Five weeks into her role as CFO of Catalant, Christina Spade is helping guide a company that she believes is positioned for a different era of consulting.
Catalant was founded out of Harvard Business School in 2013 and began as an independent consultant matchmaking company, Spade tells us. Today, she describes the firm as a “Consulting 2.0” business built around agile, fit-for-purpose consulting designed to help organizations solve problems and create value more quickly.
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The company’s evolution mirrors broader changes in the consulting industry. Independent consultants were often viewed skeptically a decade ago, Spade tells us. But as organizations sought greater efficiency during and after COVID, many finance leaders began looking for more flexible ways to access expertise.
That shift helped Catalant move beyond matching individual consultants with projects. The company now works with Fortune 500 organizations, assembling teams of experts tailored to specific business challenges, Spade tells us. Technology and AI play an increasingly important role, helping match consultants to projects and supporting consultants as they execute client work.
Spade’s strategic mindset is reflected in one of her favorite quotes from golfer Sam Snead: “Only play against par.” Rather than focusing primarily on competitors, she believes organizations should concentrate on the business problems they are uniquely positioned to solve.
That same philosophy informs her view of consulting economics. While billable hours remain important, Spade tells us that clients increasingly prefer outcome-based engagements. Success, she argues, should be measured by whether a project achieves its intended objectives, whether that means improving efficiency, strengthening customer understanding, or developing an executable AI strategy.
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CFOTL: We know you only arrived recently, but can you give us an abbreviated history of how the firm evolved to this point?
Spade: One interesting thing about independent consulting is that it only recently gained the respect it deserves. Even ten years ago, independent consultants were often viewed as people who couldn’t keep a job at a consulting firm or who had simply decided to go out on their own. But by 2020, with COVID, rising interest rates, and CFOs sharpening their pencils to reduce costs, companies became much more interested in finding more efficient ways to access consulting expertise.
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As a result, independent consultants gained credibility, and Catalant evolved along with the market. What started as a platform matching one consultant to one project has become a business that works with Fortune 500 companies to assemble highly curated teams of experts aligned to specific business challenges. Catalant is no longer just about matchmaking. We have built powerful technology tools, and with the advent of AI, we are enhancing those tools to better match consultants with projects and support consultants in delivering strong outcomes. We serve as a collaborator that brings clients and experts together in a way that creates value quickly.
CFOTL: Are you competing against some of the large, established consulting firms today?
Spade: Yes, we are. One of my favorite quotes about competition comes from Sam Snead: “Only play against par.”
What I’ve learned throughout my career is that if you’re constantly focused on competitors, you’re not focused on the prize. You need to understand what competitors are doing, but the more important question is: What business problem are you trying to solve, and where can you create a true competitive advantage?
For Catalant, that means offering Consulting 2.0—fit-for-purpose consulting. The timing is right because traditional consulting firms are built around established relationships, long-term engagements, and significant revenue streams. At the same time, many companies today—especially high-growth organizations and businesses trying to determine their AI strategy—want answers much faster than a traditional nine-month consulting engagement can provide.
Our approach is different. We start by listening to the client. What are they trying to accomplish? What problem are they trying to solve? Then we quickly match them with the right talent and actively monitor project outcomes. If a consultant isn’t the right fit, we can make adjustments quickly.
I’ve worked with large consulting firms, boutique firms, and independent consultants throughout my career. One thing I’ve learned is that every consultant is not created equal. Success depends on having the right people on the project. Matching strong talent to the right challenge is both an art and a science, and it’s something Catalant has mastered through its technology platform and its increasing use of AI.
CFOTL: How do you think about measuring the value that independent consultants create? Is it still primarily based on billable hours?
Spade: More and more, clients want outcome-based projects. Billable hours are still part of the equation because they help establish the economics of a project, but they shouldn’t be the end goal.
Before joining Catalant, I ran my own value-creation advisory firm, and I adopted a very outcome-based approach. The stronger model is to align incentives around achieving specific client objectives. For example, a client may need help developing an AI strategy that improves efficiency and helps them better understand their customers. The project should be measured against those outcomes, not simply the number of hours spent.
The ideal structure aligns fees with results. If we achieve the agreed-upon goals, there’s a defined fee. If we fall short, we share in that outcome and work to make it right. If we exceed expectations—perhaps completing a project faster than expected or delivering greater value—there can be upside as well. The focus should be on creating measurable value, not simply tracking time.
Catalant | www.catalant.com | Boston
Catalant | www.catalant.com | Boston