As we continue the Alternative Insights pain point series on The Client of the Future, Reuben Barry, Director of Data Analytics at ECOVIS Wingrave Yeats considers the business challenges faced by firms when innovating around the Client Experience and argues that there needs to be a shift towards ‘value-add’ in the way we deliver services with data analytics leading the charge…
In the realm of accountancy firms, for years now we have heard the constant refrain; Compliance services are being commoditised, cloud accounting has disrupted the market and clients are more informed and sophisticated. To survive, accountancy firms must bring “value added” services to their clients, delivering forward looking advisory, as clients are able to do more and more themselves.
The same talk takes a different form in the legal market. “Robo-lawyers” will remove the need for a qualified professional, we are told, by providing that direct link between a client query and the answer, derived from the applicable legislation. Once again, to survive the lawyer must be the trusted advisor beyond what can be handled in house with more and more sophisticated and automated tools.
So, it seems we’re all agreed that the way we deliver our services needs to change, to service the client of the future.