We help companies realize their most ambitious projects and build new possibilities. International practices and methodologies are seasoned with local expertise. The team's core consists of highly experienced consultants who generously share knowledge with carefully selected young colleagues. Egzakta Advisory may have one of the most complete teams today. We are building the company patiently and thoroughly, regardless of being the fastest-growing consulting company in Southeast Europe. Thanks to our unique approach, we can boast projects and revenues in management consulting that stand shoulder-to-shoulder with the largest companies in the world.
Mr Marković, can you please describe your career path leading up to the founding of Egzakta Advisory consulting company?
My first encounter with consulting was entirely accidental because, three years after graduating from college and working in a construction and real estate investment company, I became the Director of Development at 28. Seeking additional knowledge, I attended a book promotion event by one of the most influential consultants. At the end of the session, I asked the author a few questions, and that's when my career took a turn. After the promotion, the author approached me, asked me about my profession, and, out of the blue, offered me a job at one of the top 10 consulting firms in the world – A.T. Kearney. That's how my career as a consultant began. Over the next few years, I worked on dozens of projects in various industries, from banking and finance to telecommunications, FMCG companies, and manufacturing, in different functional areas such as strategy, operations, sales, procurement, IT, logistics, planning, etc.
I worked on projects in different countries in the region and Europe, which, of course, involved a lot of travel and little time for family, so in 2010, I accepted an offer from one of the largest banks in Serbia to join their executive board, where I was responsible for operations (COO). This brought me a completely new experience because I transitioned from the role of advising and "drawing" how things should be done to the role of someone who had to implement them. It was a great experience from which I learned much about management in its basic definition. After five years, I received an offer from one of the largest telecommunications operators in the region and became part of their team, also in the position of COO. During three years, I managed to set up an organization of around 1,000 people and organized operational activities, resulting in significant company growth. However, my love for consulting prevailed, and my long-standing desire to establish a trustworthy management consulting firm in Serbia won. And that's how we started. Two years ago, there were three of us and today, our team consists of 20 management consultants, a number that only the largest consulting firms in our region can boast.
How would you introduce your consulting company to our readers and potential clients?
International practices and methodologies are seasoned with local expertise. The team's core consists of highly experienced consultants who generously share knowledge with carefully selected young colleagues. Egzakta Advisory may have one of the most complete teams today. We are building the company patiently and thoroughly, regardless of being the fastest-growing consulting company in Southeast Europe. Thanks to our unique approach, we can boast projects and revenues in management consulting that stand shoulder-to-shoulder with the largest companies in the world. This is because clients recognize that by working with us, they receive a service of quality no different from the "big" firms, along with our advantage of a deep understanding of the local market, culture, relationships, ecosystem, etc. We view each client as a partner and dedicate equal attention to "big" and small clients. We don't have predefined projects; we don't have models; each client is unique, and everything is customized from scratch. In support of this approach, clients often include a "satisfaction fee" in the contracts, meaning that a portion of the fee is paid only if the client is satisfied. I'm proud to say that to this day, we haven't had a single client who didn't pay us a satisfaction fee.
How do you help companies realize their most ambitious projects and build new possibilities?
In short, with knowledge, dedication, and mathematics. Although it may not appear so, consulting is an exact discipline. Projects follow a relatively simple structure: hypothesis - research - data analysis - findings - conclusions - recommendations. This means that every client receives recommendations from us on what they need to do to achieve the goal the hypothesis defines. Even when we work on strategy projects, our recommendations always include an implementation plan with precisely defined activities that need to be carried out. Some clients we assist in implementing, while others implement the measures themselves. We are always there to support our clients to achieve the final results.
Now, give us some predictions. Is this the end of the world as we know it? Has this crisis brought the global economy into a new "ice age," or will we recover and quickly resume where we left off in early 2020?
During the first wave of the pandemic, back in March, we analyzed the impact of the coronavirus on the economy and provided our insights. We developed four scenarios: Base, Positive, Dark, and what we then called a potential new base scenario, depending on whether the virus would return in the fall or not. Unfortunately, it did return. According to this scenario, although most countries had to implement restrictive measures, managing the crisis was easier due to the experience from the spring. The further assumption is that the virus will be under control by April next year, after which society and the economy will recover. In this case, economic recovery would be a "W," with most economies returning to pre-crisis levels by the third quarter of 2021. Of course, it remains to be seen whether the pandemic and thus the crisis, will be controlled by summer.
A return to the way things were will never happen. Changes in work practices, especially in manufacturing and supply chains, the new geopolitical situation, and the regression of some industries by up to 30 years are, unfortunately, the new reality as it is known today. The forecasts are not optimistic, but it's encouraging that we have a stable banking sector and increased activity from private equity funds. This means the foundation for the "economic comeback" exists, but capital will be distributed somewhat differently. Like everything in life, this situation will have its winners and losers.
In your opinion, when and how will we fully recover? How aware are Serbian companies that the crisis will hit them hard, and are they prepared to react?
According to research conducted by AmCham in the middle of the year, domestic companies are very aware of their situation and anticipate business challenges. The biggest challenge currently facing them is organizing work and managing people. Indeed, the reduced ability to travel affects many companies, especially those in tourism and other industries connected to foreign partners and customers, such as logistics and distribution, ICT, healthcare, and pharmaceuticals. In contrast, field sales are particularly affected by limited travel options. Recovery should not be expected quickly, especially for the hardest-hit industries, but companies can navigate this crisis with good preparation, reorganization, and cost-saving measures. Survival will be very difficult for some.
How can companies prepare for the upcoming challenges? How can Egzakta Advisory, as an experienced and pragmatic partner with an understanding of the local market, help solve these problems?
As I mentioned earlier, Egzakta Advisory's work is based on methodologies and mathematics. In this case, through detailed analysis and preparation of activities, we advise companies to predict scenarios and be prepared to react, ensure the stability of financial liquidity, transition to digital channels, and prepare for a new beginning. It is also crucial to ensure effective communication and capitalize on the opportunities presented by the crisis.
One of the experts' many pieces of advice is transitioning to digital channels. How can Egzakta assist companies in complete digitalization implementation from a strategic and operational perspective?
Digitalization is at the core of all our projects. When it comes to digitalization, the first things that typically come to mind are the web, social media, mobile phones, etc. However, digitalization is perhaps even more crucial in internal company processes and work methods. The efficiency of business processes today depends on digitalizing those processes. Our approach to digitalization always starts with what we call a digital diagnostic of the current state, where we assess the company's level of digital development internally and externally. Then, using our knowledge, insights into global trends, and case studies, we work with clients to define their digital strategy, from which an action plan emerges as a set of projects to kickstart digital transformation. At Egzakta, we believe that digital is no longer an option but a requirement for every company because outdated "analogue" business models are simply insufficient for successful operation.
This crisis will eventually come to a halt. How can we prepare for a new beginning?
It will certainly stop, and the day after tomorrow will come. It is essential to be prepared to best use the available growth opportunities. Yes, growth, because after every decline, there is growth. Regardless of when it will happen, we should be ready. We advise our clients to include a detailed recovery plan in their strategy for responding to the crisis, covering a range of imperatives, including marketing and re-engaging customers, restarting operations, adjusting capacities, employee communication, and restarting the entire system. I believe that crises should always be seen as opportunities. Although business results will likely suffer over the next few quarters, numerous opportunities will arise.
What sets Egzakta apart from other consulting companies, and are you the ideal partner for every company, whether small or large?
The renowned consultant, professor, and management guru Peter Drucker said, "Culture eats strategy for breakfast." He referred, of course, to corporate culture. Therefore, from the beginning, Egzakta has invested heavily in its culture and a clearly defined strategy to be among the top three management consulting companies in the region (which we are not far from achieving). We highly value the atmosphere, mutual support, learning, mentorship, respect for diversity, privacy, and free time. We believe that people are our only resource, and we have set our corporate culture accordingly. Everything that we advise our clients, we practice in our own company.
Another aspect is that we always approach each client with a "made-to-measure" approach. Every client is unique and has their specificities, and each solution is customized to fit that specific client.
Egzakta Advisory is a unique and modern consulting company focused on strategy, technology, and business operations transformation. Who makes up your company's team?
Egzakta is a team of professionals where each member has their value and role, but the true value comes from a group that shares common values and culture. The company's core consists of three partners, each responsible for a specific business area in the three main zones of responsibility: management consulting, financial consulting, and business development. I don't have enough space here to mention every team member, but I would like to point out that each is a crucial component of our machinery. We are very careful in selecting our employees, so in addition to knowledge and a desire for learning, we look for creativity, an entrepreneurial spirit, and collegiality as qualities in our consultants.
Finally, what piece of advice would you give to companies for the next year?
I have given enough "food for thought" in my previous answers. I would simply conclude with a quote from one of my favourite songs: "Get out and fight; in this town, there's no room for one of us." Of course, I'm referring to the crisis, not competition, although...
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