How technology can close the generational divide in professional service firms
GFC can be seen as an inflection point in the world of professional services that caused a shift in the status quo of day to day businesses. As the impact of GFC manifested itself into increased mergers, offshore partnerships and implementation of cost cutting measures, another breed of professionals emerged as a competitive force – the new breed of tech savvy, omnipresent Gen Y professionals. There is nothing like a new competitive force to shake up an industry and drive innovative approach to the way things are done.
Needless to say that some of the older, more established professional services firms have started to realise that they need to strategically compete with their tech savvy competitors who have succeeded in harnessing the power of technology. In doing so, the veteran firms have begun to embrace the cloud, analytics tools and social media and implemented or upgraded their CRM platforms. In fact some of the bigger firms are even now using digital innovation as a differentiator and building it into their brand value.
Furthermore, the use of technology is becoming more prevalent due to the realisation amongst the professional services industry that use of cloud and Software as a Service (SaaS) platforms not only lowers overhead costs but also helps boost morale and achieve operational efficiencies internally. The end result is lower staff attrition leading to lower re-training costs and an ability to offer more customer centric, multi-platform solutions for the clients.
So what’s the verdict? In order to close the generational divide between the veteran professional services firms and their Gen Y competitors, and not only survive but succeed in the near future, technology is the sure way to put all firms on a level playing field. From the pre-GFC era of ‘may be’ we will embrace technology, it is now the era of ‘when’ or ‘how soon’ will we embrace technology. For a forward moving and results driven firm, it is critical to understand that technological solutions are not only here to stay but more importantly here to help drive the desired growth. Gen Y led professional services firms get this and are already on their way to achieving global success.
Ready to learn more?
Lawyers, accountants, corporate advisors and lenders must review and cross reference official documents from a range of sources, to verify facts at the beginning of every matter.