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Professional services industry overview
At RSM, we have a long history of working with professional services firms, including accounting and tax firms, architecture firms, consulting firms, engineering firms and law firms. Professional services firms are built on a model that deploys individuals with specialized skills, expertise and knowledge. Now, the model is more fluid with changes to business operations, shifting client expectations and emerging technologies; firms must continually evolve to stay competitive.
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Professional services trends and issues
Digital transformation: an influx of new digital technologies has created disruption across the professional services industry as firms evolve their business operations to become more efficient and enhance client relationships. Professional services organizations need to assess their digital maturity and determine an integrated digital strategy to not only remain competitive but to deliver the value their clients are accustomed to receiving. A well-designed digital strategy outlines how to move from technology as a cost center to technology as a business enabler and ultimately to maturing a company’s technology to view it as a strategic asset.
Evolving workforce models: a constant challenge for firms is the ability to recruit, retain and develop talent. However, your internal talent may not be the only solution to optimize operations, increase profitability, and provide service excellence to your clients. In today’s market, many companies are leveraging a managed services strategy to complement their internal workforce and allow them to focus on key business initiatives.
Strategic growth: in today’s dynamic market, middle market executives are paying close attention to essential factors that affect their growth goals. To position for expansion and profitability, firms can develop new services to meet changing client needs, enhance infrastructure and financial systems, outsource the right tasks and operations, and leverage key tax credits and considerations.
Data-driven decision-making: gaining a deeper perspective on your data is critical for developing a foundation that effectively guides the direction of your business. Middle market organizations now have access to advanced data tools and concepts which can help achieve a host of targeted business outcomes, including increasing profitability, improving operational efficiency and managing risk.