Emerging Technology and How it Impacts Professional Services Firms
Excerpts from a Webinar with Guest Margo Visitacion, VP & Principal Analyst, Forrester Research.
We’ve all heard the phrase “work smarter, not harder”, and this saying continues to hold true, now more than ever. In today’s technologically advanced world, it is crucial that we are smarter about how we spend our time and resources on what not only wins business but also delivers the biggest return on investment.
Recently, Brian LaMee, Deltek’s VP of Product Marketing, had a chance to sit down with Margo Visitacion, VP & Principal Analyst at Forrester Research, to discuss her perspective on how emerging technologies and trends are impacting professional service firms.
The conversation focused on three specific questions, all centered on how professional services firms are navigating emerging technologies. Here is some of what they discussed:
#1 How has the marketscape changed in the last few years for professional services firms?
The days of long term client partnerships are gone, it is not uncommon for businesses to go out and bid to get what they need. Companies are really struggling to find the necessary talent in the timeframe they need it, so businesses are turning to professional service firms to help them.
This shift in the talent market is creating a more competitive environment between professional service firms; requiring them to manage, deliver and service their customers on tighter margins.
Customers on the other hand are benefiting from this competitive situation, not only do they now have increased knowledge of the marketplace, but they are more savvy with access to digital information to research firms they want to do business with.
#2 What are some of the emerging technology trends that will help firms address these changes?
On the road, at client sites or working remotely, users require the most accessible, intuitive, and user-friendly technology that is available in the marketplace. They have high-expectations and today’s Cloud technology is evolving to help support their needs.
Gone are the days of waiting around for decisions to be made - you can’t waste time trying to find answers, which is why one of the biggest challenges that professional services firms encounter is communication. Collaboration that focuses on accessibility and flexibility, can improve business communication and can transform the way organizations work.
Technologies are changing so quickly, becoming more user-friendly and more innovative. Companies are focusing on the user-experience, meeting and exceeding user expectations. By incorporating Artificial Intelligence and Machine Learning advancements to build recommendations and identify patterns can help professional services firms and inform future decisions.
#3 What should firms be doing to learn about and take advantage of some of these technologies?
Understanding how your company works so that you can identify your challenges to determine what technology you need to better manage your business is critical. Technologies are changing all the time, understanding what they can offer your business will help service and deliver the right information to your customers.
If you have a workforce that is on the move and working with clients in the field, you need a solution that is accessible and flexible to drive usage and deliver the best experience.
Needs differ from industry to industry, which is why it is essential to collaborate with technology partners that understand your business challenges and who can help identify and implement the right solution.
Interested in learning more? Listen to the entire webinar with Brian LaMee and Margo Visitacion from Forrester Research. For the latest industry trends and technology updates, subscribe to the Deltek Project Nation Blog.
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