4 Professional Services Trends in 2022 & Beyond

4 Professional Services Trends in 2022 & Beyond

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1. Digital Transformation of Traditional Industries

All it took was a global pandemic to fo­rce many “traditional” firms in “traditional” industries, such as legal and accounting, into the 21st century technologically.  If prior to March of 2020, your firm didn’t have a set work-from-home policy as an example, you certainly weren’t alone. A firm’s “tech stack” was not something most partners 

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1. Digital Transformation of Traditional Industries

 had concerned themselves with. However, fast forward 18 months and the firms that were forced to shift to remote operations at the beginning of the pandemic have completely digitized both their workforce and their client experience.  From Zoom webinars to CRMs, ERPs and data flow to hiring 

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1. Digital Transformation of Traditional Industries

remote workers, forward-thinking firms have rethought the processes of old and have positioned themselves to be able to take advantage of new opportunities in 2022 and the future.

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2. Fintech & Automation

Financial technology or “fintech”, has become an integral part of a firm’s digital transformation.  Long gone are the days when bookkeeping and financials are done with pen and paper.  Having financial data in the cloud allows for opportunities like industry-specific integrations that provide

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2. Fintech & Automation

real-time information and more accurate forecasting. On the automation side, Robotic Process Automation (RPA) will continue to be adopted by firms in a bid to improve efficiencies, especially for repetitive and mundane administrative tasks.  RPA refers to software that can be easily programmed to do 

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2. Fintech & Automation

 basic, repetitive tasks across applications.  RPA creates and deploys a software “bot” with the ability to launch and operate other software.

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3. Cyber Security & Compliance

As professional services firms turn towards technology to fill in gaps and improve processes, the issue of cybersecurity and compliance will continue to be at the forefront.  Businesses that understand their data processes well and can reflect this transparency to consumers and regulatory authorities will find themselves suitably ahead of a change that 

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3. Cyber Security & Compliance

many are only starting to take notice of. Adding to the cyber security risk has been an increase in demand for remote working access, contact-less document delivery and payment processing, as well as cybercriminals casting larger nets in their quest to find and exploit vulnerabilities. 

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4. Recruiting, Retention, and the Rise of the Gig Economy

The response to the pandemic and the surge forward in technological fluency has already shifted some or all of the workforce of many businesses to working remotely.  The younger staff in professional firms are continuing to seek out more control over work schedules and many are pushing back on 

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4. Recruiting, Retention, and the Rise of the Gig Economy

traditional billable hour expectations with a desire to define their own work-life balance. With the majority of professional service firm leadership nearing the age of retirement, succession planning and a focus on recruiting and retaining top talent are critical to ensure the successful transition of leadership and firm continuity. 

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