Kantata survey provides insights on how professional services will address rapid industry transformation
Kantata, a global supplier of technology for professional services, has released findings from a recent survey among leaders in the professional services and consulting industry to shed light on the key trends driving the rapid transformation in the sector. The survey highlights the critical role technology plays in the industry's transformation and how the right solution is needed for organizations to succeed in uncertain times.
View the full report here.
Technological advancements emerged as the primary driver, with 31% of the surveyed professionals recognizing its pivotal role in accelerating change. The impact of increasing globalization (20%), data-driven decision-making (16%), and changing client expectations (16%) were also significant drivers of change.
The survey further explored the primary approaches adopted to address these challenges. Innovation and experimentation (22%), agility and flexibility (19%), continuous learning and upskilling (15%), future-proofing strategies (12%), and process improvement (11%) were the key strategies employed by professionals in the industry.
In response to changing client demands, respondents highlighted quality and consistency (26%), measurable ROI (13%), knowledge transfer and capability building (12%), innovation and thought leadership (11%), and price transparency (10%) as the top priorities.
The survey also uncovered challenges faced by organizations in balancing efficiency with scalable growth. Client acquisition and retention (17%), pricing and fee structure (16%), operational efficiency (15%), demand volatility (14%), and talent management (13%) were identified as the major hurdles.
To address these challenges and embrace the opportunities presented by transformation, organizations are increasingly turning to technology solutions. Among the most sought-after software capabilities were data analytics/insights (19%) and knowledge management/expertise sharing (19%). Enhanced decision-making support (13%), automation (12%), and personalized client experiences (13%) were also recognized as crucial components for achieving efficiency and scalable growth.
"It's more urgent than ever for PSOs and consulting firms to balance efficiency with scalable growth in constantly changing macroeconomics and market dynamics," said Michael Speranza, CEO of Kantata. "The continued adoption of emerging technologies, such as artificial intelligence and vertical SaaS solutions, will play a significant role in finding that balance. PSOs that leverage purpose-built technology effectively can stay ahead of the competition, better engage their resources, exceed client expectations and improve efficiency for success today and tomorrow."
Methodology
The research conducted by Censuswide was in the field in July 2023. The 129 respondents were directors, decision makers and C-Suite executives who work across various industries in professional services organizations in the United States.
SOURCE: Kantata
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