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June 22, 2023

Navigating the Digital Future: Key Trends Shaping Professional Services Firms

The digital future is already here for professional services firms. A significant number of these firms expect the majority of their revenue to come from digital sources by 2025. Investing in artificial intelligence (AI), machine learning (ML), and advanced analytics is becoming more common, blurring the line between professional and digital services. 

To thrive in this digital landscape, firms must address their data, talent, and technology challenges. However, many firms have yet to embrace the necessary changes. A considerable gap exists between where these firms currently stand and where they need to be to compete digitally. 

Trend #1: Leveraging Automation Through AI and ML 

The first major trend is the need for new ways of working that leverage automation, analytics, AI, and ML for resource management. Spreadsheets are no longer sufficient for tracking talent, especially in a hybrid work environment. Companies require intelligent resource management software powered by ML to gain real-time visibility into their workforce and assemble the ideal teams for each project. 

How to Accomplish This 

Workday thinks about and implements AI and ML differently than any other enterprise software company in the world. At its core, Workday Adaptive Planning aims to deliver intelligent planning for a changing world through four beliefs. Click here to learn more about Machine Learning for professional services firms.  

Trend #2: Gain a Full View of Your Projects and Client Needs 

Meeting shifting client expectations is the second trend. Clients now expect faster and more personalized service, with a focus on specific business outcomes rather than fixed deliverables. Firms need actionable insights derived from cross-functional data to provide greater value. A centralized system that integrates data from various sources can enable more efficient service-centric quotes, contracts, and project details. 

How to Accomplish This 

Workday's Professional Services Automation supports you by becoming your most reliable source of insight through robust capabilities for project and resource management, project financials, time tracking, billing, expense management and much more 
Trend #3: One Source of Truth 
The third trend revolves around eliminating data silos for accurate forecasting and adaptability. Functional silos hinder productivity and profit. Accessible data allows firms to embrace change more readily. Integration of operational, people, and financial data is crucial to achieving agility. Best-in-class firms can share data through a central repository, enabling demand planning and forecasting during volatile times. 

How to Accomplish This

Our team of top-tier Workday consultants and advisors is here to help you achieve the agility your firm is missing. We’ve helped hundreds of organizations improve on planning processes, implement a centralized system, and unify teams resulting in better plan accuracy, accurate business insights, and improved agility to market fluctuations. 
The Bottom Line 

In summary, professional services firms must adapt to the digital future by investing in technology, addressing data challenges, and focusing on actionable insights. New ways of working, meeting client expectations, and eliminating data silos are key trends that will shape the industry's future. 

Contact us today to find out how we can help your firm grow. 

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