The service sector is coming out of a period of massive disruptions, and companies need to adapt to new ways of working, changing customer requirements and constantly evolving business models. This is the context in which the digital transformation is no longer just an option, but is the essential condition for growth.
This study was conducted on a sample of 250 companies in the professional services industry, which are forced to rethink their strategies for the post-pandemic era. Trends show a growing openness to flexible working models and the adoption of software solutions to help them respond better and faster to any challenges that may arise.
The future looks good
Despite the economic turmoil and continued volatility, service companies are optimistic and all indicators suggest that we are on the verge of experiencing a period of growth. 83% of the companies that participated in this study anticipate that their top yield will increase in the current fiscal year. IT and financial services firms are the most confident in Europe (46% expect an increase of> 6% next year).
When it comes to growth, companies rely on the acquisition of new customers
The results of the study show that service companies expect the acquisition of new customers to be the main engine of growth in the region. 82% of business leaders predict that their number of accounts will increase in the current fiscal year - 94% of IT service companies and 87% of financial services companies say so. Firms in the UK (84%) and DACH regions (82%) are most confident in their ability to sign new contracts.
Consolidation is seen as another important engine of growth. Professional services are one of the fastest growing sectors in Europe, and more than a third of companies plan to merge and acquire the main growth engine next year. Many companies also respond to the talent shortage by acquiring other companies to address staff shortages.
Cash flow has been a problem in recent years, but most companies believe that they will be able to maintain a stable trend. Only 17% expect cash flow to be declining, while 27% expect improvements of over 6%. Consulting firms are by far the most cautious in this regard, with 40% of them considering that they will notice a decrease in the cash flow position.
BITSoftware solutions, a real "game changer" for the service industry
Almost three quarters of respondents to the CAP study (71%) see dependence on old applications as a major barrier to their growth and level of innovation in the organization they belong to. 43% of companies believe that digitalization has the potential to transform the entire organization.
Digitalization or Digital Transformation, no matter what we call the process of transition from analog to digital is no longer just a buzzword, but rather a natural stage in the evolution of any business. It promises many opportunities and benefits: from process optimizations to productivity increases and cost reductions.
CRM, ERP or Resource Management solutions are part of the technologies dedicated to standardizing and streamlining the way companies work. Each of these types of integrated management solutions has a wide range of functionalities and is foldable to any type of business that falls into the category of professional services industry.
BITSoftware offers its customers access to software applications dedicated to the service industry and support during the choice of the best solutions according to the requirements and needs of the company. We have extensive experience and a beautiful collaboration with important companies in the Services area, who have understood the advantages of digitalization and why now is the time to look to the future and invest in complex solutions, in the cloud, easy to manage, to it fully covers their needs to follow the activity and to anticipate and understand the obstacles they face.
What software solutions do we offer, what features can we cover and what benefits can you enjoy? See more details here!
