A Fortune 500 company, Accenture was founded 31 years ago, in 1989. Accenture is a global management consulting and professional services firm that specializes in offering strategy, consulting, digital, technology and operations services to its customers.
There are 5 main business verticals in which Accenture business is divided:
- Accenture Strategy – This business vertical mainly deals with offering business strategy, technology strategy, and operations strategy services to its clients.
- Accenture Consulting – Technology, business, and management consulting fall under this vertical.
- Accenture Digital – Accenture Digital offers digital marketing, analytics, and mobility services
- Accenture Technology – This vertical focuses on Technology software, implementation, delivery, and research & development, including its Technology Labs for emerging technologies
- Accenture Operations – Accenture operations is an “as-a-service” model of service delivery, which includes business process outsourcing, IT services, cloud services, managed operations, and security.
Below are interesting data points about Accenture that separates it from its peers.
Basis the offerings that Accenture provides, there are a number of competitors that Accenture has in each of its business verticals.
Let’s check out the top few competitors of Accenture that are giving it a tough competition.
First, let’s list out the companies which are giving competition to Accenture in its strategy vertical.
McKinsey and Company
A name that needs no introduction – McKinsey and Company is an American consulting firm, which was founded in 1926 by James. O Mckinsey. McKinsey has a global presence with 127+ offices spread across the globe.
McKinsey and Company follows a flat hierarchy and mimics the structure of a partnership and employees are called “partners”.
Be it providing advice on an acquisition, developing a plan to restructure a sales force, creating a new business strategy or providing advice on downsizing, the company provides strategy and management consulting services on a wide range of business areas.
A company is as good as the service it provides and McKinsey & Company is at the top of its game, that’s why it charges approximately 25 percent more than other competing firms.
Boston Consulting Group
The second in the list of Accenture competitors is Boston Consulting Group or popularly known as BCG.
Boston Consulting Group (BCG) is a management consulting firm founded in 1963 and is one of the three most prestigious employers in management consulting.
Over the years, BCG has built a network of companies that complements its management consulting skillset:
INVERTO: An international management consultancy, is one of the leading specialists for strategic purchasing and supply chain management in Europe.
BCG Platinion: The company focuses on tech, architecture, implementation, and human-centered design side of digital transformations.
BCG Digital Ventures: BCG DV helps out companies with the research design and launch of new products and services.
BCG Gamma: To cater to the new age opportunities, BCG Gamma works in data science, analytics, and artificial intelligence field.
Bain and Company
Another major management consulting firm and the third-string of the Big Three is Bain and Company. The company is one of the world’s three largest consulting firms by revenue and provides advice to private, Public and NGO’s.
Private equity investments, mergers & acquisitions, corporate strategy, finance, operations, and market analysis are few areas that Bain and Company, provides its advisory services on.
FUN FACT: Bain & Company is so secretive in its functioning that it is sometimes referred to as the “KGB of Consulting.” Clients are given code names and employees are made to sign NDA’s to not disclose the name of their clients.
IBM – BIG BLUE
Shifting the focus from the consulting field to Technology Services. IBM is an American multinational information technology company that was established in 1911.
IBM operates in a diverse range of fields from computer hardware and software, cloud computing, cognitive computing, IoT, data and analytics, commerce, mobile, and security, etc.
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Another American multinational company that is a major competitor of Accenture is Oracle.
Various products and services that Oracle sells under its portfolio is selling database software and technology, cloud engineered systems, and enterprise software products.
Oracle also develops and builds ERP, SCM, HCM and CRM software for its various clients.
FUN FACT: Oracle was the second-largest software company by revenue and market capitalization in 2019.
The third IT services firm that is one of the major competitors of Accenture is Cognizant.
Just like Accenture, Cognizant, apart from providing IT services, offers digital, consulting and operation services.
Cognizant has three key practice areas that span its business — Digital Business, Digital Operations, and Digital Systems & Technology.
The company is organized into several horizontal and vertical business units, and each of these focuses on specific industries such as Banking & Financial Services, Insurance, Healthcare, Manufacturing, and Retail.
After laying too much emphasis on American companies, let’s call out some Indian IT services stalwarts that give intense competition to Accenture not only in India but outside India as well.
Founded in the year 1981, Infosys was established by N.R Narayan Murthy along with his 6 friends.
Infosys provides business consulting, information technology and outsourcing services to companies in finance, insurance, manufacturing, and other domains \
Some of the key products and services of Infosys are:
- Infosys Consulting
- Infosys Information Platform (IIP)
- EdgeVerve Systems
- Panaya Cloud Suite
TATA Consultancy Services
Tata Consultancy Services or TCS is an Indian multinational IT and consulting company and one of the main competitors of Accenture in India.
FUN FACT – TCS is the largest Indian company by market capitalization and is placed among the most valuable IT services brands worldwide.
TCS provides a wide range of information technology-related products and services and its services are organized into the below service lines:
- Application development and maintenance
- Asset leverage solutions
- Assurance services (7.70%);
- Business process outsourcing
- Engineering and Industrial services
- Enterprise solution; and
- IT infrastructure services (11.50%).
The last but not the least in the list of competitors of Accenture is Wipro. Another Indian multinational IT company, Wipro offers IT, consulting and business process services.
FUN FACT – Wipro is actually an acronym of “Western India Palm Refined Oil Limited”
Most people know Wipro predominantly as an IT company but very few people know that Wipro was initially set up as a manufacturer of vegetable and refined oils in Maharashtra. It was in 1970-80s that the company shifted its focus to growing new opportunities in the IT and computing industry.
This concludes the article covering the competitors of Accenture