Professional Services organizations must continuously assess their strategies in order to remain credible and grow with the ever-evolving market dynamics, technologies, and competitive landscape. Professional services leaders must learn how to utilize existing talent when recruiting top consultants while also being able to access and leverage new cloud technologies and analytics for improved market position.
Businesses that take the initiative can reap enormous rewards.
Marketresearch.com reports that the Professional Services market grew at an annualized rate of 2.8% between 2015-2020, forecast to reach 7.03% by 2025. This means the market will increase from $5028.98 in 2015 to $7063.92 by then.
High inflation and the likelihood of a recession in 2023 are causes for concern, but professional service businesses still have the chance to cut costs and prepare for the next growth cycle.
Professional Service firms can leverage digital transformation solutions to optimize efficiency and cut costs. You don't need a costly overhaul - all that is necessary is the right tools, such as CRM and ERP solutions specifically tailored for professional services firms.
Stay ahead of your customers' expectations and surpass your competitors.
Technology advances are partly to blame for raising customer expectations. Stakeholders have become accustomed to being able to access information anywhere they go and now expect this convenience to extend to their projects, too - meaning they can instantly view project info without having to contact your company for updates.
Customers demand more autonomy and accountability from their service providers. They also expect faster delivery, transparency, accountability, better quality work, and enhanced transparency - not to mention an improved customer experience.
The solution is straightforward: review the customer journey and identify areas for improvement. Utilize advanced technology to assess risks and make informed decisions, providing real-time project metrics and dashboards, along with adaptable billing models. A great customer experience should include these features for all projects.
Manage complex projects effectively.
Professional services are on the rise and expanding rapidly.
Growth brings with it increased complexity. Projects may be located overseas or involve multiple subcontractors and partners, yet delivering a project is never the challenge. It's not about completing tasks faster or better within tight financial budgets - customers' needs and expectations must always be fulfilled.
However, the more complex a project is, the harder it may be for you to plan ahead. You may not have enough resources available when needed, and this could put your budget at risk if changes need to be made or more resources are requested later in the business process.
Gain better insight into your upcoming projects by combining all aspects of your business. From expected costs and resource requirements to schedules and risks to revenue and expenses - you'll gain full visibility into all areas of operations. Combining them allows for seamless collaboration across departments.
Maximize your project portfolio and gain the insight you need to plan for future demand.
Firms providing professional services must balance their time between current projects and long-term planning. As projects become increasingly complex, project scope may shift due to customer budget changes.
Your business could suffer if you don't prepare for periods of high demand or downtime. One department might be at capacity, while another doesn't have enough work. This can have an adverse effect on project timelines and productivity levels as well as team morale.
Having real-time intelligence can give you insight into the decisions that need to be made. A professional services transformation solution that integrates key parts of your project management company can enable better forecasts about workload. AI-driven recommendations may even suggest ways to adapt.
Professional services firms should avoid making mistakes.
Business mistakes can have long-term repercussions, even when they have the necessary processes and tools in place. Unfortunately, many of these errors occur when there is no strategic direction within the firm.
Harvard Business Review highlights one of the greatest mistakes Professional Services businesses make during challenging economic periods: they pursue clients whose needs don't align with their core interests or business strategy. This shortsightedness can cause a weakened market position for the business.
A business must have synergy between its target clients, internal capabilities, and strategy to be successful. You can build long-term growth potential if your consultants offer specialized services to clients. This approach will reduce costs while giving more value to clients; they may even continue working with you or refer new business opportunities through referrals.
Final thoughts
It can be intimidating to consider embarking on a digital transformation journey and using new digital technologies, but it is necessary for companies to stay competitive in today's globalized environment. Professional services industries have an opportunity to reevaluate their work practices and push themselves toward greater agility.
These improvements will enable them to attain project management excellence and boost client satisfaction.
Are you seeking ways to increase your professional services business agility? Connect with us and take a step toward making your enterprise more agile!
Koustubh Bhattacharya
Koustubh has more than 14 years of diverse experience ranging in Management, Non-Profit, IT Administration, PR and Communications. Author of a bestseller book on digital marketing. He is joined Advaiya as Consultant – Sales & Marketing recently. He did his Electrical Engineering from Rajasthan University in 2007. He has a PGDM in Communications Management and Entrepreneurship from MICA (Mudra Institute of Communications Ahmedabad) in 2011. He received certification in Intellectual Property Valuations & Management from GTU in 2016.
Posted by Advaiya
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