Something stirs underneath the surface of professional services. Last year, KPMG surveyed hundreds of leaders and managers across professional services firms globally on their use of technology and the signs for change. A significant 48% reported they expected major or radical change across their business and offered services within the next three years. A percentage that is incredibly telling for an industry with high growth and profitability, yet very little change to its traditional business model over previous decades. So, what is driving the change?
Professional Services, like everyone else, are forced to move quickly towards delivering their expertise virtually or even digitally in the face of the COVID19 crisis. For legal, consulting and other expert services, design thinking takes on a whole new meaning, in order to adapt services and solutions for clients – and to develop and design answers to unprecedented challenges.
However, Design Thinking has been mostly known for its playful, innovation and creativity fostering and immersive on-site workshop settings… until now. And like everything else, these workshops need to take place virtually now. But is this even possible?
As the world is bracing itself for the impact of #COVID19 on our nations, economies, companies as well as individuals and societies, #professionalservices firms (#legal, #consulting, #accounting) are both positively and negatively impacted at once.
While it is clearly necessary to deal with the serious short-term implications of this terrifying situation, it may also be strategically important to think through the mid- to long-term implications for professional services in general and individual firms in particular.
So, here are three first hypotheses regarding the #Corona aftermath: