Professional services firms are not behind the times in terms of technology. In fact, one survey showed that 95% of firms rely on best-of-breed technologies. But these firms are also not unique in struggling to use technology to the fullest.
The issue is that while individual capabilities may be strong, cross-functionality and interoperability are weak. Technology serves individual aspects of the enterprise but doesn’t extend across departments, data sets, or workflows. Consequently, tech tools cause as many problems as they solve.
Professional services firms, like many companies, are realizing that technology is essential to everything they do. Relying on a loose patchwork of applications leads unavoidably to mistakes, setbacks, and inefficiencies. In turn, those lead directly to poor client relations and lost business opportunities.
In order for technology to be a true asset it must perform at the enterprise level – a single platform that integrates professional service automation (PSA), business intelligence (BI), human capital management (HCM), and client relationship management (CRM). That way tech is seamless and streamlined rather than segmented and segregated.
Just consider some of the distinct advantages that arise after implementing enterprise technology:
- Market Flexibility – Professional services firms must be dynamic in order to be competitive.Enterprise technology provides in-depth insights almost immediately, making decision making quick and confident. Plus, adapting a single system to organizational changes is much easier than adapting multiple systems.
- Anytime Access – Data will always be incomplete, outdated, and inaccessible when it’s spread across multiple locations. When its integrated and updated in real time, by contrast, every stakeholder has access to a single source of truth. And thanks to the cloud-orientation of enterprise tech, this data is available at any time from anywhere.
- Financial Maturity – Tracking more than just profits, losses, and basic financials is a major undertaking. Enterprise technology makes collecting and analyzing financial data quicker, easier, and more accurate. Firms are able to reach financial maturity by tracking accounting metrics broadly and deeply.
- Ongoing Integrations – Professional services firms will only become more tech-driven. Enterprise-class tools easily accommodate new integrations and expansions, making it easy for firms to evolve without friction. They gain the foundation for true digital transformation.
Today’s advantages are tomorrow’s imperatives. Firms that already rely on enterprise technology are gaining market share. But firms that continue to make do with outdated and inadequate tech will find it difficult to serve the needs of future clients.
This free white paper explores enterprise technology and the future of professional services firms in-depth. We encourage everyone to read it and consider what is gained with an upgrade and what it lost without one. When you’re ready to explore how a solution fits into your firm, contact InCloud360.