The Future of Professional Services Firms
Published on 26 Apr 2023
Faster, more versatile service delivery is now possible because of technological advancements, which have led to rising customer expectations. One-third of businesses anticipate generating 75% or more of their income from digital sources during the next three years.
The increase since 2019 is thrice. By 2025, businesses that refuse to abandon their antiquated practices will almost certainly be left in the dust. Only the most flexible will make it through this.
What Will Separate The Victorious?
Companies that pay attention to their employees' wants and requirements, work hard to strengthen their resilience, and mine their data for useful insights will be better equipped to predict and adapt to market changes. They will be better positioned to develop novel ideas and provide demonstrable results than rivals.
Demand from customers is certain to grow. Professional and Business Services Go To Market leader at Workday Patrice Cappello expresses it without hesitation. More and more businesses are trying to streamline their network of service providers. Therefore, businesses must become innovative to satisfy their consumers' needs.
Companies that have advanced the most in their digital acceleration journey are in the best position to respond to disruption by developing novel and efficient methods of serving their consumers. More than half of CFOs (56%) and CIOs (73%), respectively, in a recent PwC poll, stated that the IT investments they made during the pandemic would leave their organization better off in the long term.
Technology, information, and approaches to working together are more than simply tools.
"It's fundamental to your ability to compete in the marketplace," says Dan Priest, a partner at PwC.
The Next Wave of Disruption
By investing in their people, processes, and technology, professional services organizations can now prepare for the next wave of disruption. The first step is to see digital transformation as a whole. Firms may meet the standard that customers are setting today by adopting technology platforms that unite the organization and developing the digital skills that will enable them to compete in the future.
Priest explains that "this wave of digitization" is in high demand across the board in the professional services sector. If you prove yourself worthy, a corporation will only trust you with its digital transformation. Your competitive edge must be both acute and profound.
Unification in transformation is essential.
Executives are aware of the requirement for accelerated organizational performance. And businesses that have agile skills, such as easy access to data and cross-departmental cooperation, will be better able to handle the lightning-fast pace of future operations. According to a Workday poll of CEOs, one-third of business heads think faster digital development is the factor that will have the greatest impact on their ability to weather a crisis.
How Can Companies Prepare?
Cappello notes that companies that allowed employees to work remotely and still thrived in 2020 did so because they had experienced significant change.
However, to achieve widespread digital acceleration, companies must overcome internal silos. Leaders used to focus on value creation via a functional perspective, with each department laying its groundwork. Today's successful professional services businesses understand the importance of considering their customers' wants and requirements throughout the value chain.
This comprehensive method necessitates that department heads think like CEOs, prioritizing the business's long-term goals in every decision they make. One aspect of this is realizing the significance of back-end systems to the whole customer service experience.
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