[Explainer] What does it mean to be a mature company?
13 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
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3 min read
The year 2023 was a turbulent time for industries, including professional services organisations.
The world faced global instability, rising interest rates, and the ongoing climate crisis, resulting in a decline in most key performance indicators (KPIs).
However, does this mean that the industry will experience a resurgence in 2024?
At the start of each year, I eagerly anticipate the release of the Service Performance Insight Benchmark!
This extensive resource delves into the world of professional services organisations worldwide, offering over 200 pages of valuable insights and knowledge.
With nearly 600 participants contributing their performance data across 100+ KPIs and a practical framework for business growth and evolution, this year's edition promises to be as enlightening as ever.
Yes, it is a significant factor for Professional Service Organisations (PSOs). Yes, it is impacting the industry in various ways:
2023 was a year hampered by high-interest rates, uncertain economic conditions, and geopolitical conflict, resulting in slower growth and reduced hiring. (…) Artificial Intelligence (AI) mania brought deep interest to the professional services market and the firms that support it."
Entering 2024, there is renewed optimism compared to the uncertainties that marked the beginning of 2023.
SPI Research expects annual revenue growth to return to the 10-12% rate it typically achieves."
Looking to the past can provide valuable insight and perspective when uncertain about the future.
Annual revenue per billable consultant is $207 (k), and billable utilisation is 71.7% - the second highest in the five-year trend.
New business models, less on-site service delivery, and project margins slightly up.
COVID effects still lingering. EBIDTA slightly improved and more than 80% of projects delivered on time.
Positives in overall sales growth and profitability but with a perception that more effort did not necessarily translate to working smarter.
Challenges with high interest rates, economic uncertainty, and geopolitical conflicts resulted in slower growth and reduced hiring. Europe saw a marginal increase in profitability from 19.5% to 19.7%.
Do you prefer to get the highlights of this year's benchmark through a live webinar or as a podcast series?
You're in luck!
See the webinar: Key findings of Professional Services Industry on demand now
To truly enhance your metrics and KPIs, it's essential to understand what drives growth and evolution within your business. While financial growth and profitability are crucial, they are not the only factors contributing to success. As a people-centric business, it's vital to focus on achieving four key goals: increasing revenue, maximizing organisational profit, ensuring high levels of client satisfaction, and optimising employee performance.
To achieve these goals, it's essential to understand your processes clearly and invest in technology that aligns with your company's maturity level.
You can create a solid foundation for growth by documenting and streamlining your processes. Additionally, investing in the right technology can help you automate tasks, improve efficiency, and drive innovation within your organisation.
By focusing on these essential elements and leveraging the right tools and strategies, you can set your business on a path towards sustainable growth and success. Remember, growth is not just about numbers - it's about creating a strong, resilient organization that thrives in an ever-changing market.
Discover the solution within the comprehensive insights of the 2024 Professional Services Maturity Benchmark.
The maturity of professional services organisations (PSOs) is crucial. It directly impacts efficiency, client satisfaction, and overall business success. Companies at higher maturity levels tend to navigate challenges more effectively and are better positioned for sustainable growth.
As business processes mature, PSOs should prioritise areas like optimising resource allocation, enhancing project management, and refining client engagement strategies. Emphasis on talent development, leveraging technology, and fostering innovation becomes vital for sustained success.
The optimum level of maturity varies across different phases of an organisation's lifecycle. In the early stages, flexibility and innovation are critical, while later stages demand more structured processes and control. Striking the right balance ensures adaptability while maintaining operational efficiency.
Diagnostic tools evaluate key performance indicators (KPIs) aligned with a maturity model. These tools assess factors like project success rates, client satisfaction scores, and operational efficiency, providing insights into the health of business processes based on the organisation's maturity level.
Successful PSOs exhibit traits like agility, client-centricity, and adaptability. As maturity increases, the focus shifts to process optimisation, innovation, and strategic client relationships. In contrast, less mature companies may face challenges like inadequate project management and limited scalability.
The Professional Services Maturity Model benchmark operates in tandem with the Technology Maturity Model. The integration ensures that technology aligns with business processes, fostering a harmonious relationship between organisational maturity and technological advancement. This synergy enhances overall operational efficiency and competitiveness.
The professional services industry encompasses diverse sectors offering specialised knowledge-based services. This includes consulting, IT-services, software services, accounting, and marketing, among others. It revolves around providing expert advice, support, and solutions to clients.
Examples of professional services industries include management consulting firms, engineering, accounting agencies, advertising agencies, law firmsand IT consulting companies. These businesses offer specialized services, relying on expertise and knowledge to meet client needs.
13 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
4 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
4 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
8 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
7 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
6 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
7 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
12 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.
5 min read
Discover the top trends and predictions for the professional services industry in 2024, including the pivotal role of AI. Download the benchmark now.