Transforming Professional Services: A New Era of Challenges and Opportunities

Kantata partnered with S&P Global to determine the biggest shifts impacting the professional services (PS) industry and the distinct set of capabilities PS firms require to be successful.

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The biggest obstacles facing professional services firms

Modern stressors have led to the biggest functional transformation over the shortest period of time that the PS industry has ever experienced.

51% Adapting to more remote and asynchronous working

51%

Adapting to more remote and asynchronous working

44% Securing access to the contract workforce

44%

Securing access to the contract workforce

49% Pricing transparency and margin pressure

49%

Pricing transparency and margin pressure

36% Rapidly shifting client needs

36%

Rapidly shifting client needs

46% Challenges recruiting and retaining talent

46%

Challenges recruiting and retaining talent

33% Volatile customer demand

33%

Volatile customer demand

Project success rates are low
1/5th of PS leaders report less than half of their projects meet goals.

of PS leaders report less than half of their projects meet goals.

53% report project success rates under 70%.

report project success rates under 70%.

Technology challenges are preventing PS firms from achieving their goals

Many teams work in technology silos that limit the valuable context and data-driven intelligence that would otherwise improve how work happens. The top challenges include:

42% Siloed information

Siloed information

35% Security and compliance requirements that limit their apps’ usefulness

Security and compliance requirements that limit their apps’ usefulness

31% Lack of clarity on how work progress relates to goals

Lack of clarity on how work progress relates to goals

29% Poor app user experiences

Poor app user experiences

27% Having to use too many apps

Having to use too many apps

Businesses are now funneling investments into applications that deliver a more seamless experience

Businesses are now funneling investments into applications that deliver a more seamless experienceBusinesses are now funneling investments into applications that deliver a more seamless experience
Control

Secure empowerment

The #1 drawback of general tools is the inability to do detailed resource management and capacity planning

Context

Frictionless user experience

The #1 challenge with collaboration is not having a single source of truth when it comes to project and customer data

Collaboration

Improved systems of delivery

95% struggle with some aspect of collaboration

AUTONOMY

Only 54% really know what to focus and prioritize most days

AGILITY

45% struggle to match available skills with individual project needs

ALIGNMENT

The #1 hardest challenge (53%) when executing across projects is combining scale and agility in portfolio management

PS teams need a distinct set of capabilities to optimally manage their project and portfolio delivery

High-performing PS teams want technologies that allow them to make data-driven decisions and provide alignment throughout the project life cycle. The top capabilities requested include:

52% Quote -to-cash financial management supporting project profitability and general financial oversight

52%

Quote -to-cash financial management supporting project profitability and general financial oversight

39% Team collaboration connecting people, resources, and projects

39%

Team collaboration connecting people, resources, and projects

48% Resource management features helping you manage your teams across projects

48%

Resource management features helping you manage your teams across projects

38% Designed specifically with professional services teams in mind

38%

Designed specifically with professional services teams in mind

48% Business intelligence to examine which projects generate the most revenue and client satisfaction

48%

Business intelligence to examine which projects generate the most revenue and client satisfaction

34% Strong integration capabilities with other business systems

34%

Strong integration capabilities with other business systems

43% Project management features to keep projects on track

43%

Project management features to keep projects on track

Making the right technology choices has never been more important for PS firms

Intense macroeconomic, digital transformation and specific industry pressures are transforming both customer and employee expectations. PS leaders need to find an effective way to lead the necessary change, and a big part of that is thinking through what the technology needs are to support their teams’ day-to-day work.

Learn how Kantata takes professional services technology to a new level, giving people-powered businesses the clarity, control, and confidence they need to optimize resource planning and elevate business performance.

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Making the right technology choices has never been more important for PS firms

"We are very happy with the results we are achieving — better information sharing and collaboration between departments and more discipline in business forecast management and in services delivery."

Thierry Guennegues

Services Offer & Programs Director

Thierry Guennegues quote
Client Testimonial
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The Macro Technology Shift Impacting the Professional Services Industry
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