An article by Sebastian Hartmann & Ashish Madan

Many professional services firms had to expand and improve their virtual collaboration, operations, sales, and digital service delivery environments drastically over the past years. The global pandemic these past months has even further accelerated the digital transformation of legal, consulting, tax and accounting. This change of pace, in terms of technology implementation and adoption, is unprecedented for an industry where on-site service delivery, people and relationships are considered to be the “secret sauce.” …

An article by Sebastian Hartmann & Stephan Kaufmann, originally published in LegalBusinessWorld №3, 2020

The cost pressure is on for professional services. Shifting client demands, declining prices, new technologies, and an emerging set of fierce competitors are taking a toll on law, consulting, tax, and accounting firms. Especially in times of crisis, cash is king. Once the topline deteriorates, outlasting the competition requires superior cost management. COVID19 is surfacing which firms have successfully adjusted their business and operating models and will be able to cope with the harsher climate of a global recession — and the accelerated digital transformation of…

by Sebastian Hartmann & Shamus Rae

Something stirs underneath the surface of professional services. Last year, KPMG surveyed hundreds of leaders and managers across professional services firms globally on their use of technology and the signs for change. A significant 48% reported they expected major or radical change across their business and offered services within the next three years. A percentage that is incredibly telling for an industry with high growth and profitability, yet very little change to its traditional business model over previous decades. So, what is driving the change?

Over the past couple of years, the culmination of…

An article by Sebastian Hartmann

The world of professional services has begun to change dramatically over the past decade — and many of those changes bear strong commonalities across lawyers, consultants, accountants, marketing or technology experts. Aside from the fact that accountants or tax advisors are leading the charts about jobs endangered by robots and artificial intelligence (but are still far from disappearing), we can observe that in general, the traditional knowledge advantage of the professions is increasingly fading. And that the way they deliver their expertise is evolving. Technology and more data-driven new solutions or entire firms are changing the market dynamics and traditional…

An article by Sebastian Hartmann & Stephan Kaufmann

A paradigm shift is driving an evolution across professional services: The clients of professional services firms (short “PSF,” e.g., legal, consulting, accounting, creative, tech services) are increasingly looking for clearer value propositions with more tangible outcomes. These clients are now (and more than ever) open to using alternative providers, more digital solutions, and innovative business models. Some of this even happens entirely under the radar of traditional law firms, consultancies, and their likes.

Consequently and in response to clients, providers have more broadly begun to adjust their pricing schemes, e.g., from input…

by Connie Brenton & Sebastian Hartmann

It’s fairly plain to see that the nature of knowledge work at businesses across the globe is changing. The Fourth Industrial Revolution — the digital revolution characterized by a fusion of technologies blurring the lines between the physical, digital, and biological spheres — is heavily impacting practically everything businesses do:

  • what they need to get done;
  • how they are getting things done;
  • who is doing them;
  • where they are doing them;
  • how things are prioritized, and
  • how quickly all of this is evolving.

What’s not so obvious is the downstream impact on lawyers, management…

An article by Lina Krawietz, Stephan Kaufmann and Sebastian Hartmann

Due to COVID-19, professional services are currently facing unprecedented challenges. In view of this unique situation, it would be irresponsible for them to base their actions solely on their given knowledge and experience. If anything, it has become crucial to now develop a completely new understanding of clients’ acute needs and how to provide value accordingly. Design Thinking — arguably the world’s best-known innovation approach — offers a powerful framework for dealing with the volatile, uncertain, complex and ambiguous conditions at hand.

With a strong focus on user needs, Design…

An article by Lina Krawietz & Sebastian Hartmann

As a framework for solving complex problems, Design Thinking takes on a whole new meaning, in times of Corona, when practically everyone needs to adapt to uncertain, rapidly changing external conditions within a matter of moments. With the drastic COVID-19 pandemic countermeasures taken around the globe, businesses are faced with a series of major challenges: Production and sales facilities have been closed down. Workflows need to be managed remotely, wherever possible. …

An article by Sebastian Hartmann

As the world is bracing itself for the impact of COVID-19 on our nations, economies, companies as well as individuals and societies, professional services firms (PSFs) are both positively and negatively impacted at once: Navigating the regulatory, ethical and legal responsibilities of this pandemic drives business for many law firms, accounting, assurance and consulting service providers as well as technology advisors and providers alike. However, this additional work does not compensate for more extensive losses.

An article by Sebastian Hartmann, Stephan Kaufmann and Hans Winterhoff

Anyone who is trying to motivate the partners in a law, consulting, accounting, engineering or any other typically partnership-based firm to start or keep investing in innovation, will quickly understand what we want to talk about in this article: The importance of measuring innovation and providing evidence of how partners’ money is being spent. And that it is money well spent.

Despite all debates about the (obvious) difficulty of measuring innovation, let alone innovation management, we believe and have seen that three elements can make a lasting difference:

1. Regular…

Sebastian Hartmann

FOLLOW for quintessential insights and resources on #professional and #B2B #service firm #management & #innovation in a changing & #digital world: #NextGenPSF

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