Collaboration will unlock innovation and new growth but is culturally challenging
Collaboration is perhaps not a term that sits well with professional advisors who have historically built their entire business model and reputations around being the expert and getting it right first time. While many truly customer-facing organisations have long seen the value of collaboration, both internally, and externally with partners and customers, it is perhaps one of many areas where professional services are playing catch up. In this article I will explore some of the thoughts from a range of contributors across the different sectors and seek to draw out some practical steps.
As I said in an earlier piece, perhaps the biggest challenge in adopting a more collaborative approach is that the majority of firms, when asked about their innovation goals, say that they are around delivering better client outputs, and yet at the same time most acknowledge that the majority of their innovation activity is around internal efficiency. As I wrote about in my earlier article for Alternative Insights, this disconnect in goals and actions risks leading to an “authenticity” challenge for firms. One reason I pose for this disconnect is the related statistic that 85% of people surveyed felt that not enough focus is currently on the client and transforming the outcome they receive.