Technology & Other Challenges – CTG Survey
For a more in-depth look at the findings from this survey, click here: Technology-and-Other-Challenges.pdf
First and foremost, we would like to thank all the respondents for taking the time to provide us with the invaluable feedback to compile this report Considering the challenging times the world was and still is facing, it is crucial information we can use to contribute towards the growth of the professional services sector.
Our organisation is a customer centric IT consultancy and cloud provider with a key focus on the professional service sectors across Australia As an organization, we always look at ways on how we can provide some insight and feedback to the broader Professional Service community around technology and innovation We therefore completed this survey via video conferencing across our wider legal and finance sector networks to gain a better understanding on the challenges and opportunities companies are facing in the current climate.
The purpose was two-fold, really…
1. We wanted to gain a better understanding on the technology and other challenges companies were/are facing to figure out whether we could aid with some of those challenges and some of them might not be relating to technology at all, but highlight how technology might be able to aleviate some of those challenges.
2. Secondly, start the conversation and collaboration between the firms that are experiencing similar challenges to brainstorm some ideas on what they have tried and tested to help improve the industry or support the sector, at least during these times.
- Based on the analyses, there were a few common trends;
- Sourcing hardware and preparing home offices for staff
- Simple tasks, like ordering stock, became impossible & time-consuming tasks
- Getting remote connectivity to traditional server-based solutions
- No access to practice management software and documents
- Numerous security concerns (which we touch on in the extended pdf document imbedded).
- Companies not being completely cloud ready
- Quickly having to go paper light
Firms had a bigger struggle from a management perspective, to stay up-to-date with the sheer volume of “moving parts” and updates relating to compliance and legislation, with a 3rd of them noting it as the biggest challenge.
Trying to advise clients whilst also trying to understand their own business requirements or compliance aspects, took a lot of communication and regular updates from trusted advisors, which technology was the enabler for.
Most of the firms we spoke to noticed a significant drop in revenue for those few months and therefore no surprise that around 40 listed, business development as a challenge for them, especially firms that ever really had a strong digital marketing strategy in place Existing client engagement wasn’t really impacted as much, considering that the engagements were still predominantly email and telephony based, but rather new business and the ability to build a rapport with a new potential client.
Another big percentage was relating to productivity and ensuring they have the relevant monitoring and management tools in place Even though most firms have the capability to run several reports to look at “or billables, there was hesitation on completely trusting that data without the ability to confirm it with what the respondents referred to as “that gut feeling,” when you can visibility see staff working or active on a project.
Culture – Ethos – Wellness
The general consensus was that on a daily basis, managers and partners experienced two opposite sides of the spectrum. On one side certain personality types were happy without too much human interaction or contact.
Then, on the other end of the scale is the “social butterfly” type of personality that needs or wants people/human contact (and this was not necessarily the people they had expected). Read more in the full pdf doc, about the advantages & disadvantages we uncovered from our interviewees.
We wrapped up the survey asking how people thought this would change the business landscape.
Here are some interesting responses;
- People were concerned about their health and safety at work
- Workers compensation claims could rise due to stress
- There will be more opportunities for working moms or part time staff now
- People will hopefully start looking to source locally in AUS or even within their own states