IT Solutions for Professional Services

Is Your Firm Ready for Digital Transformation?

Technology Is Disrupting the Professional Services Industry

The traditional model for professional services will be radically different over the next ten years. Client demands, employee expectations, and technology developments will reshape the industry. Are you ready to navigate the disruption? Is it time to look into IT solutions for professional services?

Impacts on many services like accounting, legal, and consulting have been slight to date. But you can anticipate drastic changes.

Challenges Facing Professional Services

  • Professional Services in General
  • Accounting Firms
  • Legal Firms
  • Consulting

Challenges start with people. There will be increasing skill shortages that make it hard to find the right person. 75% of professional service firms expect turnover. Compliance and regulations will create an impact, especially with mid-sized firms.

Technology will automate the physical process of discovery, analysis, and information comparison.

The accounting industry will be among the most impacted by automation over the next 20 years, according to PwC. 24/7 automated solutions will become increasingly prevalent.

A study by Deloitte found that lower-skilled jobs could be cut by nearly 40% over the next two decades owing to automation. Data capture and analysis will allow law firms to add value to their businesses.

Technology-based strategy consulting will increase. That will create new parties entering the consulting field. Disruption will occur at various levels depending on your consulting area, with high-end consulting services facing less.

Technology Trends Impacting Professional Services

Where there are challenges presented by disruption, there are also opportunities.

Many businesses have embraced digital transformation to create a new business model and implement best practices.

That new business model increases service quality. It focuses more on prevention than problem-solving to identify problems early in the process. It promotes greater transparency enabling firms to find the right person for the job while expanding customer connections.

Here are some key trends already in use with forward-thinking professional service firms.

  • Automation

    People have traditionally been the source of experience and knowledge. But, roughly 53% of firms are using automation technologies to stay competitive and drive efficiencies. Artificial intelligence (AI) augments professionals' "thinking-power" to improve output and reduce service costs. Back-end support services will align with customer requirements to lower customer service time and company operational costs..​

  • Digital Agility

    Top service firms anticipate change and react faster than their competitors. They align strategies and processes to stay ahead of the curve. Embracing a digital infrastructure improves productivity, collaboration, and flexibility.​

  • Virtual Firms

    The pandemic has accelerated migration to virtual firms. Permanent offices and office square footage are in decline. Cloud services allow firms to move their enterprise infrastructure. Firms can cut costs and increase revenue.

How Managed Services Can Help

With the technology demands facing professional service firms, it’s easy to understand how fully managed IT services, or even co-managed IT services, can provide answers. Small IT teams can be overwhelmed by workloads. An MSP can augment your team to reduce their work levels.

Equally important, you gain access to technical expertise. What if you’d like to move to cloud services, for example, but have no one on your IT team conversant in the technology? Just contact a managed service provider, and they can deliver the technical support and management for the project.

From improving uptime and IT security to gaining 24/7 IT support, here are some areas where managed IT services and co-managed IT can help.

How Managed IT Services & Co-Managed IT Services Can Help Your Firm

  • Cloud Services
  • Secure Your Data
  • VoIP Services
  • Reduce Downtime

Go Virtual with Cloud Services

Cloud solutions deliver 2.1 times the ROI of on-premises solutions, according to Nucleus Research. Why?

  • Data Access: Workforces, especially in professional services, were already becoming more mobile. The pandemic served to increase the numbers. Cloud services offer your remote workers, not to mention business partners, access to data anytime, anywhere.
  • Outdated Software: With cloud computing, say goodbye to software that's outdated. Cloud platforms are always current. Plus, you'll have no worries about software installation, backups, or failover plans.
  • Lower Costs: A cloud platform costs infinitely less to implement than an on-premise solution. You'll also need fewer resources as fees for the platform count as an operating expense vs. capital expenditure.

Secure Your Data

The average cost of a data breach to an SMB in the U.S. is roughly $150,000 (Kaspersky Labs). 47% of SMBs said keeping data secure was their biggest challenge.

A breach impacts your bottom line as well as client confidence. Legal ramifications also come into play. The General Data Protection Regulation (GDPR) enacted a law in 2018. California followed suit and passed a similar law in January 2020. Fines are $2,500 per violation.

Even if you feel confident, a managed IT services provider can give you another set of eyes to make sure. It can also support you with management, policy creation, and cyber awareness training for employees. A managed provider can even move your data to a cloud platform to enhance your cybersecurity.

Get More Agile with VoIP

VoIP services address the need for agility. For starters, you scale up or down quickly because VoIP phones are affordable and easy to deploy. There are no phone lines.

Thanks to an array of features, VoIP systems improve productivity and connectivity. Reliability also improves. And you'll have no hardware worries.

You also enjoy savings vs. conventional landlines. You’ll benefit from a 75% reduction in operational costs, not to mention a 40% reduction in costs for local calls.

Ensure Business Continuity

You’ve seen the data … 60% of small businesses fold with six months of a cyber-attack. That happens because nearly that same percentage of small businesses lacks a cybersecurity defense plan.

An MSP can devise a business continuity plan to help you prepare for a disaster. That BCP plan can limit your downtime during a disruption. It protects all aspects of your firm, including network, data, equipment, inventory, intellectual capital, and more.

Downtime costs the average small and medium-sized business $5,600 per minute. The quicker you can resolve any issues to shorten downtimes, the smaller your losses. A business continuity plan will do just that.

Get World-Class IT Support

We’ve delivered IT solutions for professional services firms in Harrisburg, Lancaster, York, Lebanon, Carlisle, and Reading. FutureChannels routinely acknowledges our IT firm as a world-class MSP. More importantly, our clients give us a 98% satisfaction rating.

We can help you sort through the challenges presented by digital transformation and its disruptions. We’ll deliver the right IT solutions that will drive value to your business. Let’s get started. Contact us today.

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