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    EY-Parthenon

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    EY-Parthenon

    Type UK Subsidiary[1]

    Industry Strategy consulting

    Founded 2014; 8 years ago (through merger of EY and The Parthenon Group)[2]

    Headquarters Boston, Massachusetts, United States[3]

    Area served Worldwide

    Key people Mitch Berlin (Global and Americas EY-Parthenon Leader, as of May 2021)

    Number of employees ~6,500[4]

    Website www.ey.com/en_gl/strategy/about-ey-parthenon

    EY-Parthenon (often shortened as EY-P or EYP) is Ernst & Young's global strategy consulting arm.[5][6][7] The firm was established as The Parthenon Group LLC in 1991 by former Bain & Company directors William "Bill" Achtmeyer and John C. Rutherford. In 2014 The Parthenon Group merged with professional services firm EY forming the new entity EY-Parthenon.[8][9][10] The move was viewed as part of the continued efforts by the Big Four to move up the value chain from their traditional audit services into more lucrative areas of business, as well as to provide new points of entry to clients.

    The firm advises top management (C-Suite) on strategic issues across a broad range of industries including Private Equity, Consumer Products, Education, Financial Services, Healthcare, Information & Media, Advanced Manufacturing, Life Sciences, Oil & Gas and Technology.[11] The firm competes with other top-tier strategy consultancies such as McKinsey, Bain and BCG as well as the strategy consulting arms of the other Big Four firms such as Monitor Deloitte and Strategy&. Generally regarded as one of the most selective firms, consistently placing near the top of strategy consulting rankings, Parthenon has a large focus on private equity and corporate strategy.

    Contents

    1 History and merger

    2 Expansion under the EY brand

    3 Rankings 4 See also 5 References

    History and merger[edit]

    EY-Parthenon was founded in 1991 as The Parthenon Group by William "Bill" Achtmeyer and John C. Rutherford, who at that time served as director at the management consultancy Bain & Company.[12] The founders established the firm to be a specialty boutique consulting firm leveraging the client relations they built during their time at Bain. In the subsequent years the firm grew rapidly and merged with Big Four professional services company Ernst & Young in 2014.

    Expansion under the EY brand[edit]

    Under the new name EY-Parthenon the firm pursued an aggressive expansion strategy growing its consultant base from approximately 350 in 2014 to 1,400 in 2018. This growth was realized organically through expanding teams with new recruits as well as inorganically by acquiring consulting firms. Over the period 2016-2017, EY-Parthenon acquired the Benelux, French and German branches of OC&C Strategy Consultants.[13][14][15][16] It bolstered its Asia Pacific offering through its acquisition of Australian boutique Port Jackson Partners in May 2020.[17] It announced its first innovation collaboration with the global start-up ecosystem Plug and Play in October 2020 to enable their clients to engage with disruptive digital technologies.[18]

    As part of its expansion under EY, EY-Parthenon has published thought leadership in its focus sectors. For example, it has published several articles in the Education sector on helping underprivileged students secure employment, including a 2014 report for the United States Department of Education on its Gainful Employment rule,[19] and a 2018 report for the Boston Public Schools school district on better serving "off-track" youth.[20]

    Rankings[edit]

    In 2021, EY-Parthenon was ranked 5th globally in the Vault Consulting 50 as well as the 11th in terms of selectivity.[21][22] It also ranked 8th in the Top 25 Strategy Consulting firms by consultancy.uk.[23]

    See also[edit]

    Big Four accounting firms

    Big Three (management consultancies)

    References[edit]

    ^ "Ernst & Young Global Limited". . Retrieved 23 July 2020.^ "Facts & Figures". Ernst & Young. 30 June 2011. Retrieved 8 December 2011.^ "Parthenon-EY". Forbes. Retrieved 1 July 2021.^ EY. "About EY-Parthenon". . Retrieved 1 July 2021.{{cite web}}: CS1 maint: url-status (link)^ "EY Parthenon". . 12 June 2016. Retrieved 28 March 2021.^ "EY-Parthenon". . 2021. Retrieved 28 March 2021.^ "EY-Parthenon". . Retrieved 28 March 2021.^ Agnew, Harriet (21 July 2014). "EY to merge with Parthenon Group". . Retrieved 28 March 2021.^ "EY Advisory buys strategy firm The Parthenon Group". . 23 July 2014. Archived from the original on 11 June 2021. Retrieved 11 June 2021.

    स्रोत : en.wikipedia.org

    EY reports global revenues of US$40b in 2021 and outlines record US$10b investment plan over next three years

    LONDON, 9 SEPTEMBER 2021. EY today announces combined global revenues of US$40b for the financial year ended June 2021 (FY21), an increase of 4.0% in local currency (7.3% in US dollars), a solid result given the global economic impact caused by the COVID-19 pandemic.

    Press release

    9 Sep 2021 London, GB

    EY reports global revenues of US$40b in 2021 and outlines record US$10b investment plan over next three years

    Press contact Rachel Lloyd email LinkedIn Twitter Related topics

    Growth Technology Digital

    Global revenues of US$40b, up 7.3% in US dollarsGrowth across all Service Lines and geographic areas20m lives positively impacted through EY RipplesPlans for investments of US$10b in FY22-FY24, focused on audit quality, strategy, technology and people 

    EY today announces combined global revenues of US$40b for the financial year ended June 2021 (FY21), an increase of 7.3% in US dollars (4.0% in local currency), a solid result given the global economic impact caused by the COVID-19 pandemic. Over the past seven years, the global EY organization has recorded strong 7.3% compound annual growth in local currency. The COVID-19 pandemic triggered an almost overnight shift to virtual working, significantly reducing the level of travel and hotel related expenses on client assignments.

    EY also today announces a three-year expansion plan and a combined investment spend of US$10b between FY22 and FY24, which supports the EY NextWave strategy launched in FY20. These investments will further expand capabilities to help EY clients, the people who serve them, and the communities in which EY teams operate, to successfully navigate unprecedented global challenges.

    Carmine Di Sibio, EY Global Chairman and CEO, says:

    “EY people have worked hard to support clients and communities in FY21, delivering an outstanding set of results, through a challenging year. EY teams remain focused on the EY NextWave strategy, which is built on an ambition to build long-term value for all stakeholders.

    “A record US$10b three-year investment plan in vital areas such as audit quality, strategy, and sustainability, will continue to help EY clients, EY people and communities innovate and transform. The world is changing fast and the EY organization is ideally placed to help stakeholders fulfil their need to succeed in a manner which is equitable and sustainable, and which respects the environment.”

    EY investments to support audit quality, transformation, technology and people

    The US$10b investment plan is being made in people, technology and quality management systems to help further build trust in the capital markets by strengthening audit quality, supported by the implementation of technology-driven innovations in risk-based and other audit procedures, including the detection of fraud.

    The plan includes $2.5b in technology investment over the next three years, with a strong focus on artificial intelligence (AI), trusted data fabric and disruptive technologies, as well as the wider EY ecosystem of strategic alliances. The plan will also see further buildout of the global client technology platform that underpins EY services and solutions. This platform is currently used by more than 1m EY clients and processes a volume of 250m transactions daily through the deployment of hybrid and multi-cloud capabilities across 200 countries. The EY organization will continue to attract technology and data specialists, which today exceed 44,000 technologists and 22,000 data professionals – including a neurodiverse engineering team. EY will accelerate the use of technology to embrace post-pandemic working while also accelerating technology-enabled transformation.

    The market-leading EY Global Tax Platform and EY Canvas (audit platform), built natively on Microsoft Azure Cloud, are being boosted with enhanced AI capabilities and the technology behind EY Diligence Edge – an AI platform hosted on IBM Cloud.

    Through leading edge technology solutions, EY teams have helped a number of life sciences companies improve their efficiency and effectiveness in providing critical medicines; from digitizing Pfizer’s supply chain, to helping Johnson & Johnson deliver accelerated medical approval using AI, and to improving AstraZeneca’s operational efficiency through intelligent automation. EY teams also advised TNB, Malaysia’s national energy provider, on digitizing its customer experience channels and on its decarbonization agenda.

    Expanding strategy consulting services

    EY will expand strategy consulting (EY-Parthenon) and sustainability services, and invest to ensure that clients and EY people benefit from leading-class technology – all backed up by continued strategic acquisitions and the EY ecosystem of world-class alliances. The investment will also include supporting EY people to hone new skills and advance efforts to positively impact communities.

    EY-Parthenon is the world’s fifth largest strategy consulting organization today in terms of revenue, with more than 6,500 professionals and 750 partners of EY member firms across the globe. EY-Parthenon recorded revenue growth of 19.6% in FY21, with EY-Parthenon teams supporting clients across the world to successfully transform their businesses. The consulting organization will continue to expand into key markets and build out its portfolio of strategy services and solutions.

    Recent strategy projects include working with the European Commission on its landmark Shift2Rail project and advising UK fashion retailer ASOS to identify opportunities to unlock value, making it more resilient and better-prepared for the future. In the US, EY professionals worked with Carrier, a supplier of hi-tech heating appliances, to provide strategic advice which led to supply chain improvements and the launch of a direct-to-consumer business.

    स्रोत : www.ey.com

    Strategy Study: The Ernst and Young Growth Study

    This Ernst and Young Strategy Study explores the growth story of how EY became one of the Big 4 accounting firms + the strategies it used to get there!

    All Studies / Financial Services

    The Ernst and Young Growth Study

    Ernst & Young is a multinational professional services firm that offers accounting, consulting, auditing, and risk management services to both public and private companies all around the world. Here’s the incredible story of EY…

    Written by Cascade Team

    April 21, 2022

    Table of contents

    Share this Strategy Study:

    Ernst & Young Global Limited, also known as EY, is a global professional services organization that provides audit, tax, business risk, technology consulting, and advisory services to companies worldwide.

    With headquarters in London, England, UK and operations spread across 150 countries, Ernst and Young is one of the Big Four accounting firms along with Deloitte, KPMG, and PricewaterhouseCoopers (PWC).

    In 2019, EY was recognized as the seventh-largest privately owned organization in the United States. The popularity and stature of the company can also be gauged from the fact that it has continuously been ranked on Fortune magazine's list of the 100 Best Companies to Work For for the past 21 years - longer than any other accounting firm.

    Its clients include some of the biggest names from the corporate world like Hewlett Packard, Lockheed Martin, Coca-Cola, Walmart, General Motors, Amazon, and Apple.

    Here are some recent statistics highlighting EY's status in the professional services industry:

    Revenue: 40 Billion USDPresence in over 150 countriesEmployees: 312,250 (as of 2021)Growth (as of FY 2021): 7.3%Planned investment of 10 billion USD over the next three years to support auditquality, transformation, technology, and peopleOn the way to impact 1 billion lives positively by 2030 through the EY Ripples corporate responsibility program

    Let's now take a detailed look at its origins and its phenomenal rise as one of the leading international professional services firms.

    How It All Began: Tracing The Roots of EY

    Ernst and Young is the result of the merger of two main firms that took place over a period of a century and a half. These two firms were founded by A.C Ernst and Arthur Young.

    The E in EY

    In 1903, the firm Ernst & Ernst was founded in Cleveland, Ohio, by American businessman Alwin C. Ernst and his brother, Theodore Ernst.

    Prior to starting this business, A.C Ernst worked for Cleveland Twist Drill, where he learned factory operations, systems, and management. He also had the experience of working for an Audit firm.

    Source

    A prominent business figure in Cleveland,  A.C Ernst possessed exemplary leadership skills, and his dedication to delivering value to his clients helped Ernst and Ernst to become a prominent name in the accounting profession.

    With a vision and determination to succeed, he set out to strengthen the foundation of his new firm. His other brother, however, did not share his vision and left the firm in 1906 to pursue a different path.

    Operating Philosophy

    The success of Ernst and Ernst had a lot to do with its founder's vision and ability to turn market conditions into opportunities for the company's growth.

    A.C Ernst introduced the revolutionary idea that existing accounting information can be used to make business decisions about the future and direction of companies. This valuable concept became the company’s operating mechanism. Through this, Ernst helped corporations to operate efficiently, navigate competition and achieve success.

    The firm was also quick to take advantage of the market conditions created by the passing of the "Income Tax Amendment" bill in 1913 in the United States. The bill resulted in a dramatic increase in the demand for tax services and accountants.

    Furthermore, when the US joined World War I in 1917, Ernst and Ernst was asked to organize the accounting of the Army's Ordinance Department. As a result, the company's annual revenue crossed $1 million that year (Approximately $22.5 million today after adjusting for inflation).

    Favorable circumstances created yet more opportunities for the firm. The company continued to grow, adding more partners, and within two years, it had offices in 16 US cities.

    Continuing with his innovative approach, A.C Ernst also added a new 'Business Development' department in the company's structure that aided in the development of the first sales and marketing department in the accounting profession.

    Arthur Young and Co.

    Around the same time, another firm, Arthur Young and Co., was gaining ground in the accounting world. Founded by Scottish accountant Arthur Young in 1906 in Chicago, the company began to flourish and developed its reputation as a reliable auditing firm.

    स्रोत : www.cascade.app

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