Kantata Survey Sheds Light On How Professional Services Will Navigate Rapid Industry Transformation

Kantata, the leading global supplier of purpose-built technology for professional services, today released findings from a recent survey among leaders in the professional services and consulting industry to shed light on the key trends driving the rapid transformation in the sector. The survey highlights the critical role technology plays in the industry's transformation and how the right solution is needed for organizations to succeed in uncertain times.

Technological advancements emerged as the primary driver, with 31% of the surveyed professionals recognizing its pivotal role in accelerating change. The impact of increasing globalization (20%), data-driven decision-making (16%), and changing client expectations (16%) were also significant drivers of change.

The survey further explored the primary approaches adopted to address these challenges. Innovation and experimentation (22%), agility and flexibility (19%), continuous learning and upskilling (15%), future-proofing strategies (12%), and process improvement (11%) were the key strategies employed by professionals in the industry.

In response to changing client demands, respondents highlighted quality and consistency (26%), measurable ROI (13%), knowledge transfer and capability building (12%), innovation and thought leadership (11%), and price transparency (10%) as the top priorities.

The survey also uncovered challenges faced by organizations in balancing efficiency with scalable growth. Client acquisition and retention (17%), pricing and fee structure (16%), operational efficiency (15%), demand volatility (14%), and talent management (13%) were identified as the major hurdles.

To address these challenges and embrace the opportunities presented by transformation, organizations are increasingly turning to technology solutions. Among the most sought-after software capabilities were data analytics/insights (19%) and knowledge management/expertise sharing (19%). Enhanced decision-making support (13%), automation (12%), and personalized client experiences (13%) were also recognized as crucial components for achieving efficiency and scalable growth.

"It's more urgent than ever for PSOs and consulting firms to balance efficiency with scalable growth in constantly changing macroeconomics and market dynamics," said Michael Speranza, CEO of Kantata. "The continued adoption of emerging technologies, such as artificial intelligence and vertical SaaS solutions, will play a significant role in finding that balance. PSOs that leverage purpose-built technology effectively can stay ahead of the competition, better engage their resources, exceed client expectations and improve efficiency for success today and tomorrow."

Kantata's solutions are designed to enhance visibility and profitability for professional services organizations. By leveraging the resource planning, forecasting and advanced analytics the Kantata Professional Services Cloud offers, businesses can predictably and profitably run projects, optimizing resources for greater success. The integration of cloud computing and AI technologies provides invaluable data-driven insights for improved decision-making, leading to enhanced project efficiency and profitability.

To learn more about how Kantata can help your business remain competitive and deliver excellence in services, click here. Download the full report to see all of the findings here.

Methodology

The research conducted by Censuswide was in the field in July 2023. The 129 respondents were directors, decision makers, and C-Suite executives who work across various industries in professional services organizations in the United States.

About Kantata:

Kantata takes professional services automation to a new level, giving people-powered businesses the clarity, control, and confidence they need to optimize resource planning and elevate operational performance. Our purpose-built cloud software is helping over 2,000 professional services organizations in more than 100 countries focus and optimize their most important asset: their people. By leveraging the Kantata Cloud for Professional Servicestm, professionals gain access to the information and tools they need to win more business, ensure the right people are always available at the right time, and delight clients with project delivery and outcomes.