To maintain a competitive edge in professional services and deliver results to your clients, you need to quickly respond to rapid changes in the marketplace. The professional services industry and clients’ demands are drastically changing with the development of new technologies. You’ve probably heard of medical technology or financial technology. Well, it’s about time professional services catch up and get their own category of technology.
Why do companies use professional services?
It is no secret that professional services firms have continued to grow over the past decade with U.S. firms generating $8 trillion in revenue. These firms have specialized knowledge in specific lines of business, which enables their clients to meet their business objectives. However, one of the largest drawbacks to hiring a professional services firm is the cost. Depending on the line of business, the price of a consultant can be up to $200/hr.
What is professional services technology?
Professional services technology competes with the traditional methods by using technology to innovate the way businesses drive profitable growth. Change in the way business is done is inevitable due to the advancements in technology and professional services firms need to constantly innovate in order to drive profitable growth.
This technology keeps you one step ahead of your competition. An example of this is the way that artificial intelligence is being used to make everyday tasks easier, faster, and more cost-effective. Evalueserve’s AIRA (AI for Research & Analytics) uses customized training and algorithms to provide users with access to various models. Combined with rapid research support, knowledge management, market & strategic intelligence, and design & production support, this technology goes above and beyond traditional methods.
How are firms using professional services technology?
Most firms are trying to embrace technology and innovation. PWC says they can help you understand and put these technologies to work, so you can be the disruptor. McKinsey helps their clients harness the power of technology and thrive in the digital age. Despite these professional services firms embracing this new age of technology, they have yet to offer a cloud platform that does the work for you.
At Evalueserve, we’ve rolled out digital platforms like Insightsfirst to support 2 of the big 4 consulting firms. Insightsfirst is a competitive intelligence platform that keeps you ahead of your competition by tracking recent moves in pricing, investments, and publications by using the Thought Leadership Library and Sector Intelligence. In addition, we’ve scaled automation across functions using RPA technology and incorporated AI into financial spreading, literature analysis, and risk management.
It’s time to make a new category
With technology becoming the center of business operations, it is time to create a new category of Professional Services Technology. Evalueserve works with 300+ F1000 clients, including 3 of the top 5 strategy and management consulting firms and 4 of the top 6 accounting and advisory firms. We power our research and analytics solutions with technology and AI to add value and impact to your processes and service delivery. Visit our website to learn how we are creating the category of professional services technology.
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