Across industries and global markets, nearly 1 in 3 executives say that the digital transformation is now a matter of survival. Among the companies that have made the switch, more than 8 in 10 say the move to digital has given them a competitive edge. But the digital transformation isn’t just for startups and tech ventures: trends show that industries once deemed traditional are now embracing technology as a way to save money, boost agility and increase efficiency.
For professional services firms, the digital transformation poses unique challenges—and equally unique opportunities. A recent survey of leading professional services firms outlines numerous trends in IT spending and adoption that will continue shaping the industry in the months, and years, to come.
Increased technology spend
When surveyed, 47% of professional services CIOs expect their IT budget to increase this year. What are they hoping to accomplish with their IT dollars? Improved business processes, increased efficiency and cost savings. More than 40% of those surveyed also see IT endeavours as a way to drive revenue.
A continued shift to the cloud
Not surprisingly, professional services leaders also expect to increase their investment in the cloud over the next 1 to 3 years. They cite improved availability and resiliency, agility and the fact that the cloud is the “best solution available” as the Top 3 reasons for adopting this technology. When compared with other industries in this large-scape study, professional services CIOs were more likely to invest in the cloud to enable a mobile workforce—one of the top employment trends currently taking hold among global law firms.
They cite improved availability and resiliency, agility and the fact that the cloud is the “best solution available” as the Top 3 reasons for adopting this technology.
But as with all technology, the cloud poses key challenges. Professional services professionals shared that their shift to the cloud brought concerns over data loss, privacy, integration with existing architecture and compliance issues. This makes it increasingly crucial for savvy global firms to explore DaaS cloud-based solutions that increase performance, mitigate security risks and improve cost predictability.
In the years to come, cloud-based solutions will play a key role in the digital transformation for professional services firms. Explore how DaaS can help your business edge out your competition and ease your shift to digital.