Professional Services are heading for change. In the next 20 years half of all the jobs that exist in the sector now will be gone – either lost to automation or changed so completely that the current workforce is no longer relevant.
A recent study by the Oxford Martin School on the Future of Employment found that 94% of tasks currently done by accountants and auditors will be automated in the future, along with 66% of tasks carried out by legal associates.
Automation is creating disruption but so too is the way business models are changing.
Over the last 100 years Professional Services have been immune to disruption and the business model consistent and simple: professional services firms provided highly skilled professionals to clients, charging them out on a time-and-materials basis. The difference between the fees earned and the salary and overhead costs incurred, makes up the profit.
But Growth is limited in this model.
However digitalization will break this dependency. It will allow service firms to grow, be more profitable, and serve customers better by leveraging digital technologies to automate and embed intellectual property in service delivery.
Deloitte is a great example of this:
Deloitte has automated parts of their audit process by leveraging in-memory technology from SAP to test the appropriateness of journal entries recorded in the general ledger and other adjustments. This has increased the throughput by 45%.
Most professional services companies can imagine a great number of simple tasks that could be automated, leaving room for your skilled professionals to tackle more complex tasks.
If you would like to know more about how to make the most of the Digital Future – please contact us here. We would be delighted to help you choose a solution that grows with you and allows you to make the most of the digital opportunities to come.
