Part 1: Key Trends and Challenges for Professional Service Firms in 2017

We have scanned the Internet and gathered some key research findings around 2017 trends and challenges of professional service firms. This is an ongoing process and this blog will be updated frequently once new research is found. Subscribe to our newsletter to receive thought leadership content and insight that will help you realise your growth aspirations.

Benefits to the participants:

  • Benchmark your Key Performance Indicators (KPIs) driving the success of your organisation against the sector
  • Receive a quarterly comparison of your targets vs actual results.
  • Get informed on the trends and best practices followed by successful Professional Service Firms in order to justify key investment decisions 

*Full report will only be available to participants

#1: 2017 State of the Services Economy report conducted by Mavelink and Gigaom

The report uses data compiled from a survey of 480 executives working in professional services industries, including consulting, IT Services, and marketing agencies, to identify the key challenges and opportunities for providers in 2017. 

Key data points revealed in the report include:

  • 3% of services leaders state that business conditions are changing quickly, and 20% said faster than ever before.
  • 62% reported an increase in market competition in the last year, with 36.6% saying it’s coming primarily from new entrants into their space.
  • 6% have diversified their services offering in the last 12 months, and more than two-thirds diversified as a result of clients requesting new services.
  • 58% of services organizations are now primarily project-based, vs. retainer-based, driven by client preference for shorter term engagements. Project-based work is also trending up for the majority of firms.
  • 89% of services organizations believe it’s important or critical to be able to tap a subcontractor network to scale the workforce to meet surges in demand.
    • 6% of services firms are actively seeking new relationships with subcontract resources.
    • Primary drivers for working with on-demand work teams are: the need to scale up to meet client demand (44.5%) and the ability to tap specialized skills that full-time/in house team members do not have (35%).
  • 6% of services firms are actively seeking new relationships with subcontract resources.
  • Primary drivers for working with on-demand work teams are: the need to scale up to meet client demand (44.5%) and the ability to tap specialized skills that full-time/in house team members do not have (35%).
  • 3% turned work away last year due to lack of resources.

Source: http://finance.yahoo.com/news/study-reveals-36-services-firms-140800941.html

At ProfeedWise, we help consulting firms to find, hire and manage specialist service providers through our marketplace of thousands of vetted experts.  Receive a bid comparison report of the best 3 candidates in 48 hours for free by describing your project. If you need help determining your needs, contact us to discuss your growth aspirations and better define the best approach for you.

Related Posts