The 7 professional services trends to follow
Professional services organizations (PSOs) in 2020 face an uncertain future. Despite year on year growth until now, 2020 has thrown up challenges no one could have seen coming.
Many have already begun confronting the challenges of remote working and legacy systems. But what other challenges lay on the horizon, and how will PSOs overcome them?
Greater competition for professional services
Confronted with the possibility of recessions, customers are more afraid to invest, and in disrupted markets like these, PSOs having to fight harder than ever before to survive.
This climate will ultimately lead to a more consolidated market, as larger and more prepared organizations swallow up many smaller organizations struggling to find a way through the current crisis. Although this brings with it many opportunities, PSOs will need to be careful and find new ways to stand out from the competition in this more consolidated and homogenized market.
New ways of working and delivering services
These challenges are compounded by the dynamic landscape PSOs are now working in. Shifting customer expectations and technological advances are transforming how people consume the services that professional service organizations provide. In turn, this is creating a need for new working models that can adapt to these shifts in the market.
Also, the rise of the 'Everything as a Service' economy has only accelerated this need for many PSOs to reassess the services they offer and how they offer them. Traditional service delivery models are under siege, and how people digest expertise is no longer only in person. Digitization of many services if no longer a case of if, but when. As tomorrow's PSO industry will use more channels than ever before, and customers will expect more from them.
To deliver on this expectation will require an investment in new technology, greater personalization, and a need for an increased presence on more fronts than ever before to cover the 24/7, anywhere, anytime customer demands.
Need for talent
To deliver all this, tomorrow's PSOs will have to rely on their people more than ever before. Meaning attracting and developing talent is set to become a critical factor in successful PSO planning.
To do this, PSOs will have to begin focusing on their employer brand and ensuring they lead the way in employee satisfaction while also increasing billable staff utilization and growing revenue from every employee, consultant, and project.
But having the right talent and using them are two different things, and this is where technology will play an essential role.
More capable tech
The key to PSO technology in the future is how much freedom it offers its people.
The good news is despite all these challenges, many modern Enterprise Resource Planning (ERP) and Human Capital Management (HCM) tech are going above and beyond expectations. Able to handle any challenge a modern PSO can throw at them.
Many now offer everything from digital assistants to intelligent automations that free your people from low-value manual tasks. This will become increasingly important when considering research from Constellation that says more 70% of all back-office processes could be automated.
What all this tech will deliver is a boost to productivity and capability. Productivity will increase as people will no longer be buried under admin or wasting their time duplicating work for numerous systems and processes.
More importantly, if your people are freed from the pointless, they can focus on the meaningful. Spending more time doing the work that matters and delivering better experiences for your customers. All achieved by using tech that is up to the job, and processes and thinking that takes full advantage of this technology's innovations.