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  • Top 5 Trends Transforming the Professional Services Market

    Professional Services

    The business marketing landscape is ever-changing. The skilled market is all ready to spread its wings with 75% of professional service firms expecting their turnover to get bigger this year. Technological advances are presenting new challenges as well as opportunities for professional firms and it can be quite challenging to carry on with the trends
    If you are personally having a little difficulty keeping up with the pace of innovation and sifting through the endless flow of content, here are some of the more recent trends we’ve seen within the professional services industry.

    Top Trends to Watch Out For


    Automation

    The professional service firms are on the road of embracing the latest technologies in order to stay competitive and drive efficiencies. There has been a notable growth in the investment of automation technologies. About 53% of firms in the industry are now using these tools as an effective part of their marketing strategy. Organisations are also gearing up to automate back-end services in-line with front-end services with the aim to reduce customer service time and operational cost


    Virtual Firms in the Professional Industry

    increased use of smartphones, technology change, the need to reduce cost and many such factors has led to increased popularity of virtual firms. The future is predicted to have more virtual professional firms and less permanent offices.

    So, recruiting the employees on a contract basis, having small physician offices and by moving the entire infrastructure in the cloud, professional firms can cut their costs and help increase their revenue. It is one of the major steps in this direction to accept new business challenges and maximize growth.


    Blockchain & Artificial Intelligence

    Regardless of the industry, every company must gear up for Artificial Intelligence (AI) and Blockchain in today’s era. 2018 has already witnessed the decentralized, distributed digital ledgers of blockchain which have been put into production. However, it is necessary that financial institutions place a strong emphasis on its architecture and interoperability to capitalize on the blockchain and to support this growing technology.

    Right from artificial intelligence’s surveillance tools to machine learning - many financial firms have already begun to add new forms of AI to offerings. AI-powered platforms are also being employed to perform asset management to offer investors a more detailed and educated information.


    Cloud Is the New Norm

    According to a study by the International Data Group, 69 percent of businesses are already using cloud technology
    Tech-savvy businesses and industry leaders are recognizing the many benefits of the cloud computing trend.  Knowing this many professional services are embracing the cloud technology for flexibility and potential cost savings features. Industries have now widened their strategic objectives which include improved customer experience, leads and revenue, rather than just focusing on the features.
    Dell has reported that companies that invest in big data, cloud, mobility, and security enjoy up to 53 percent faster revenue growth than their competitors.


    Ultra-Personalization

    The customization and delivery of personalised content to distribute relevant information will significantly impact a businesses’ ability to connect and retain their audiences. It is a must for professional marketers to think a step ahead and deploy strategies blended with next-generation marketing expertise that adds more value to the client relationship.

    Summing Up

    Technology is changing and so is the professional services sector. This trend will continue, and over the next few years there will be significant tools, apps and platforms focused on improving the end user experience.

    As consumers want a good user experience, a variety of smart service offerings have already been designed for their personal needs. Professional services must take advantage of these emerging technologies and strategies not just to survive but to flourish. The industry must stay up-to-date, focus on social media for communicating with their clients and growing brand awareness. They must engage virtual teams for cutting company cost, implement modularization and automate all back-end services.




     

     
     
     
     
     
     
     
     
     
     

    Abhinay Mahadik

    2018-11-13