Businesses need to be adaptable in the face of change


Challenges can come in the form of disruption –


such as the huge shift in recent years to online banking – as well as a shift in client expectations as technology creates a desire/need for ever-faster results. A study on www.consultancy.uk, a website which presents the latest news and trends in the sector, firms up this feeling, stating: “As digitalisation and increasing competition see markets across the board becoming prone to disruption, the professional services industry is often engaged by clients in order to best harness disruptive trends. However, the sector is no exception to this volatility in its own right, and a new study has highlighted three major trends disrupting the professional services industry. “In conjunction with market research firm Research


Now, professional services firm Mavenlink recently surveyed 576 executives (from director and above) from various service-centric industries – including marketing, IT services, and business consulting across North America, Europe, and Asia-Pacific


regions – in order to better understand the current challenges and opportunities that they are facing as they undergo transformation. “An overwhelming majority of service providers told surveyors that client expectations are increasing. Clients now expect more value, higher quality of work, and a faster delivery of solutions and services. Clients are also asking for more transparency and accountability in work delivered. “Trying to meet these heightened expectations is apparently creating a lot of anxiety among service providers, however. At almost every opportunity in Mavenlink’s questionnaire, client expectations were listed as a top business pressure or challenge.” So what’s the key message? There are undoubtedly


huge opportunities to be embraced by those businesses that make up the professional services sector but as with all other sectors, the ability to adapt and embrace change will have a huge bearing on what the future looks like for these businesses.


East Midlands Chamber Directory 2019 19


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