All Rights Reserved. For many firms, technology is changing traditional roles. But the industry is increasingly being issued with a stark warning … The growth rate that this industry is anticipated to register over the projected period is delivered in the study. The continued growth of the digital platform economy will have a significant impact on firms in any of the traditional professional services sectors, as well as business services. Free your team from content sprawl with Brandfolder, an intuitive digital asset management platform. The IAM Professional Services market research study comprises a brief evaluation of the competitive terrain of this business. A competitive edge for firms, diversity provides access to a wider range of talent, talent outside of a particular ethnicity, gender, worldview or orientation. (This goes both for PR professionals as facilitators and service professionals as sources). With more women and minorities making inroads and pressing to be seen and heard for their talents and contributions, the media also continue to place a premium on news that promotes diversity, equity and inclusion. Professional services firms are changing the way they price services. The full discussion includes much more detail and further professional services industry insights. best practice tips and news. The professional services industry is growing, with revenues and headcounts rising across the board. Join us for a re-imagined, innovative virtual experience to get inspired, get connected, and see what's possible. In my own unscientific analysis, I find that editors and media coverage gatekeepers — where news judgment is subjective and all other factors are equal — are more likely to cover an appointment or accolade about a minority professional. That's according to a recent survey Salesforce conducted of 6,000 sales and sales operations professionals, including more than 650 people working in professional services. Firm leaders will need to learn how to manage this future workforce and cultivate a culture that will be attractive to top talent with the key skill sets to render firm services. Despite these challenges, however, there are opportunities for business and professional services firms with an eye on progress and growth. I have lived and breathed press releases for well over 30 years from both sides of the table — as a reporter and editor, and as a publicist for lawyers, law firms and other service professions. Without an established pipeline of talent behind senior management, the firm’s legacy may be lost, sold or acquired by a different firm, one that took the time to groom its future leaders. Many firms address the issue belatedly, handle succession on a case-by-case or ad hoc basis, or avoid the issue entirely. A leading-edge research firm focused on digital transformation. The answer might be to think about co-authoring with other colleagues or use the services of a ghostwriter. The use of automation is a necessity for success. ", As clients pivot as part of their COVID response, Delles said a test for his team has been whether they are supplying "what's required to help them through that new process, be a good listener, and challenge their thinking.". The State of Professional Services: 2020 Annual report providing an overall snapshot of the professional services discipline based on benchmarking data and the hottest topics/trends of 2020. In addition, large firms often acquire agencies with digital expertise to gain the type of talent and client base required for successful digital transformation engagements. VP, Public Relations - Out-of-the-box thinking helping legal marketers and attorneys enhance their reputations or meet critical PR challenges. Try Human Intelligence, Law Firm Crisis Communications Policy Template, 2014 Managing Partner Social Media Survey – Part 1, 2014 Managing Partner Social Media Survey – Part 2, MPF Insight - Re-Envisioning the Law Firm. As the number of reporters and editors continues to shrink and the pool of professionals looking for media opportunities grows, media can be more selective about the sources they use. Firms that are victims of cybercriminals face intense and long-lasting media scrutiny that often causes major clients to jump ship in search of a more secure service provider. This is no small feat, given the current climate of rapid technological advancement and continual political and economic change. The exception is those online news sites that publish press releases nearly or completely verbatim. Now, with so many COVID-related business unknowns, "we can bring our best thinking, our experiences we've had to date, and ask that the client do the same. Information pertaining to the product portfolio of the vendors, alongside details with respect to the product characteristics and specific application avenues of the product have been ingrained in the report. Today, companies are being replaced on the S&P approximately every two weeks. Salesforce surveyed 650 people in professional services industry roles to assess growth strategies for our uncertain times. Brown moderated the recent virtual event "Leaders Weigh In On The Biggest Professional Services Trends In The Time Of COVID-19" to explore trends revealed in the survey through the first-person experiences of two industry leaders: Jason Delles, Principal & Chief Growth Officer at Eide Bailly, and Julie Miller, a principal at Deloitte Consulting LLP. And Delles and Miller both reported that within Eide Bailly and Deloitte, respectively, their teams have leveraged Salesforce this year to get much more mileage out of their go-to-market efforts, including increased automation and omnichannel management. In-Depth Market Segmentation by Type, Application Etc. The press release remains a principal document with which to deliver controlled messages and/or a story — it’s a vehicle that journalists continue to view as useful and credible. Yes, past years’ trends can still rule in 2020. The content of this field is kept private and will not be shown publicly. While firm leaders certainly recognize the need for proactive succession planning within organizations, the reluctance to develop a formal process persists. RSM Canada LLP is a limited liability partnership that provides public accounting services and is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms. This can and should involve raising the profiles of these diverse professionals through thought leadership vehicles and including their input in firm PR and marketing strategy. Jump-start new projects and processes with our pre-built sets of templates, add-ons, and services. The Global IAM Professional Services market study focuses major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Tax technology selection and optimization services, Middle market firms are attractive to cybercriminals, Automate simple, manual tasks and elevate employees to focus on high-value work, Optimize back-end processes to boost efficiency, Gain visibility into client analytics to improve value propositions and continuous work, Standalone automated services, based on information technology, machine learning and AI, Client/customer diversification – the whole firm must own the client relationship, rather than have it be tied to one individual, Tangible growth initiatives/leadership in evolving market dynamics, Ongoing investment in financial and technology systems. Those working in the professional services industry are more confident in their firms' growth strategies over the next year than professionals in other industries. Building Business, This creates undue risk; when partners retire or leave, relationships and revenue may vanish with them if succession planning remains either unattended or is poorly scoped out.
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