International Consulting Project

Audição (Dry run!)

“You go first, Satyaki,” said Grace and Eamonn. With my heart pumping in anticipation of the final presentation, suddenly, the old blazer that I had put on seemed way too tight.

Our client was a serial entrepreneur who was looking for suggestions on a new business channel for his big idea. Right from our introductory meet he had been extremely generous with time and information. I could not help but think how much more enriching an experience it would have been if the world were still ‘doing normal’: we would have been in Lisbon, sipping meia de leite while we exchanged ideas.

Working from our homes in these pandemic times has taken away a lot in terms of in-person experience. In return though, it has provided a window to metaphorically “stand and stare”, to quote William H. Davies. This is the first time since 2011 that I have been home for such a long period of time at a stretch.

We started our International Consulting Project on the Monday the 2nd of June. In a discussion around how to make the offering customer-centric, the perspectives that came from my team opened avenues of exploration from angles that I would not have approached from. This is purely down to the diverse cohort that the FT MBA class of 2020 is. I had a team of MBA students with backgrounds in medicine, music, operations, technology, and consulting having a crack (also craic!) at a flow design problem.

After three days of intense work and daily meetings with our stakeholders, we had come up with what we believed was the right way to design the product for the new channel. This was based on market research conducted through surveys, statistics from the market, and academic literature. The data provided by the client on usage in the existing channel also helped us formulate our solution and provide substance to our suggestions.

The highlight was the client agreeing to think on our recommendations and even implementing some of our proposals in the final product to be released in August.

The plan was ready. Three of us would present, then Peter, Sachin, and Sahil would take questions that came our way from the audience. All the effort that the team had put into the International Consulting Project was to be showcased within the next 15 minutes.

“You go first, Satyaki,” said Grace and Eamonn. My heart pumping…

—Satyaki Ganguly, Full-time MBA Class of 2020

Vroooooming in Lisbon…!

As the second semester came to an end, the fact that our MBA days are numbered, loomed above us. Time has come for one of the most critical aspect of our course – the Capstone project to commence, in which we are assigned in groups to consult both emerging and established companies in some of the real-time challenges that these organisations are facing presently. The first leg of the Capstone project was kicked off at the picturesque Lisbon, Portugal, one of the most beautiful cities of Europe. Fortunately, I had opted not to take the module in the week before the Capstone, therefore, I had arrived at this beautiful country a week before our project start date. I took a host of road-trips across the southern (Algarve) and the northern part of the country (Douro Valley, Porto, Braga etc.) before I joined my colleagues for a week in Lisbon. The entire team was put at up the very chic Sana Lisboa, which was close to the heart of the city and a walking distance to most of the major tourist trails.

Me and my team of consultants (Ha! – we were working there, I swear..) were assigned to help GoCars – Lisbon, arrive at a go-to market strategy for new and probable destinations to expand into. The project had to be delivered in a strict timeline, therefore, the first three days were all hard work to assist the company by all tangible means. We believed that we were quite enterprising in coming up with a rank-based algorithm to help the organisation decide on new destinations, based on certain quantifiable metrics weighed along with finer qualitative factors. The company head was very interested in our suggestions and so were our module coordinator. But, the best part of this entire routine was driving around the tourist trails of Lisbon, in business attires, in a funnily enough yellow-coloured, two-seater GPS-enabled vehicle. The company were kind enough to offer us free test drive of their product and we made sure that we enjoyed our ride to the fullest and also being the centre of attraction to tourists, while we vroomed past them in our loud motorised cars. All in all, a satisfied beginning to our Capstone endeavours. Now back to Dublin for the next round.

Arnab Roy (FT MBA ’19)

International Consulting Project in Lisbon!

As part of the MBA program at UCD we had the opportunity to travel to Lisbon, Portugal for a 3 day crash course in consulting. The intent behind this trip was twofold. First, it offered us exposure to a culture that most of us were not familiar with, and second we had the opportunity to work closely with our Capstone team. This trip took place right after our finals, so needless to say we were all excited for the opportunity to have some hands-on learning exposure in a country with sun and pastel de natas!

We arrived on Sunday, and our project kicked off on Monday. This was a great way to settle in and bond with classmates before the real work began. It was sunny and hot, and we went on a tour of the city, had a great Portuguese meal, and just explored. Lisbon is a beautiful place, and I feel fortunate that we had the opportunity to see it from both a tourists’ eye, and from a business perspective.

On Monday we met our assigned companies. We worked in our Capstone groups with local start ups who had real business problems that they were looking for support on. While it was a school project for us, for them it was something that they were working on for years, and they expected true value from our time. It offered us an opportunity to work closely with a Portuguese company and put our MBA learnings to use. They were generous with their time and attention, and even took us out to some lovely lunches throughout the week. We spent 3 full days at the company speaking to employees while simultaneously researching and developing our proposed solution.

In the end we presented our solution to their leadership team, and they were grateful for our insights. It seemed to go very well for both sides. For them it was an opportunity to have a fresh set of eyes on a long-term problem, and for us we were able to get real world consulting experience on an issue that we could likely face in our future careers. It was a genuinely good feeling to get recognition from a company who was so enthusiastic about the work they were doing.

Once our ideas had been pitched we were able to fully relax. The program was set up so that we could book end our consulting project with some exploring and cohort bonding, and we definitely took advantage of that. We had a group dinner, a night on the town, and explored the top sites. All in all it was both a challenging and fun experience!

Alex Brown, FT MBA 2018-2019

As We Grow … as a Team

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

We (Lorcan, Louis, Niall & Peter) teamed up with As We Grow, an indigenous design company specialising in the design of children’s (and, as we later found out, women’s) clothing – a sector none of us had any experience in. We were originally tasked with the rather broad scope of re-designing their business plan and growing their international online sales to ISK 100 million within 3 years. (To date, their sales streams had been heavily focused on wholesale and distribution.)

We soon realised that they had more basic and fundamental problems to address and reasoned that the main issues we could assist with were:

optimisation of their online presence
clarification of their differentiating factor
selection of new markets to target

After further discussions with the company, we agreed that selecting new markets to target wasn’t a priority so we dropped this point of business from the project but agreed to prioritise the whole area of brand awareness instead.

We soon learned that what customers like about As We Grow was:

The simplicity of the garments
Classic designs
The concept of its production
That they are made in Iceland

We provided the client with a presentation comprising real, practical recommendations that we felt addressed:

Development and improvement of their digital sales strategy
Optimisation of their branding
Optimisation of their website
Correction of some operational issues
Improved communication of their story

One of our key learnings was that relevant industry experience or knowledge can be very valuable. One of us had two contacts operating in this industry and we set up relevant communication channels. While we may not have agreed with or used their advice verbatim, it expeditiously put us on the right path and saved us a considerable amount of time. It was also interesting that these two contacts had very differing views of the online arena, and our learning from this was that companies can have different views on the exact same market; it simply depends on their goals, priorities and, ultimately, company strategy.

Two rounds of study groups and learnings from our Global Virtual Team were great preparation for the team-working dynamic of the trip. For Year 2 of the MBA, we feel that our team-working skills are much improved by the experience and this will be a real benefit when dealing with more study groups and more GVTs over the remainder of the course.

All in all, we found the Iceland trip enjoyable, eye-opening and a great experience from start to finish. While it’s not untrue to say that Iceland is expensive, this is but a fleeting observation because the real value derived from this trip was the richness of the Icelandic culture, the beauty of its scenery, and the bonding of an MBA class – the class… of 2018.

Niall Gallagher, Executive MBA 2016-2018

Icelandic Perspectives

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

For the first time this year, the International Consulting Project was part of the MBA curriculum. For the for the full-time class, it was automatically included in the curriculum and an optional module for the first-year executive classes. This exciting addition to our busy year entailed a trip to Reykjavik to undertake a four-day consulting project for an Icelandic company.

Upon arrival, we stopped at the Blue Lagoon for a warm Icelandic welcome in the form of a swim in the scenic 37º Celsius lagoon. It was a great icebreaker and the ideal situation to have social interaction between the different cohorts on the trip.

We were divided into groups of four, each group assigned to a different company. Our group consulted for a high-tech fishing gear sales and manufacturing start-up, whose objective is to instigate and benefit from a paradigm shift in bottom trawl fishing. Our team was tasked to undertake analysis on the existing shrimp industry and provide them with a route to market strategy. The four days of consulting were intense and we were under immense pressure, but it turned out to be a very valuable learning experience.

Having the opportunity to work for four days in an Icelandic company and getting to know some of the local people gave us a unique perspective of the country, its people and how business is done there. This was further supplemented by an event hosted by the Reykjavik University’s MBA, whose programme manager gave us an introduction followed by two presentations by their alumni who are both entrepreneurs.

Our group was fortunate enough to finish early on the Thursday after our presentation, giving us enough time to rent a car and do the Golden Loop (a popular tourist route covering some of Iceland’s most iconic landmarks). This was truly a great experience, seeing the natural beauty of Iceland. We managed to stop at the Thingvellir National Park rift valley, Strokkur Geyser, Gullfoss waterfall and Kerið volcanic crater – and still make it back to Reykjavik in time for the group farewell dinner at the iconic Harpa building.

This quick afternoon trip only gave us a taste of the spectacular scenery Iceland has to offer, and I can completely understand why its tourism industry is booming. I will certainly go back to see more of this spectacular country, with the Northern Lights hopefully included in my next trip.

The International Consulting Project was a memorable, insightful and challenging experience. Looking back on the MBA programme, this was definitely one of the events that I will never forget. I also believe that it added tremendously to my MBA learning experience as I could apply various academic aspects learned during the year. It also provided me with a good idea of what it’s like to work as a consultant and was great preparation for our Capstone team.

Barnus Beyers – Full Time MBA 2017

Bringing It All Together

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

There is far more to an MBA experience than what you absorb in a classroom and it is learning from the experiences and skills of your peers where the MBA is most valuable. The consulting project in Iceland typified this. For our team Taramar, we worked closely with a small organic novel skincare company in Iceland looking to expand into new regions.

From start to finish the project lasted just three weeks which concluded with four days working on site with the client. Timelines were extremely tight and we knew we would have to hit the ground running if this project was to be a success. We spent two weeks prior to our trip researching market conditions, compiling data, liaising with the client on project scope and defining success criteria. Just like in the real world, no consulting project runs exactly smoothly and Team Taramar had to work through a number of trials and tribulations throughout our project. We quickly realised that defining scope and understanding exactly what a client desires is crucially important. We faced each challenge head on and a highlight for all of us was presenting our work at the end of the week to a delighted client.

As a team, we used the skills and knowledge we had acquired over the year to carry out a feasibility study. When we look back now, it is amazing the body of work that was accomplished in just four short days. But that is another characteristic of the MBA; each team gets more and more efficient as the year progresses. We assessed the market conditions, carried out a pricing study, drafted a marketing strategy, proposed a logistics solution to distribute in the new territory and used aspects of each MBA module we had completed.

Although putting all the arduous hours of study into practice at the end of the year was rewarding, looking back it is what we learned from each other that was a real highlight. Our team was comprised of a variety of backgrounds and experiences from e-commerce, sales and commercial strategy, accounting, pharmacy and chemistry. The combined experience of the group was invaluable when developing a solution for our client. For each member in our team it was a first foray into the consulting world, and it’s safe to say we loved it!

The trip to Iceland was definitely one of the highlights of the year for all who attended. There was a sense of camaraderie from start to finish which helped to enhance the overall experience for all involved.

The opportunity to engage with faculty and members of the Full Time and both classes of the Executive MBA was thoroughly rewarding. We have all made new connections which will no doubt be invaluable in our future careers.

Suffice to say our Icelandic experience will live long in our memories!

https://www.taramarbeauty.com/

John Cassidy, EMBA 2016-2018

… the sweetest thing?

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

“…And these are the team’s recommendations for market entry with your new product”. This was the end of what can only be described as a fantastic, informative whistle-stop journey into the world of management consulting working with ORF Genetics in Iceland. It was hard to believe just three days earlier the team sat down with the company’s Head of Market Development for our project briefing in ORF’s new state of the art offices that overlook the Reykjavík skyline and the blue Atlantic ocean beyond.

We were tasked with determining if a market exists for ORF’s new sweetener grown in a barley plant. It was a excellent opportunity to apply not only our first year of the Executive MBA’s classroom learning but also our own team’s diverse background experience to a real life scenario and business problem. We left with a sense of fulfillment and pride, confident our findings have the potential to add real value to the company.

Little did we know when we set out from Dublin airport what a wonderful experience we would have as a team but also as a wider group spending a week in Iceland working with businesses on real life commercial challenges. Not that it was all work and no play; we also managed to pack in visits to the tourist destinations of the Blue Lagoon and the famous Golden Circle which encompasses the gushing Strokkur geyser, the iconic Gullfoss waterfall and the wide open landscape of Thingvellir National Park. The visit was helped all the more by the nearly 24 hours of sunlight at this time of year at 66 degrees latitude.

The week also included an insightful visit to Reykjavík University to hear about how to do business in Iceland from two of their business school’s alumni, Thordis Loa Thorhallsdottir, CEO of Gray Lines Tour Iceland and Viggo Asgeirsson, Chief HR Office and Co-Founder of Meniga, one of Iceland’s top Fintech companies.

Our Iceland experience was topped off with a farewell dinner in the architecturally stunning Harpa Opera house looking out over the old harbour where all students and staff got to celebrate a successful week. We just missed out on the mountain top concert but maybe next time….

A big thank you to Professor Karan Sonpar, the faculty and MBA office for organising a wonderful trip.

Paul Donnelly, Séamus Harrington, Ciara Keane, Brendan Staunton, Paul Walsh – EMBA 2016-2018

Reykjavik “High Fliers”

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

Stu Garrett, Yasser Matloob, Gauav Bansal and I worked on consultancy project for Reyjkavik-based start-up, Karolina Fund. Having developed their own successful crowd-funding platform with an enviable funding success rate of 74%, Karolina identified the opportunity to turn its platform into a white label engine which could be licensed to other crowdfunding platforms, creating an additional revenue stream.

Coming from the traditional environments of hospitals, utilities, banking and finance the Karolina Fund project gave our team exposure to an industry in its infancy and an exciting start-up environment.

The original scope of the assignment was to undertake a review of the company’s product and target market. However, as our scoping progressed and our interactions with our client became more frequent, we began to understand that the real scope of our assignment was to give an external opinion on whether Karolina should seek additional investment to add AI capabilities to their engine. Our client believes this would unlock a significant number of potential new uses for the company’s crowd-funding engine and become its unique selling point.

We found ourselves drawing heavily on our competitive strategy module from Semester 1. It was not long before the familiar expressions of Porter’s Five Forces, multi-sided platforms and core competences were floating around the Reykjavik innovation hub. We drew from our human resource strategy module by identifying the core competences that existed in the business and how these skills and expertise could be leveraged to achieve the company’s vision and strategy.

We thoroughly enjoyed the discussions we had with our client where we could openly explore new ideas for his business in an open and direct manner. We were motivated by his passion and inspired by the company’s success to date. We debriefed each evening with faculty members who sometimes brought us back down to earth from our “blue sky thinking” perch by constructively challenging our ideas. This was an invaluable experience.

It would not have been an MBA study trip without networking opportunities. We got to share our experiences and challenges with over 50 members of the current MBA class, all happy to provide insights and ideas. More importantly, we got to experience networking in typical Icelandic fashion – in a circus tent with the Icelandic version of Eminem, trapeze artists descending from the apex and a special appearance by Pepper the Robot! Amidst the entertainment we met our company chairman and other members of the start-up community in Reykjavik.

Oonagh O’Grady, Executive MBA 2016-2018

The Sun Never Sets on the Icelandic Empire

In early summer 2017, the Full Time MBA class and first year EMBA class traveled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

We arrived at Reykjavik airport on a sunny Sunday in early June. After collecting our luggage, we were immediately taken by bus to the Blue Lagoon, the most visited geothermal spa in Iceland. It’s not an understatement to say that I was completely dumbfounded by its signature milky blue water, a pure nature’s wonder. After spending two hours in the mineral rich water, I felt so refreshed and ready for our consulting project the next day.

Unlike our previous study trip to Japan and Korea, which was more about experiencing business culture of the Far East, on the trip to Iceland we had the chance to apply what we learned during our MBA programme to help solve real business problems for local companies.

My group’s client was an herbal pharmaceutical company – a young startup whose products are aimed at treating some common diseases for women. It’s planning to enter the Danish market and wanted us to develop a go to market strategy which included a competitive analysis and a list of potential sales organisations with which to collaborate.

Our first working day in Iceland was ironically on a Bank Holiday, and as a result there were only five of us with another group in the innovation incubation centre. Walking through the empty hall, my attention was caught by a table filled with sample products, all of which were incubated in this centre. Among these, I was most impressed by some fish skin, which is used to make waterproof wallets and handbags. Iceland certainly knows how to make unique products from its natural resources!

In our meeting room, we were given a quick introduction by the Vice-President of Sales and Marketing – it was an informative presentation and we learned how they used a differentiation strategy to achieve price premium and healthy margins. Now with an understanding of the client’s requirement, we quickly got together and used Porter’s Five Forces framework to analyse industry competitiveness. Thanks to Smurfit’s strategy class, we quickly came up with an exhaustive analysis that covered every aspect of competitive landscape.

Over the following two days, we moved on to analyse the size of our client’s customer segment and realised that by catering only to female customers, our client would lose 50% of the Danish market. Further analysis led us to some unexpected conclusions, and on the final day our presentations and recommendations challenged their existing strategy.

On our final evening, we rented a car and drove around Iceland’s Golden Circle – a 300km route through many beautiful landmarks. As we returned to our hotel at midnight – with the sun still in the sky – we said goodbye to the land where the sun never sets.

Quang Huy Tang, Full Time MBA

A Crash Course in the Icelandic Fishing Industry

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

As part of the MBA capstone, the FTMBAs, joined by some of the Year 1 EMBAs, went to Iceland to complete a week-long consulting project with Icelandic companies. Our team worked with Skaginn 3x, a food processing equipment producer that focuses on the fishing industry. As an island country with a population of approximately 300,000, the fishing industry plays an important role in the Icelandic economy. The week in Iceland was for our team a crash course in the fishing industry, as we had limited collective exposure to it beforehand.

Our consulting project for Skaginn 3x focused on their Sub-Chilling^TM product, a technology that creates significant innovation in the fish processing industry. This product brings sustainability and environmental benefits to fish processors, and we were asked to develop a recommendation for how Skaginn 3x could leverage those benefits to help customers gain access to government funds or grants that would make the technology more affordable for them.

In order to complete this project, we applied frameworks that we learned in competitive strategy, we conducted interviews with industry experts in Iceland and in Ireland, and we did an extensive amount of research during the three days we had to prepare our presentation. On the final day, we presented our findings, along with an action plan for how Skaginn 3x could further develop our research.

As an added bonus – our company was based in the beautiful Ocean Cluster House – a marine innovation centre located by the harbour in Reykjavik. This building was filled with a number of companies that worked in the marine or fishing industries, and offered beautiful views.

After making our presentation on our last day in Iceland, our team rented a car and headed out to see the Golden Circle. We got to see a geyser, a waterfall and eat some delicious ice cream, while running into other MBA teams at every stop! As we took in the beautiful views, we were able to share our experiences and talk about our projects with our classmates, bringing the Iceland trip to a wonderful close!

Laura Shumaker, FTMBA