We’re excited to announce our new series: The Services Leadership Corner
Working in Professional Services requires intellectual heft. Leaders in the space must have a keen focus on the delivery of high quality work – both on time and on budget — while also balancing an array of operational nuances (to read more about this balancing act – read our Forbes article). These critical elements to successful delivery can include project accounting, resource utilization, project management analytics, strategic planning, varying contract terms, revenue recognition, time tracking, revenue forecasting, expense management, resource forecasting, resource management and business intelligence – to name a few.
As COVID-19 has fast-tracked the need for digital transformation across most industries, Services Leaders must be more nimble than ever. During the first few weeks of the pandemic, TSIA reported nearly 60% of services organizations have switched to remote delivery and 95% have restrictions on in person delivery. That early read has now turned into an overwhelming reality; in fact, a recent survey of CEOs conducted by Fortune magazine and Deloitte showed that 77% of CEOs reported that the COVID-19 crisis accelerated their digital transformation plans. Beyond remote delivery, executives need increased financial discipline given the transfer of risk from client to service provider. It is reminiscent of the dotcom bust and great recession where professional services organizations observed an increase in fixed price projects to bid on projects competitively. It is too early to have any statistical evidence of this shift, however, we predict a material jump in managed service and fixed price projects. The more we can collaborate as a services community the better we can navigate this shifting ground.
We hope you’ll tune in over the months ahead as we speak to industry leaders about the ways they’re adapting to today’s new normal, what they’re prioritizing across their organizations, and how they plan to deliver remarkable performance.