Digital Acceleration and Future of Professional Services

Delve into the transformative world of digital innovation in professional services with our inaugural issue. Discover how it’s about much more than tech; it’s a cultural shift that drives smarter decisions and opens new growth avenues.

Spork Digital
1 September 2023
5 min

Key Takeaways

Digital transformation isn’t a disruptor but an enabler: one that helps you make more accurate decisions, boost efficiency, and, crucially, unlock new areas of growth.
Your technology isn’t your competition. Nor is AI. The most successful professional services firms will be the ones where human expertise, experience, and empathy, is augmented by the benefits technology brings to the table.
The path forward needs strong leadership, strategic investment, and clear communications to foster the culture of change and innovation professional services must have to future proof their firms.

Digital transformation is as much as a culture change as it is an implementation of tech.
Giles Cambray

In today’s rapidly evolving world driven by technological innovation, the professional services sector finds itself at a critical crossroads. At Spork, we understand the significant impact digital transformation will have on the future of professional services, which is why we decided to delve into the sector’s approach to this transformation.

It’s not just about adding efficiency. It’s about adding value.

Reputation is a huge deal to all law firms. Beyond efficiency, digital platforms allow smaller firms to showcase innovation and excellence, where historically the giants may have shouted loudest.
Stephen Jones, Director of Content, Legalease

Reputation holds tremendous weight in the professional services sector — law firms, insurance companies, and consulting groups thrive on their established names and track records. However, larger and more established firms tend to be risk-averse when it comes to venturing into the digital realm.

This presents an opportunity for smaller firms to excel. Without the burden of analogue processes and fuelled by an appetite for risk, these firms can embrace digital technologies, enabling them to navigate the digital landscape faster and respond more nimbly to clients’ evolving expectations.

In the past, a great reputation may have sufficed, but the digital transformation juggernaut demands that businesses adapt to stay competitive. This journey is not solely about finding efficiencies — it encompasses discovering new ways to serve clients, add value to existing services, and to support growth.

Be prepared to embrace change on multiple fronts.

The only constant in life is change itself, and the same holds true for the ever-shifting business landscape. Economic uncertainties, exemplified by the recent pandemic, reshape business dynamics dramatically and require swift reactions. It’s something we saw across sectors and among our clients.

During Covid, the opening and closing times of all Leon’s restaurants were changing on a daily basis: dependent on available staff, changing rules, and a wildly fluctuating footfall. Spork saved Leon several hours a day by taking a feed from every main point-of-sale — the source of truth of opening hours for the following day.

These shifts — and others like the rise of remote work, generational changes in the workforce, and sustainability targets — demand that professional services firms adapt to stay competitive and it is technology that enables them to do so. But embracing a technology-rich future goes beyond simply adopting new AI tools to automate existing processes. It’s not just the technology landscape that’s evolving, the business one is too. Processes and approaches must adapt to meet these changes.

We mentioned client expectations earlier, but it’s worth emphasising again since maintaining and nurturing client relationships is pivotal to success for professional services firms — whether consultancies, law firms, or accounting firms. It is therefore critical to respond to evolving client dynamics — technology has been part of that evolution, and digital transformation is vital in responding to it.

Technology has revolutionised the way customers experience personalisation, convenience, and responsiveness in their daily lives, and they expect the same level of service in their business relationships. This is where technology becomes a differentiating factor — a means to find new ways to serve clients and add value to the relationship.

Post Covid, our streaming platform, 4Forty.io, offered our clients new ways to serve their own customers who were unable to attend events or meetings in person.

The path forward requires leadership, strategic investment, and change management.

Embracing digital transformation is going to be a key differentiator between professional service companies. If senior management can get on board early on and drive enthusiasm for change there is a real opportunity for companies to gain an early advantage over their competitors.
Danielle Wilson, Senior Leadership Executive, Insurance, London

In navigating the digital future of professional services, strong leadership is key. Embracing change must start from the top, with leaders setting the tone and driving the transformation agenda. It involves fostering a culture that encourages innovation and empowers employees to adapt.

Strategic investment in technology is equally important. Understanding the desired outcomes of the technology investments, rather than focusing solely on outputs, is paramount. Knowing when to invest, and when to pause to reassess the progress and realign efforts, is crucial to achieving success.

ROI is easier to realise when outcomes are based on growth and revenue, rather than cost savings. Efficacy outweighs efficiency every time.

Lastly, bringing the entire business along on the transformation journey requires effective change management. Consistent and clear communication, timely training, and fostering a culture of continuous learning are all integral to this process.

Digital transformation is a journey & we’ll help show you the way

Everyone across a business pulls in the same direction when desired business outcomes are well defined and communicated. This makes digital transformation a lot less daunting. Individuals do not need to be especially technical to contribute to this change; solutions can be trialled against pre-agreed metrics of success (or failure).

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