The new everyday in professional services
Just a few years ago many firms in the professional services sector still relied on reams of paper, multiple physical signatures on key documents and hours of face-to-face meetings to get work done.
Although they embraced new software and digital communications technology, the fundamental systems that a lot of lawyers, accountants and other consultants relied on were virtually the same as a century before.
But then the sector started innovating. And during the pandemic the appetite for digital transformation exploded.
Fax machines were swapped out for digital signatures.
Box files of paperwork became e-bundles stored securely in the cloud.
Video calling became the norm, rather than the exception.
Many of these digital changes are now permanent. And all of them have helped improve business performance, customer satisfaction and profits.
How digital tools are giving professional services firms a boost
Professional services firms from multinational investment funds through to local estate agents have been adopting digital transformation faster than ever before.
We recently commissioned the Centre for Economics and Business Research (Cebr) to look at the potential benefits to the UK Economy of continued investment in digital transformation projects, similar to what we’ve seen over the last year.
Across the UK, Cebr estimates that continued investment in digital change projects could increase UK GDP by £232bn, or 6.9%, by 2040.
Simply by continuing to invest in digital infrastructure projects in the professional services sector, we could expect a £16bn boost to UK GDP over the same timeframe – a 4.8% boost to the size of the sector in 2040.
Our new report explores how digital leaders in the professional services and SME sectors have embraced tech solutions to give them a competitive edge.
Download it to find out how:
Legal giant Knights credit a digital ‘levelling up’ as the great modernising force in its office, building a strong team culture that has powered ambition, growth and boosted its Net Promoter Score.
Irwin Mitchell pioneered cloud-based security for sensitive court papers, replacing the old paper-based system and increasing data-security at the same time.
Global investor Actis credits investing in digital transformation as “the key to our success in 2020” - blending drone footage for investors, with new communications tools to keep staff from 17 global offices truly connected.
SME care home consultancy Fulcrum cascaded digital recommendations and tools for UK care homes which improved safety saved many lives.
York estate agent Blenkin & Co stole a month’s march on rivals by embracing cloud technology early and going fully paper-free.
The CBI’s goal is for Britain to be world leaders in ‘unicorns’ – the startup enterprises that hit valuations of $1 billion – and that the key to achieving it lies in digital transformation.
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The Cebr Methodology
The methodology is centered on producing a cumulative economics delta between a baseline scenario, in which there is no accelerated adoption of digital transformation initiatives, and a scenario in which there is.
The research considered a number of modelling inputs to estimate the productivity impacts of various forms of technology to derive the ‘Post Covid-19 Digital Transformation’ technology uplift coefficient.
This coefficient is then scaled to reflect the proportion of the workforce to whom it applies.
The model also estimates the rate of technological adoption across different sectors and a rate of re-investment.
All of the estimates are rooted in a detailed literature review.
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