In an increasingly connected world, technology is revolutionising and reinventing how business is done. As professional services organisations prepare for a post-covid future, looking to the latest tech trends will help you address and overcome some of the biggest business challenges facing the industry right now. Let’s explore some of the top professional services trends to jump on in 2022 and beyond.
1. Goodbye legacy
If you haven’t already put in place a plan to move from a disconnected legacy tech stack to a cloud ERP, now is the time to act. From 2019 to 2020, 14% of organisations moved away from their legacy system to an advanced ERP, and they’re thriving. In fact, 88% of organisations report that implementing an ERP system aided in their business success. In short, replacing outdated technologies with a cloud ERP is one of the single most important initiatives you can undertake in 2022, and doing so will support a number of the professional services trends listed on this page.
2. Business process automation (BPA)
BPA is the use of technology to automate repetitive tasks that people used to do. Automation’s ability to generate major efficiency gains, save time and money, and minimise errors makes this a business imperative. Finance teams already routinely deploy automation to drive efficiencies, compliance and productivity, but you should expect BPA to move into all areas of a business over the coming years. Human resources, for example, are already starting to use process automation to simplify and speed up onboarding and self-service tools for employees. Meanwhile, customer service teams are digitising agent tasks to improve customer experience.
3. Improving cybersecurity
Cybersecurity isn’t exactly a new professional services trend, it is an evolving concern, becoming more frequent and costly. Threats are growing at alarming rates with malicious actors continuing to find holes in even the toughest security measures. Professional services organisations are particularly vulnerable due to the high value of the data they collect and store, such as client financial information and personal communications. Businesses need to be on top of phishing threats and digital security, with regular staff training to ensure employees can identify suspicious emails and links. Most important of all, the possibility of a data breach looms on every business’ horizon and each company should be mitigating risk and planning their response to a breach.
4. The rise of the virtual organisation
Many professional services firms are continuing to transition and adapt to hybrid working models. They first emerged during the pandemic lockdowns but the decision to maintain them over time is gaining momentum. As the balance in favour of these blended models takes hold globally, it is creating a new type of organisation – the leaner more agile virtual business – and this is set to redefine how professional services operate.
Why are organisations choosing to go 100% remote? Employers see the appeal of reducing overhead costs – no need to pay for office spaces and hardware or stationery, for example. Cloud-based platforms mean they can operate from anywhere, on any device, at a fraction of the cost of a traditional on-premises solution. Communication and collaboration is proving just as effective as face-to-face interactions.
5. The gig economy comes to professional services
Along with the shift to remote working is a new and fast-growing cohort of professionals – freelancers, consultants and independent contractors. Not to be mistaken with traditional ‘temps’, these workers are seeking more control over their professional lives and work life balance by working multiple ‘gigs’ or as part-time consultants. One report suggests they already make up to 30% of the workforce and will hit 60% in 2025.
For professional services, this provides another opportunity to embed agility into their organisation through a flexible staffing model that reduces costs, improves operational performance, speeds up hiring and allows the organisation to tap into as-needed talent.
6. A deepening commitment to corporate social responsibility
As customers urge businesses to supply more sustainable products and services, expect to see more and more professional service companies engaging in sustainability practices and leveraging their influence to be ‘purpose-led’. This isn’t solely to satisfy their clients either. There is a growing movement in younger generations of those wishing to work for employers with sustainable practices in place and part of the mission of the company. More than just wanting to see a business express its commitment to the environment and culture, professional services will need to quantify their vision by demonstrating real social and financial impact.
7. Creating data cultures
The practice of leveraging data for commercial insight and advantage has been top of mind for leaders in all industries for years. Still, many professional service organisations are lagging in the uptake. For these organisations, building a data culture enables their people to make better, faster decisions across service, sales, finance, the supply chain and more. For example, data can help businesses better understand their customer and deepen engagement to attract and retain high-value clients (and offload clients that offer little profitability). Or you could better evaluate sales to learn what is working, where the best leads originate, and where to prioritise and scale sales resources. For marketing, data analytics can pinpoint digital media spend, marketing performance and customer journeys.
If your business is looking to embrace change, become more competitive and look for future opportunities that might not previously have been considered, these are the professional services trends to watch in 2022 and coming years.
To learn more about the benefits of ERP for the professional services industry, speak to the Annexa team. We have experience and expertise in the services industry, a deep understanding of the challenges faced and the best practices to transition your organisation to an optimal state of operations with NetSuite.
Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.
