our work is what drives us. Secondly, we operate as one global firm. I have worked in over 30 countries with McKinsey and the consistency across all our locations is remarkable. There has never been any difficulty working with colleagues in different locations because we share the same values and commitment to clients. You can e-mail or phone a colleague anywhere in the world for support and they will always be willing to help. Thirdly, we aim to attract and develop the best people, particularly local talent. For example, two-thirds of our people in Kuala Lumpur are Malaysian, including our leadership team. We’ve also doubled the number of consultants in our office in the past three years.

Clients come first. What strikes me most about our clients here is their ambition, open-mindedness and adaptability. There’s a wonderful appetite here in Malaysia to learn and adopt international best practices and adapt and even improve on the latest innovations. So, it’s very important for me to ensure we bring the best of McKinsey globally to our clients in Malaysia to help them achieve their aspirations.

The development of our office and people is a big priority. It’s important that we attract the best talents and that they have the right opportunities, support and guidance to develop their careers in whatever path they choose.

There’s a terrific sense of community in our office that we all hold dear. For example, many colleagues are closely involved with our Youth Leadership Academy, a McKinsey-led volunteer programme for  high-potential Malaysian students from local universities to develop their leadership and problem-solving capabilities. More than 300 Malaysian students have benefited from this programme since it was launched in 2007. We have other colleagues who are passionate about women leadership, and focus their efforts on promoting and fostering that. I am proud to say we have proportionally more women leaders in Malaysia than any of our offices in Asia!

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