Concerns & opportunities: Harnessing the skills opportunities of a recharged electric vehicle sector
The recent RECHARGE UK report on ‘Harnessing the skills opportunities of a recharged electric vehicle sector’, in association with Curzon Consulting, explores how the UK can equip its workforce for the exciting opportunities emerging in the EV sector.
It’s clear from the research that various concerns are prevalent across multiple stakeholders.
The number one concern for all participants is attaining and maintaining a capable, skilled workforce. Cited through various frustrations in workforce shortages, EV skills gaps and funding.
DNOs, CPOs & Tech-Safe accredited organisations all struggle to recruit electricians with the relevant EV experience. Many indicate the existing workforce does not have the specific knowledge required to maintain the EV sector or the capability to meet the future demands of the industry, with little time to retrain.
Forecasts predict a shortage of qualified technicians to service the growing number of electric vehicles. Skilled EV personnel are often lured by large contracts and concentrated in urban areas, leaving a limited talent pool for smaller organisations in rural communities.
Similarly, Local Authorities, especially those in rural areas, work hard to attract qualified staff for EV infrastructure projects. With limited, temporary funding, they lack the budget to hire & retain experienced staff.
Vehicle Manufacturers are concerned about recruiting staff across the entire EV design & manufacturing process. Reskilling the existing workforce will be an expensive challenge, with many traditional mechanic roles disappearing to be replaced by the shift to electric.
Software Providers have similar recruitment challenges, with software development courses too focused on marketing applications and not enough on practical engineering applications.
For those with specialised EV skills, sourcing and attracting qualified professionals is demanding due to low unemployment and high competition within the software development field.
However, it’s not all doom & gloom… the report made four recommendations to ensure the EV sector can compete globally and meet the stakeholder concerns.
As expected, the EV sector offers significant, job & career opportunities, for a diverse workforce, across the entire sector. However, a reform in education is required to ensure qualified, and capable individuals meet the needs of the industry.
Upskilling and retraining to support the continued improvement and promotion of opportunities to the existing workforce and reskilling programmes, to ensure that those in the workforce without relevant skills, outside of the EV sector can access the growing number of opportunities on offer.
However, for the sector to meet the demands, these recommendations require collaboration between the Government, the EV industry, and the Education sector.
Details of the full report can be found here.
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Harnessing the skills opportunities of a recharged electric vehicle sector
We are honoured to be the official supporter of a new report “Harnessing the skills opportunities of a recharged electric vehicle sector”. The report was prepared by RECHARGE UK, the EV arm of the REA (Association for Renewable Energy and Clean Technology) in association with Curzon Consulting. The report examines how the UK can equip its workforce for the exciting opportunities emerging in the EV sector.
Research compiled from industry stakeholders explores four key recommendations all requiring collaboration between the EV sector, local & central government, and educators, to ensure the UK workforce is prepared for, and, has the opportunities to learn the relevant skills needed to shape a sustainable, capable workforce.
Matt Western MP, Shadow Minister for Higher Education and Chair of the All-Party Parliamentary Group for Electric Vehicles, said:
If we are going to decarbonise our economy and take advantage of the green opportunities of the future, we will need a workplace capable of delivering it. That’s why this report by the REA is so important and I hope it positively influences the debate.
There’s so much enthusiasm for the climate agenda among young people we need to harness. I want to see the Government commit to supporting colleges to specialise in the technical skills needed to build electric vehicles, as well as reform the apprenticeship levy to unlock funding for retraining and reskilling employees in the automotive sector.
Andrew Morgan, Managing Partner at Curzon Consulting, said:
Our contributing research with industry stakeholders on the frontline of the EV revolution shines a light on the exciting new career paths it is creating and the determination they are making to grow and develop the talent pool. It also underlines the urgent and continued need to do more and for industry to be supported by Government to match the efforts and underpin the continued expansion of the EV sector.
Details of the full report can be found here.
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2024 Resolutions: Means vs. Ends - A Business Leader's Perspective
We’re almost through the first quarter of 2024, and the airwaves are still buzzing with predictions about the major trends that will dominate our business landscape. Consultants, advisors, and thought leaders offer a plethora of “means” to navigate this complex terrain – AI, digital transformation, sustainability… the list goes on. But amidst this information overload, a crucial question arises: are these experts truly addressing the “ends” that matter most to business leaders?
This analysis summarises the major trends identified in various industry publications, providing a comprehensive business outlook for 2024 – the “means”.
Seven Key Themes – The “means”
- Artificial Intelligence (AI): The emergence of Generative AI is a dominant theme, impacting all business functions. Experts emphasise the need for proactive integration of AI at the core of operations, not as an afterthought.
- Economic Landscape: Prolonged high-interest rates and inflation in the first half of the year, coupled with slower progress, necessitate strategic adaptation for businesses to maintain growth.
- Sustainability: Environmental and social sustainability require significant investments. Businesses are urged to accelerate their transition and embed climate change initiatives into their core strategies.
- Talent Acquisition: The ongoing “war for talent” necessitates focused strategies to attract and retain top talent for business success.
- Digital Transformation: Leveraging technology for intelligent automation and digital transformation is critical to avoid falling behind competitors.
- Geopolitical Risks: Potential disruptions due to global conflict are anticipated, impacting supply chains, resources, and energy prices. Companies need to build resilience to weather these challenges, particularly in a year with widespread global elections.
- Data Management: Publications highlight the importance of data as a distinct focus area beyond digital transformation. Businesses should prioritise data security, governance, and utilisation for informed decision-making.
However, our analysis of industry publications reveals a disconnect between the “means” prescribed (above) and the “ends” desired by executives. While the predictions paint a picture of necessary transformations, they often neglect the fundamental question: what do we realistically want to achieve this year?
Executives crave practical guidance on achieving specific outcomes, not just a list of challenges and technologies.
The “ends”
Here’s a closer look at the “ends” driving business leaders in 2024:
- Fit-for-Purpose Operating Models: Businesses need to ensure their core structures are adaptable and efficient in a volatile environment. Leaders must prioritise reforming their operating models, to remain competitive and building a solid foundation before layering on technology.
- Cost Control and Efficiency: Reducing costs and driving efficiency are paramount in a challenging economic climate. While AI promises automation, executives seek immediate solutions like streamlined processes and improved productivity, especially in the post-pandemic hybrid work model.
- Balancing Sustainability and Stakeholder Value: Executives acknowledge the importance of climate change and responsible practices, but concerns about regulatory burdens and cost implications often overshadow immediate action. Strategic investments are prioritised when balancing sustainability with stakeholder expectations.
- Navigating Regulatory Burdens: Overregulation is seen as a major hurdle, adding costs and hindering agility. Businesses seek a more balanced approach that ensures compliance while fostering innovation and customer satisfaction.
- Customer Centricity at its Core: Attracting and retaining customers in a competitive landscape remains a top priority. Businesses must go beyond cost-cutting, focusing on quality, ethical practices, and a seamless customer experience.
- Building Resilience for the Future: Adaptability and robustness are crucial in today’s ever-changing world. Executives see AI and other trends as potential tools, but not the only answer. Nurturing internal innovation and building resilience across all dimensions is key.
The takeaway? Business leaders are actively strategising, but they prioritise practicality and outcomes over theoretical trends. They crave guidance on how to achieve their specific goals, not just a list of “what” to do. In this uncertain environment, focusing on building capacity, formulating clear strategies, and delivering tangible results will be key to success.
So, what about you? Are you focusing on the “means” or the “ends” in your 2024 resolutions?
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UK’s Leading Management Consultants 2024
We are delighted to have been recognised again as one of the ‘UK’s Leading Management Consultants 2024’ by the Financial Times
Recommended across 11 categories an increase from 8 in 2023, the annual rating, compiled with data company Statista is based on endorsements by clients and peers. It demonstrates our consistent year-on-year sector and service line growth.
Consulting companies are awarded Bronze (recommended), Silver (frequently recommended) or Gold (very frequently recommended).
Sectoral Expertise
· Aerospace & Defence – Bronze
· Chemicals & Pharmaceuticals – Bronze
· Construction & Infrastructure – Silver
· Energy, Utilities & Environment – Bronze
· Financial Institutions & Services – Bronze
· Healthcare & Life sciences – Silver
· Public Sector – Bronze
Consulting Services
· Digital Transformation – Bronze
· Operations & Supply Chain – Silver
· Strategy – Silver
· Sustainability – Silver
Managing Partner Andrew Morgan said
The FT Awards are a humbling recognition of our company’s continued growth and as a direct result of our team’s talent and commitment. I’m deeply grateful for their unwavering dedication, incredible drive and ability to deliver outstanding results for our clients.
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Navigating the future: AI's impact on wealth management firms
In recent months, the financial services industry has witnessed significant advancements in artificial intelligence (AI), sparking both excitement and apprehension amongst wealth managers. While the potential benefits of AI are undeniable, the wealth management sector has been understandably cautious in embracing this transformative technology. This hesitation can be attributed to several factors, including a prioritisation of addressing critical gaps in services, concerns about client relationships, and the unique needs of different market segments.
In this blog, we explore the hopes and fears of integrating AI in wealth management, balancing the potential savings and efficiencies that can come from technological advancement alongside the concerns over an erosion of personalised client services.
Back office transformation
The potential for improved efficiency through AI and machine learning is substantial, particularly in areas like automating trade settlements, automating regulatory compliance, and risk management.
However, within the technology function of many wealth management firms, the primary focus often relates to implementing new traditional services and upgrades to address key operational gaps. Implementing non-AI solutions to enhance services such as regulatory compliance, Environmental, Social, and Governance (ESG), Customer Relationship Management (CRM), and digital services are typically considered more important and lower risk.
Because of the potentially significant benefits and the remarkable pace of change in AI, we believe that wealth management firms should put aside time and budget in 2024 to carefully evaluate the potential efficiencies and cost savings offered by AI, balancing these against the benefits of their current project portfolio. This assessment will help determine if prioritising AI integration is a strategic move that aligns with their operational goals.
Front office dilemma
We are starting to see the emergence of more AI-powered tools that can transform the front office experience for wealth managers and their clients. Early adoption of these innovations has the potential to allow client advisors and relationship managers to better serve “mass affluent” clients. Use of AI in this environment could combine the advantages of a human-led personalised service and advisor judgement with the scalability and insights that AI can provide.
However, implementation of AI in the front office remains a challenge. Securing funding to develop new AI capabilities requires proof of value to the organisation and clients. Wealth managers must also weigh up the benefits against factors such as data and integration challenges, evolving financial services regulations for AI, and the perceived lack of trust from clients in insights generated from AI.
Industry evolution
We believe a small number of early adopting wealth managers armed with AI capabilities are likely to start disrupting the industry at some point in the next year. Developing a strategy, plan, and business case for AI integration is important to avoid being left too far behind.
Key considerations
- Early adoption dilemma: The decision to be an early mover or a follower with respect to AI in the wealth management market needs careful consideration of the associated risks and rewards.
- Barriers to progress: For those who decide to invest in AI, there are some foundational elements that could act as barriers to AI progress if not addressed:
- Data governance and quality: Building a foundation of sound data governance and ensuring data quality is imperative for effective AI implementation. This discipline is important in any organisation but vital to get the best out of AI solutions.
- Robust data infrastructure: Modern platforms with adaptability to change swiftly are most suitable to form the backbone of successful AI integration.
- Skilled resources: The availability of appropriately skilled individuals is critical for navigating the complexities of enterprise AI.
Conclusion
As the wealth management sector contemplates the role of AI, a delicate balance must be struck between embracing innovation and preserving the personal touch that defines many client relationships. While challenges exist, we believe that the potential rewards in terms of cost savings, productivity gains, and enhanced client experiences will make the journey towards AI integration worthwhile. Wealth managers should consider their strategy for when and how to look at the opportunities that AI can provide for them to ensure that they don’t fall behind their competitors.
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Aziz Yuldashev
Senior Consultant
+44 (0)1653 628596
Aziz has 12 years of experience in international relations and diplomacy before his consulting career. He gained his strategy, stakeholder management, operations and change management expertise while performing his duties at the Ministry of Foreign Affairs of Uzbekistan, the Embassy in Singapore and the UN office.
Aziz holds an MBA from the Alliance Manchester Business School, the University of Manchester. He is interested and enjoys solving complicated and challenging issues with clients by delivering well-structured, innovative and efficient solutions that bring long-term lucrative outcomes.
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Edward Hunt
Consultant
+44 (0)1653 628596
Edward is an emerging professional with a growing track record of success in supporting operational efficiency and procurement projects. By combining his understanding of business fundamentals with proficiency in data analysis, he supports clients by extracting valuable insights that drive informed decision-making.
Prior to joining Curzon, he specialised in the audit of financial services companies at a leading accounting firm. His background in audit has equipped him with an understanding of the regulatory landscape and the ability to assess internal controls and recommend enhancements to mitigate risk.
Edward holds a BSc in Accounting and Finance from the London School of Economics.
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Driving Strategic Impact: A Curzon Consulting Guide to Procurement Excellence
As management consultants, we help clients achieve substantial cost savings and efficiencies through procurement transformations. But truly effective transformations require surmounting common challenges like limited spend visibility and stakeholder alignment.
Based on a recent engagement delivering over £5M in savings, here are our proven tips for procurement transformation success:
Optimise spend visibility
Robust spend analysis is crucial. Categorise expenditures and pinpoint top suppliers and contracts per category. Without clean baseline data, it’s impossible to identify savings levers. Advanced analytics and mining uncover hidden insights, while stakeholder interviews provide a qualitative context.
Benchmark and identify gaps
Benchmark pricing and performance versus industry best practices to reveal overpayment. Consolidate volumes for improved leverage. Deep supply market analysis uncovers alternative vendors and guides negotiations.
Strategise and priortise
Conduct opportunity assessments to inform transformation planning. Develop tailored category-specific sourcing strategies. Model potential savings scenarios and sequence initiatives based on impact, effort, and stakeholder readiness.
Secure stakeholder alignment
Amidst change, align stakeholders through clear communication and early buy-in. Identify key decision-makers and influencers. Educate on best practices and projected bottom-line impact. Procurement must shed its tactical image and be seen as a strategic function driving millions in bottom-line impact.
Relentlessly implement
With the strategy set, focus intensely on implementation. Maintain discipline in negotiations while preserving supplier relationships. Enforce contract compliance and tail spend management.
Continuously improve
Sustaining change requires continuous improvement. Redesign operating models, policies, KPIs, training, and integrate new tech and ways of working. Build analytics to monitor savings and flag waste recurrence. Institutionalising change is the hallmark of procurement leaders.
After meeting our cost-savings goals, we leveraged our award-winning assessment framework to ensure the procurement organisation’s long-term success. Our framework evaluates Procurement across five dimensions: People, Strategy, Systems, Governance, and Management. This data-driven approach identified gaps and enabled us to strategise implementing best practices. Ultimately, these steps addressed challenges, so the procurement organisation can expand its influence and be viewed as a strategic partner across all business units.
In conclusion
As trusted consultants, we overcome inertia and silos to deliver rapid yet lasting transformation. With deep expertise and cross-industry perspective, we objectively assess opportunities, align stakeholders, and implement best practices. The result is simplified sourcing, lower costs, reduced risks, increased efficiency, and strategic impact.
Let us conduct an initial diagnostic for your procurement organisation. We will benchmark performance, identify savings levers, and provide a roadmap to deliver value.
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UK’s Leading Management Consultants 2023
We are delighted to have been recognised for the sixth consecutive year as one of the ‘UK’s Leading Management Consultants 2023’ by the Financial Times.
Recommended across 8 categories and with a Gold Award for the 2nd consecutive year, the annual rating, compiled with data company Statista is based on endorsements by clients and peers. It demonstrates our consistent year-on-year sector and service line growth.
Consulting companies are awarded Bronze (recommended), Silver (frequently recommended) or Gold (very frequently recommended).
Sectoral expertise
- Construction & Infrastructure – Gold
- Healthcare – Silver
- Financial Services – Bronze
- Public & Social Sector – Bronze
Consulting services
- Digital Transformation – Silver
- Operations & Supply Chain – Silver
- Strategy – Silver
- Sustainability – Silver
Managing Partner Andrew Morgan said
We are absolutely delighted to see the continued and consistent progression of Curzon. I am so proud of the team, as this emphasises their commitment and dedication to deliver sustainable, tangible results for our clients through strategic, operational and transformation delivery.
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2022 MCA Awards Winners
We are so very proud to announce #CurzonConsulting, has won the Commercial Impact #mcaawards 2022 award, with #RamsayHeathCare. Representing the very best of our consulting business, it’s such an incredible achievement to be recognised for our Procurement Transformation Programme. The judges said this was a team that: “brought specific expertise to a problem and rebuilt the procurement capability at speed, changing hearts and minds in the organisation.”
Established by the Management Consultancies Association, the representative body for the UK’s leading management consulting firms, the #MCAAwards demonstrate the transformational work the sector has undertaken during the last challenging twelve months.
The remarkable achievement marks the eight consecutive years that Curzon Consulting has been a finalist at these prestigious awards.
Commercial Impact: Procurement Transformation Programme with Ramsay Health Care UK
Ramsay Group operates a global network of 530+ healthcare facilities across 11 countries.
The pandemic exposed an over-reliance on a ‘single’ income source. With all elective activity (e.g., joint replacements, cataracts), the primary income source, halted overnight, but a high fixed cost base remained.
As a response, Ramsay UK embarked on an ambitious growth & efficiency programme. Curzon was engaged to design and deliver a Procurement Transformation programme.
Over 9 months, we took a pragmatic, agile and “together” approach to accelerate benefit delivery, particularly in high spend / high complex clinical spend categories.
By assessing the existing PO against a methodical and objective review against 8 dimensions we highlighted several data-driven insights; fundamentally, the PO only managed 44% of total spend; hence lack of PO involvement resulted in suboptimal category /supplier management and savings delivery.
Improvement opportunities were incorporated into the design of the new Procurement Organisation.
Our methodology was specifically adapted to address demand-side cost optimisation levers.
Through a deep dive into orthopaedics, a key benefit delivered in Orthopaedics came from ensuring the Surgeon selected the appropriate implant system (metal or ceramic) to match the patient’s profile (e.g., age, gender).
A well-established norm in Orthopaedics is to routinely implant, high quality, lower-cost metal vs. ceramic hip systems into >70-year-old patients. Our analysis showed Surgeons at Ramsay UK implanted costly ceramic hip systems in 33% of >70-year-old NHS patients. The NHS reimbursement for a complete hip replacement is fixed, so every incremental switch from ceramic to metal impacted the bottom line.
Surgeons had little comprehension of how their hip selection decisions impacted Ramsay UK’s profitability. Our insights directly influenced the Orthopaedic Steering Group’s new policy which required Surgeons to utilise lower-cost metal hip systems in older NHS patients.
Curzon established an open, trusted, and collaborative way of working with the Ramsay team, and by adopting a “one team” approach with the PO we ensured everyone involved with the procurement transformation owned the outcome and maximised the benefits from knowledge transfer during Wave 1.
Fundamentally a key part of the relationship was to ensure recommendations on cost improvement would not compromise clinical outcomes and patient satisfaction.
Wave 1 has delivered £multi-millions in incremental annualised savings. In addition, the savings have translated into several £100 million worth of shareholder value.
Commenting on the success – Ramsay Health’s CFO Peter Allen said:
“Curzon helped us obtain the confidence and operational ‘can-do’ to drive incremental savings sooner than we could have expected, and then to push on to best practice performance.
Their skill was in balancing pace of change and the results imperative with the need to take the organisation with them on the journey. A key achievement was building the necessary collaboration between the many functions that needed to act together to drive benefits in complex clinical spend categories.
Curzon’s strong analytical expertise, and ability help us to take a critical view on the “art of the possible” and bring the team along on the journey to demonstrate benefits delivery was a critical success factor.
The result was a tangible and ongoing commercial win, and a new Procurement Organisation to drive cost leadership, profitability and sustainability going forward”
A massive congratulations to the Curzon Consulting team and Ramsay Health Care UK and the other finalists.
