[Video] Hear From The Experts: The Biggest Challenges Facing The Professional Services Today
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We recently interviewed 700 decision makers from Architecture, Engineering and Consultancy firms to gain more understanding about industry changes and trends and business opportunities and risks. As a result we identified exactly what’s keeping your peers up at night and what they are doing to keep their firms at the forefront of their industry.
Current challenges in the professional services industry include:
- 71% don’t get paid for all change requests
- 58% said their employees are being shuffled around projects
- 58% say they spend hundreds of hours on producing reports
- 57% believe their reports for important decisions come too late
- 53% say they don’t know if they need to hire or fire 3–4 months from now
Full Industry Report
Professional Services Trends Report 2018
Attendees at the Digital Leaders Forum discussed our research findings and what they see as the biggest challenges for professional services firms now and in the future. Here’s what they had to say:
Hear From The Experts
Neil Davidson, VP Enterprise, Deltek
"I think the biggest challenge for the professional services industry is getting the balance right between, firstly, operational efficiency - which never goes away. So, this involves ensuring project margins are under control, ensuring the business cash-flow is under control, and ensuring you’ve got that 360-degree view of your upcoming works - so that you can bring the right talent into the business.
And secondly, combining this operational efficiency with the right focus on the unique value proposition of your professional services firm, how that needs to evolve, and what are some of the commercial models that need to change to really respond to client needs in the digital age."
Ben Grinnell, MD & Global Head Of Digital, North Highland
"I think the biggest challenge for firms is keeping themselves current, because the pace of technology is moving very fast. All of their clients are digitally transforming or digitally being left behind. When working with some of the big established brands, it’s a case of making sure you are ahead of the curve enough to pull them in the right direction."
Tom Deacon, Director, Global Head Of Digital, Turner & Townsend
"The biggest challenge for professional services firms? It's been around for a while - it’s the perception of value in the eyes of clients and the related 'rate erosion' that goes with it. I think professional services firms are struggling to articulate and demonstrate value. I see that continuing for a while. But I do think that there's light at the end of the tunnel."
"I think professional services firms are struggling to articulate and demonstrate value"
Ross Williamson, Managing Partner, Wipro Consulting
"It’s an interesting question and I think it can be boiled down to one thing and it always is. It’s talent. Specifically, it’s around how do we find, in this new ages of technologies, the right kind of expert practitioners. How do we attract and then retain them. And give them the opportunity to do the great work that we know they can do."
For the full results of our study with 700 decision makers in the professional services industry, download a complimentary copy of the report below.
2018 Industry Report
Professional Services Trend Report
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