Expertise, the primary offering of the Professional Services industry, has traditionally been provided by people. However, emerging technologies such as analytics, AI and deep learning are augmenting professionals’ ability to “do”, “think”, “learn” and “feel”. This can enhance the quality and volume of expertise, and lower the cost to serve.
Companies that can anticipate change, react faster than competitors, and
adapt their strategies and processes in light of disruptive events are able to stay ahead of the curve. Firms are becoming more responsive by adopting a flexible workforce, promoting an agile culture and investing in smart digital infrastructure to encourage productivity and creativity.
Platform Business Models
Digitalization offers Professional Services companies an opportunity to fundamentally transform how their business turns a profit. They can enhance their go-to-market strategy by creating digital and data-rich solutions, and spur innovation by collaborating within a system of partners.
Professional Services firms are evolving their offerings to keep pace with digitalization, building digital platforms to facilitate conversations with clients. New data is generating novel insights to solve specific client needs. Firms are partnering with clients to offer dynamic, subscription-based solutions rather than static spreadsheets. Major ways in which companies are transforming their client-facing business include:
Reimagining the employee experience to offer the right value proposition will be imperative for firms in the digital world. They will need to leverage new technologies or models to source talent, and maintain high engagement levels by ensuring that talent is appropriately trained and dynamically managed.
Employees can gain in numerous ways. Automation and smart infrastructure enhance their productivity, freeing up time for leisure activities or intellectual pursuits. Platforms provide employees with unprecedented access to new career avenues, both by enhancing their ability to showcase their skills and by making it easier for them to find suitable opportunities. This should maximize the chances of workers
achieving their true potential and finding meaningful work. Tools for collaboration and flexible business models give employees the option to work from anywhere – for example, by giving parents, especially mothers, a greater opportunity to participate in the workforce.