The professional services industry includes a wide variety of different categories, but at its core, it’s all based on people delivering value to their clients. Scaling professional services firms traditionally relied on the ability to recruit talented individuals and open more offices in new locations. Over the past years, we have seen this model is ready for change as digital technologies promised a step-change in efficiency. With COVID-19, this has only become more apparent as firms have had to transition to remote working and not been able to visit their clients. While there needs to be a balance, most would agree that a higher level of remote working and collaboration will become the norm. Geography is no longer a limiting factor for service delivery, but neither is it when firms have to compete for talent, especially in a younger generation.
Some see this digital innovation as an opportunity to leverage their experience and expertise beyond local constraints. In contrast, others still view it as a threat as Robotic Processing Automation is replacing some of their services. Above professional services firms need to embrace digital innovation and rethink their business models if they wish to stay competitive and avoid being disrupted.