PwC held its most recent Analyst Day in Shanghai on May 23-24, 2018. The event saw 30 analysts, six major clients and PwC leaders from China, Hong Kong, Japan and the US converge at PwC’s Shanghai Innovation Centre. Patrick M. Heffernan, Principal Analyst & Practice Manager at Technology Business Research, Inc. (TBR), was there and has written about what he learned about PwC today in China in this new TBR report – Deploying BXT and being local – PwC and the next decade in China.
The impetus for holding the event in China was to explore the evolving Chinese business environment, which has recently seen an increased desire to expand abroad, consistently sustained economic growth, a willingness to spend on consulting and the backing of a government which is focused on open trade.
PwC executives and clients walked analysts through client case studies and PwC’s consulting and advisory offerings and capabilities, including blockchain and PwC’s Business Technology Experience (BXT) approach. According to TBR, they believe this ‘was the first major global analyst event in China by one of the Big Four firms or their consulting peers’.
The report discusses a number of the sessions from the day, including:
In his report, Heffernen concludes with TBR’s assessment of PwC in China, “One PwC Consulting leader summed up the firm’s relationship to its clients with two simple points, saying the first thing PwC brings to the market is trust and the second is an ability to help clients get their humans to behave differently. His comments echoed a client’s earlier assessment that PwC had understood the local market, including what the government was doing and why, and also understood the client’s operations, strategy, metrics, and culture, allowing PwC to put newly collected data and enhanced analytics into context matching the client’s reality. Trust is being built around expertise and a positive track record, but also on the ability to change behavior and the knowledge of what current behavior is and why. While not unique to the Chinese market, what PwC intends to deliver matches well with what the Chinese clients want to do: grow outside China, improve compliance and build ecosystems. In addition, clients want PwC to bring its many services, not just consulting or audit or tax. And while traditionally, Chinese clients have insisted on purchasing tangible items, making it hard to sell consulting services, PwC’s on-the-ground leadership believes that dynamic has changed as Chinese companies appreciate keeping pace requires behaving differently than in the past.”
Read the full report here.
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