One of the ways McKinsey is evolving to meet our clients’ needs is with our solutions – technologies and specialized teams that complement our traditional consulting work. And while the idea of McKinsey developing new technologies may be hard for many alums to imagine, these kinds of solutions are increasingly part of our client engagements, allowing us to deliver even greater impact. There is no better example of this than Wave – one of our oldest (and largest) solutions.
McKinsey designed Wave, a web-based software and services solution, to help companies facilitate large-scale transformation programs by tracking initiatives from the idea phase through to execution. Wave aggregates information across thousands of initiatives over multiyear projects, visualizes the content, and reports on what matters most to a business. Critically, Wave goes beyond the central PMO by enabling clients to drive and track change across all levels of an organization.
In one example of impact, a hospital in Manchester, England wanted to reduce the rate of pressure ulcers – one of the most chronic, vexing problems in patient care – and one that often results in extended stays. Hospital administrators asked nurses to identify the most effective treatment methods and to record how often they rotated and checked on patients. Using Wave, nurses tracked a set of initiatives that focused on preventing ulcers in the first place—and were able to establish best practices for improving overall care.
In another example, a gas utility in northern California wanted to improve its stations and pipelines to better meet regulatory standards and find new ways to deliver service at a lower cost. Electrical engineers first codified design changes in Wave and then transferred them into physical drawings, which more than 3,000 workers used in the construction process.
Wave’s applications are virtually unlimited; clients in industries as diverse as mining, government, retail, the food and beverage industry, and airplane manufacturing all use it. “Wave gives you the 21st-century tools to manage enterprise programs. It’s all about agility, collaboration, transparency, and helping people be more efficient,” said Michel Morenville, a Wave Senior Solution Leader.
Meanwhile, at the UK hospital, “Wave has helped nurses track how much time they spend on administrative tasks versus patient interaction so we can prioritize and improve care; administrators find ways to improve productivity by reducing paperwork or streamlining the choice of medical devices,” said a hospital representative. “Wave makes it easy to follow through on initiatives and see the impact of our efforts.
Like the rest of the Firm, our Solutions are always evolving. Recently, McKinsey announced the rollout of an updated version—Wave 2—which was redesigned from scratch, based on user feedback, to be faster, more intuitive and more collaborative. “Wave 2 saves users time so they can focus on what matters most in their programs,” said Gregory Schor, the McKinsey partner who oversees the Wave solution. “We also created a continuous feedback loop, which enables us to fully focus on our clients’ needs.”
The engineers behind Wave 2 had to build the software from the ground up the same way it functions—agile and fast. “We engage with a number of our top clients weekly for feedback on the latest features and product road map, and we hear their ideas,” said Rory Walsh, Wave’s director of engineering, who was responsible for Wave 2’s implementation.
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We hope you have enjoyed this tour of Wave, and the Firm members behind it. If you’d like to read more about some of the Firm’s new capabilities, please explore the resources below.