The sense of accomplishment that came with the rebranding and stock listing was tempered by the sense of loss in the wake of September 11. And from a business perspective, it became clear within a few weeks that the company had been fortunate to go public when it did. With so much uncertainty in the world concerning security and the outlook for the economy, it was unclear how long the company might have had to wait to raise permanent capital, and whether it would have been able to raise anywhere near the amount it did in July 2001.

A sharp falloff in business spending was felt especially in the information technology sector in the final months of 2001. While engagements already under way continued to move forward, new business trailed off and the company adopted the first of several rounds of belt-tightening. Business process outsourcing remained one of the strongest performers among Accenture’s businesses as corporate and governmental clients sought to cut their operating costs. Accenture not only had survived the previous four years of dramatic change, it had thrived, and remained in the forefront of the global consulting industry, even though the prospects for the industry were far from certain.

However, the company once again would find its values of superior client service, long-term commitment to personnel development and the willingness to embrace change tested over the next few years as it weathered one of the most severe economic downturns since the Great Depression of the 1930s. It would face the challenge of meeting the performance expectations placed on public companies to deliver short-term results while also investing for future growth. Accenture would prove more than capable of meeting those challenges in the years ahead, but it wouldn’t be easy.

As it has at crucial junctures for more than a half century, corporate as well as government clients sought Accenture’s help to transform their businesses, cut costs and boost efficiencies via outsourcing. By the end of fiscal 2004, even as the traditional consulting business was rebounding, revenues from outsourcing amounted to nearly 40 percent of total revenues. Accenture’s ability to evolve was underscored in 2004 when the company led a successful bid by the Smart Border Alliance to win the bidding for the U.S. Visitor and Immigrant Status Indicator Technology (US-VISIT) contract to create a “virtual” border for the United States.

Accenture comprised several distinct workforces—Consulting, Enterprise, Services and Solutions—with consultants representing less than half of total personnel. And it was a much more diverse workforce in every sense of the word. Green and his leadership team also took charge of a company that continued to build on its original guiding values. A focus on client service coupled with a commitment to do the right thing for employees has consistently guided decision making at Accenture. Combined with the willingness to take risks and the can-do mind-set that is the key ingredient in Accenture’s “special sauce”, these values placed Accenture at the forefront of the global consulting and outsourcing industry of the 21st Century.