PROFESSIONAL SERVICES ARE INVESTING AND INNOVATING
Professional services are going through a revolution; in the wake of the pandemic, new concerns, including the energy crisis, supply chain issues and tax regulation have come to dominate the industry. New ways of working and business practice optimisation are being used to tackle these problems and are increasingly viewed as an industry standard. From omnichannel selling to business automation, automation, professional service providers are embracing technological advances, changing how they interact with customers, and focusing on providing their expertise when and where it’s required.
To better understand where the industry is heading, we have surveyed over 300 C-suite executives working in the professional services industry to find out how they transformed their business in the last 12 months and what their plans are for the future.
Here's a peek into what we found
75%
said their business refined, evolved or expanded their products / services in the last 12 months and 71% intend to do so in the next 12 months.
75%
said their business provides products / services across multiple channels, yet only 54% said those channels are synchronised.
62%
said their business had changed its pricing model in the last 12 months and 57% intend to change their pricing model in the next 12 months.
43%
said their business had expanded into a new vertical in the last 12 months and 43% intend to target a new vertical in the next 12 months.
67%
said remote working, cloud-based platforms and accessible data improved their business practice in the past 12 months. 63% aim to scale up these new ways of working.
61%
said their business intends to increase its use of automated tools in the next 12 months. 42% of those will use it for financial processes.
It is encouraging to see that professional service companies are embracing the shift to digital ways of working to meet evolving client needs. While the future looks bright for the professional services industry, the data show that there is more to do. There might not be a silver bullet, but with the right mindset that views technology as a sustainable partner for your business, helping you meet and manage clients and support the delivery of services across all channels, your business can achieve its objectives, stay ahead of competitors, and sustain long-term stability.”
— Jason Lalor, Executive Director for Square Europe
In this report, you’ll find:
A professional analysis of 2022’s top professional services trends
From creating new products and services to automated administrative and financial processes, discover the new tools of the trade, technology, and trends changing how professional services operate.
Industry insights from Professional Services experts at Square
Kaushalya Somasundaram and Anne Harris, our resident professional services experts, discuss some of the most innovative and important trends they’re seeing in the industry this year and what they mean for the future.
Insights and advice from the Square team
Understand how your professional services business can optimise operations to save time and money, and explore new opportunities to increase revenue.
Tools and strategies to help you bring all of these ideas to life
Integrate these ideas and trends into your business, no matter your size or location.
To get the rest of these insights and trends, download the full Future of Professional Services report.