Innovative Use of Data through Technology will Transform Professional Services Firms

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 lifeblood 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:

  • make better decisions
  • reduce costs
  • grow revenues; and
  • 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.

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Simon Drane

Simon Drane

earlsferry advisory
Simon has held numerous positions within the professional services sector over the last 25 years, at a FTSE 100 legal information solution provider, a legal technology consultancy, a law firm, an accounting firm, and a legal membership organisation. Simon has qualifications in law and tax, and deep experience in commercial product strategy. Simon has board level experience of both executive and non-executive roles, and as CEO of a technology startup. He has a strong track record in creating innovative product strategies resulting in multiple new multimillion pound high growth lines of business. Simon led the new investments product strategy area at LexisNexis and created and launched many of the next generation content and workflow product offerings for lawyers. At the Law Society Simon ran the commercial arm of the organisation and restructured a set of commercial investments through taking board seats. He also implemented a new commercial strategy including a significant shift in focus to legal technology innovation including the launch of a legal tech focused Barclays EagleLab accelerator. Simon has also held senior knowledge management roles in both law and accounting firms. Simon established earlsferry advisory towards the end of 2018 to help people with their product strategies, whether they are technology businesses, professional services businesses or investors into these spaces.