Professional services firms are on the cusp of a fundamental transformation driven by data, enabled by technology. For years it has been accepted that these are knowledge-based businesses, and that their life blood is the information that flows through them. This led to the emergence of the importance of areas such as knowledge management. Today, technology has caught up with theory and firms are exploring ways in which they can use their key asset to simultaneously improve the running of their organisations and to transform their client offerings. Between them professional services firms hold vast amounts of data which, if applied more effectively, will help their clients take better decisions, reduce costs, grow revenues and reduce risks, all of this in a timelier manner.
Most clients of services firms are focused on their businesses and solving problems, not always separating whether something is a question for an accountant, tax adviser, lawyer, consultant or property specialist. It is for this key reason that professional services firms need to adopt a broader view when considering how they innovate through technology. There is already much written with a view to specific industries, for example around law and the rise of LegalTech. There are currently not enough people taking the wider view of industry trends across professional services so that those innovating can learn more effectively from each other around common trends.