Overview
Professional services firms have long focused on linear growth and now need to break the linear dependency of revenue growth to headcount growth. Digitalization will break this changing the underlying economics of service delivery, thereby changing the rules of the game for incumbents and opening the door for new competition and new business models.
The old and simple business model, where firms provided highly skilled professionals to clients, charged them out on a time basis and the difference between the fees earned and the salary and overhead costs provided the profit will not survive. Business models will become outcome based engagements as opposed to monetizing the effort involved. Knowledge as a Service delivery models requiring firms to provide affordable lifecycle services and open talent networks, tapping into infinite capacity to source work through talent networks.
Challenges
Intense competition and pressure to reduce cost
Unpredictability in the market
The need for new skills and retention of talent
Changes in how buyers purchase services
Downward price pressure on services
Aging accounts receivables and lack of tax planning
Solutions
- Commerce Personalization
- Consent Based Marketing
- Omnichannel Commerce Management
- Optimized Marketing
- Sales Force Automation
- Sales Performance Management
- Sourcing and Contract Management
- Operational Procurement
- Supplier Management
- Inventory Management
- External Workforce Management
- Services Procurement
- Invoice and Payables Management
- Procurement Analytics
- Supplier Collaboration
- Billing and Revenue Innovation Management
- Service Billing and Accounting
- Customer Project Management
- Travel to Reimburse
- Field Service Management
- Customer Experience Management
- Record to Report
- Invoice to Pay
- Treasury Management
- Financial Planning and Analysis
- Invoice to Cash
- Real Estate Management
- Governance, Risk and Compliance
- Core Human Resources
- Talent Acquisition
- External Workforce Management
- Time and Payroll Management
- Talent Learning and Development
- Employee Experience Management