In the first of this three-part series, Part One: The Future of Professional Services, the focus was on facing challenges and reducing fear, so your organization can move forward at the pace of change.
As we look at where businesses are today and how the pace of change is accelerating, technology is and will continue to enable faster and more flexible delivery of services to clients. Clients, after all, are evolving just as quickly.
More than one-third of professional services firms currently expect that 75% or more of their revenue will come from digital within 3 years.
2025 is not too far away. Those that adapt quickly will benefit. Those that continue to hold onto aged ways of functioning will give up in the face of defeat.
The differentiating factors that will elevate today’s adopters.
Ubiquitous connectivity. Virtual reality. Augmented reality. Artificial intelligence. The terms we once thought were exclusive to science fiction are now a part of our physical, everyday experiences. And that includes how we work.
With the era of digitization for professional services upon us, professional services firms including legal need technology strategies to stay ahead of the competition. Technology solutions must be easily integrated with or replace existing systems for improved business management.
How can law firms better enable themselves for the future?
By investing in technology (human capital and data are just as integral to success), organizations will be better positioned to implement innovative solutions and deliver measurable outcomes quicker and more efficiently. They must deliver a robust, scalable solution that can manage all aspects of an organization’s operations. By providing a transparent, single source of information about the business, you can focus more on delivering value to your clients.
Easier said than done as this will be an intricate undertaking. So, what’s crucial? Consider that:
- Any transformative endeavor needs to be unified across all business functions.
- Data-driven decision-making should be a priority as it will bring many benefits to the business and influence and inform.
- Planning is paramount to success and requires understanding past performance and the current state to effectively plan for the future.
- Talent optimization should detail what’s required for aligning your business strategy and your talent strategy, so you can achieve much sought-after business results.
- Applying a human-centric-first mindset and approach ensures value creation for businesses and their clients.
Organizations that are perceptive and understand their people’s needs will be better prepared to foreshadow and respond to market changes. Being committed to building resilience and being able to glean meaningful insights from their data will help them go even further. They will be positioned to design innovative solutions and deliver measurable outcomes faster and more efficiently than the competition.
By making the most progress, organizations well on their digital transformation journey are better positioned to find more creative and cost-efficient ways to serve their clients, especially in response to disruption. In a recent survey, PwC found that more than half (56%) of CFOs say that the tech investments they made during the pandemic will leave their company better off in the long run, and 73% said the same about new ways of working.
Future-proofing your professional-services business against the next wave of economic disruption starts now. And by making the right investments in your people, processes, and technology today, adopting technology platforms that unify your business will allow your professional firm to reach the bar that clients are setting today. With the right digital capabilities specific to your needs, your organization is ready to remain competitive in an uncertain future.
Part Three will look at the benefits of change, especially the elements that unify an organization.