Top Opportunities & Challenges Facing The Professional Services Industry in 2018

Top Opportunities & Challenges Facing The Professional Services Industry in 2018

As we enter a new year, it is important to prepare your professional services company for ultimate success. In order to do that, you have to know what to prepare for. Here are the top 4 challenges and opportunities facing the professional services industry in 2018:

Challenges

Competition is Heating Up

In the most recent years, just over 81% of management consulting firms have found attracting and developing new business to be a top challenge – and things aren’t getting easier in 2018. As more companies flood the professional services marketplace, the harder it becomes to protect your market-space, and the more competitive it becomes to close new projects. In order to stand out in 2018, it will be more important than ever before to have a strong team, good tech and a well-built brand.

Talent Acquisition & Retention

Hiring has always been a challenge for professional services companies. In 2013, 83% of project organizations reported that they were understaffed at some level; and it is going to get worst in 2018 with an expected 12% growth in demand for project management professionals. In order to stay sufficiently staffed, firms will have to think of more creative ways to attract (and retain) the limited talent pool, like modernizing their hiring process and amping up their company culture.

Opportunities

Technology is Better Than Ever

There are more tools available to the professional services industry now than ever before. And more than just quantity, but quality too. In more recent years, tools have moved from generic tools like spreadsheets to industry-specific tools like professional services automation and project management software. This year we will see the emergence of an even more developed tool that used to only be available to enterprise-sized companies: project intelligence software.

Failure is Way More Acceptable

The fear of making mistakes has become less about losing face and more about the consequences the failure causes thanks to the new amount of data that has become accessible by technology. There is no such thing as hiding failure anymore, and really no need to either since it is a lot easier to identify and fix. For example: in previous years most mistakes would be sweeped under the rug and a failed project would be camouflaged as successful to the best of one’s ability – because chances are they didn’t know what went wrong and didn’t have answers to the questions that would follow after revealing a failure. Whereas today one is more encouraged to speak about the mistakes so they can identify where things went wrong and ensure they don’t happen again – because we have the tools to do so.

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