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After witnessing what he saw as inefficiencies when working for the United States Army Ordnance Department, James O. McKinsey took matters into his own hands. Launched in 1926, McKinsey’s aim was to offer advice on management and accounting tools.
Soon, the company expanded its portfolio to include all manner of management consultancy and talent services, including process redesign, automation, advanced analytics, business process outsourcing, and digital transformation.
Fast forward to the late 1950s, and McKinsey helped to structure the establishment of NASA as well as many other high-profile organisations. Around the same time, McKinsey opened its first international office in London, England. Within ten years, it would have a presence in eight countries across three continents.
Today, McKinsey & Company has a truly global reach, with office locations in 135 cities across 67 countries and more than 30,000 staff. It is also a long-standing member of the ‘Big 3’ consulting firms alongside Bain & Company and Boston Consulting Group.
The company’s continued success is driven by a commitment to innovate and break new ground. McKinsey & Company was among the first firms to employ female consultants, address climate change, air pollution, and other public health concerns, and embrace big data analytics, AI and machine learning.
In 2015, McKinsey & Company pooled over 2,000 of its consultants, developers, designers, IT architects, data engineers, agile coaches, and advanced analytics experts from around the world to launch Digital Labs. The first of its kind, the initiative helps clients create real and lasting value with the latest digital technologies.
This commitment to progress continues to this day. McKinsey spends over USD 200mn a year training its people and more than USD 600mn per year on capability building and knowledge development.
The company’s financial returns are a reflection of its achievements in supporting its clients around the world, with 2022 revenues of over USD 10bn.