7 Megatrends In Professional Services

I came across this list of 7 megatrends occurring in professional services and thought I’d share them with you along with a link to a 19 page paper that discusses them in more detail.  The list was developed by Ross Dawson, CEO of Advanced Human Technologies in San Francisco.  Ross has a blog here

Here is a summary of the megatrends listed….:

  1. Growing client sophistication.  This creates pressure from them to reduce professional firm fees.
  2. A focus on governance.  Sarbanes-Oxley, for example, specifically legislates how audit firms can work with their clients.
  3. Connectivity.  Thanks to Blackberrys, mobile phones and instant messaging, clients expect faster responses and more informal interactive communication.
  4. Transparency.  Clients want to see what is happening while their professionals are at work and how they are doing it.
  5. Modularization.  Professional services must be “unbundled,” or broken down into their components. This allows clients to choose which elements they prefer to do themselves. 
  6. Globalization.  Clients are outsourcing professional work overseas to cheaper providers, and clients also expect services to be delivered globally.
  7. Commoditization. Clients believe that professionals have equivalent expertise, and as a result bid out work so that professional firms must compete on price.

Dawson says the most important megatrend is the swift advance of technology. “The challenge for professional firms today is both to implement technologies that give them great flexibility in their business operations, and to … create extraordinary business success."

You can download the 19 page pdf file from Dawson’s blog here  www.rossdawsonblog.com/SevenMegaTrendsofPS.pdf