Five sustainable key factors now essential to professional services business development
Professional services firms have relied heavily on technology and innovation over the past two years. But what of the future?
Professional services firms have relied heavily on technology and innovation over the past two years. While innovative strategies and techniques and new technology were already in play before the pandemic, the speed to market and adoption accelerated dramatically from necessity.
This brought both opportunities and challenges from the technology adopted and the sheer speed and scale of change. Here, we consider some of the broader applications of technology innovation for professional practices and the challenges and opportunities they present.
1. People
Technology in the workplace has kept us connected. Video conferencing that once happened only occasionally is now the norm, even in a hybrid home working-office setting. Technology has allowed us to work remotely, keep ourselves and loved ones safe, while remaining in touch with clients and keeping them updated on what matters to them.
Technology and innovation present opportunities to look after the needs of the people who work for your firm as well as offering better service to clients.
A more flexible workforce through homeworking has encouraged greater diversity of talent to professional services firms, providing opportunities for those who previously were unable to work from home or to work flexibly around additional needs or life commitments or who did so but felt overlooked to be able to contribute at the same level as and to be heard alongside colleagues that have typically been office-based.
Tech-enabled training and development have been crucial throughout the pandemic and will continue to be vital for talent acquisition and retention. Providing a seamless virtual onboarding experience, for example, and regular online training resources for teams across the firm, would not be possible without tech resources in place.
Internally, building a strong internal communications network reaps rewards when it comes to staff engagement and education, reflected in a better and more informed client experience.
2. Client Care
Knowing and understanding your client becomes easier with the right tech – whether this is a robust CRM system to manage accounts in a personalised way and identify relevant sector specialisms and practice areas, or online research tools for better views of key markets.
Marketing automation can be a powerful piece of the toolkit when combined with the right data and insight at the right stage of the client journey. In addition to the right tech, you also need people who can understand the data, see its trends and themes, and draw out these insights. This goes back to hiring the right talent and providing appropriate training to up-skill and re-skill.
3. Strategy
Strategic focus has shifted and business planning at its most fundamental level has changed in line with recent events and emerging technologies. Leaders now need to consider shorter term strategies as well as sustainable steps that can be taken for the long term and ways to integrate new technologies across the firm. This has knock-on effects on all departments, particularly IT, business development and marketing. Implications include repositioning budget allocations, the drive for a stronger online presence, and considerations about the return to face-to-face activity and when/how that can be balanced with the health and welfare of both staff and clients. The risk-reward ratio of balancing the benefits of the physical workplace or meeting venue is also subject to change amid global Covid-19 uncertainties.
Modern business strategies across the profession also rely on the right systems and processes, so the value and efficiency of the firm’s technology stack is increasingly important.
Technology also supports work with other organisations and industries, such as trade bodies and associations, financial services partners, and community and sustainability-orientated groups. Operating virtually and collaborating through social media, content and connections provide the opportunity to partner with other like-minded organisations on business-critical projects and to work together to solve global problems, such as building a more sustainable and equitable future.
“Strategic focus has shifted and business planning at its most fundamental level has changed in line with recent events and emerging technologies. Leaders now need to consider shorter term strategies as well as sustainable steps that can be taken for the long term.”
4. Regulatory Compliance and Risk Management
Tech has a key role to play in risk management and regulatory compliance. With the shifting sands of regulation beneath all professional services firms and their clients, staying on top of the latest rules at the same time as anticipating and planning for those on the horizon can be supported by the right RegTech, combined with either in-house or outsourced expertise. A recent study from KPMG showed that a third of financial firms are using AI to tackle money laundering, for example.
While data security and privacy issues escalated early in the pandemic, firms have worked hard to find solutions to protect their data and systems in the new world of work. Firms implementing innovative technologies and careful measures to mitigate risk stand to build greater trust with clients.
Siddharth Srinivasan, Quality Head at iResearch Services, reminds us not to let red tape restrict business operations, however, despite the ever-increasing need for due diligence and security processes: “On the information security front, there is always that uncontrollable factor, and the risk of you being exploited. However, while we are all doing all we can to tighten our security measures, due diligence should be given to the fact that excess red tape should not suffocate the operational working of the business.”
5. Business Development and Marketing
Strategic marketing requires use of the right MarTech in creating and implementing that strategy. From Account-based marketing (ABM); to identifying, understanding and reaching target markets; to relationship building and finding common ground with clients and strategic partners; to data mining and segmentation; to creating Thought Leadership and content strategies; efficient segmentation and personalisation are not possible without tech on your side.
Marketing automation for channel activation is also a key application of technology but comes later the process: it is only one piece of the puzzle.
In a world where business development activity has been predominantly face-to-face through events and client-focused activities, the move online has been a seismic shift. The proliferation of online events and conferences provides scope for greater creativity in subject matter and style; finding ways to connect and network virtually and ever-more distinctive means of demonstrating expertise and Thought Leadership.
In building and sharing subject matter knowledge and expertise, technology has a vital part to play in enabling true Thought Leadership. Sharing insight and leading thinking across the firm and into key markets has become easier through digital channel distribution and marketing or research tech that offer better organisation and dissemination of data: from different ways of presenting and gathering insights from data, to sharing those insights and informed opinion through content and communications. Having a strong voice on what matters to clients and their sector, speaking out about the big issues and making this part of the shared vision of the firm, is a differentiator in thought leadership programmes and brings insights to life.