New Digital Strategies for the Professional Services Industry
(3 minute read)
The current business climate has been especially challenging for the professional services industry. As with other industries, professional services companies have been taking steps to adjust and make sure their businesses survive. At the same time, their clients are asking for help to address their own challenges during the pandemic. That’s a lot to deal with.
Fortunately, professional services companies were well positioned to step up to these challenges. The very nature of the industry provided the ability to adapt swiftly and continue supporting clients with effective collaboration and remote service delivery. Firms that were further along the path to digitization and diversification of services fared even better, with the ability to adapt more quickly and easily.
Even so, professional services companies still have work to do in order to succeed in the ‘new normal.’
In this article, we’ll explore some of the challenges and opportunities for professional services businesses.
Challenges and Opportunities in the ‘New Normal’
Although most businesses had some type of digital transformation initiative in place before the pandemic, many found themselves unprepared to deal with rapid change. This fact became glaringly obvious in the current environment, shining a harsh light on processes and technology that need to be improved.
To thrive in this new environment, professional services companies will need to address the following:
- Rethink business models, delivery tools and platforms: Many professional services companies rely on organically grown legacy systems to keep the business running smoothly. The current crisis presents an opportunity to rethink business models and implement updated technology that provides better access to information and support for these new business models.
- Safeguard financial performance: It will be critical to build an integrated business environment that supports team collaboration, acts as the ‘single source of truth,’ and provides a real-time view into cash flow and risk exposure. Professional services businesses will also need to consider incorporating digital services in a recurring ‘as-a-service’ revenue model to ensure a stable revenue stream.
- Manage customer engagement: Some professional services organizations are facing dampened sales due to clients putting projects on hold. They will need the ability to truly understand the sentiments and needs of clients in order to develop effective strategies to address demand uncertainty.
- Increase workforce elasticity, engagement and enablement: Since access to a skilled workforce with high-value expertise is the lifeblood of any professional services organization, having the ability to recruit and retain talent will be critical in the ‘new normal.’
The Path to a New Digital Strategy
The path forward for professional services companies will require investment in digital technologies. However, the traditional approach of taking on large-scale digitization projects no longer makes sense. Professional services organizations will need a new approach that will make transformation efforts fast, flexible and forgiving.
This new approach is Digital Transformation as a Service (DTaaS). No matter what your business opportunities may be, NTT DATA Business Solutions has an approach that allows your business to capitalize on new opportunities without a massive capital investment, and with the ability to pivot and refocus as business conditions evolve.
- A dynamic technology roadmap to plot your course
- A flexible delivery model so you can pivot, as needed
- Subscription pricing – simple, easy, affordable
This new approach can help you break down barriers so your business can continue to grow – even in these uncertain times.
For more information about how your business can rethink its digital strategies, I encourage you to download our e-book, Rethinking Digital Transformation for the Professional Services Industry.