Embracing Tech can rejuvenate your Professional Services Business

Published March 13, 2018

How can technology disrupt a sector that relies on individuals who have received rigorous, usually academic training over extended periods of time, who had to work their way up through the ranks in order to attain the gravitas needed to do the jobs they do? Legal services, medical services, financial and accountancy services – surely human intelligence must prevail here. Yes and no –

“The rise of new technologies, including cloud computing, Big Data, machine learning, and artificial intelligence, has enabled automation of repetitive and predictable tasks. Some of this automation can now be managed by bots. Bots are taking the place of admins, customer service representatives, data researchers, and executive assistants. At the same time, cognitive technology solutions can learn to analyze data, build models, test strategies, and make recommendations to decision-makers.”

The Professional Services sector relies heavily on data collection and analysis – which is done profoundly more efficiently and cost-effectively by intelligent tech, and also relies on making good judgements and communicating those to clients – a very human skill. Used correctly tech can take care of data collection and analysis and free up individual employees to make important decisions and focus on the communicating of brand and business – the human touch.

Tech that’s already disrupting 2 of the largest PS sectors

Financial Services
In this sector machine learning is already being used in data analysis. Intelligent tech can learn over time, developing the ability to understand patterns within systems, which is essential for spotting investment opportunities. Being familiar with patterns also enables AI to spot anomalies which is key in spotting instances of fraud, for example. Data mining can draw up profiles of clients and make judgments about whether they are high-risk or not. From our perspective for your marketing purposes

Data mining an intelligent tech gives an improved view of who your clients are and what their needs are. Tech can provide an exciting opportunity to attract the right customer for your business, enabling relevant messaging and smarter positioning of your brand.

Blockchain technology lends itself well in this sector, the challenge is for financial businesses to understand how to operate in this new world created by emerging technology. Whether you are a detractor or supporter it is worth keeping up with the changes. For those more curious see this Blockchain A to Z we’ve created to help novices understanding of the basics.

Accountancy Services
In bigger firms, drones are already carrying out auditing. Drones are able to do stock takes in massive warehouses, for example, performing the tasks that traditionally are immensely time consuming and hold a high potential for human error. The number crunching and vital attention to every detail and decimal place in firms like means that a large proportion of processes can be automated further minimising risk of human error.

According to Forbes, advanced technology like robotics, AI and automation isn’t changing auditing it’s “revolutionising it”. By embracing it firms “can uncover insights that allow the audit to continue to be relevant and effective in helping investors make important financial decisions.” For small to medium size businesses simply having the ability to access and manipulate data in real time can help differentiate your services, in a sector where ‘Cloud Accounting’ is the norm adding that human touch with well informed insights can make a huge difference in how you attract and retain clients.  

Once again by getting on board with emerging technology, communication within the company as well as communication with clients and potential clients is vastly improved because of an ability to collect and collate quality data, to share that data with relevant parties and to utilise that data to fine-tune marketing campaigns and brand positioning in a way that shows relevancy and commitment in a changing world.

What’s good about all this?
Marketing is simply about presenting the best solution to your customers problem whatever that may be. Professional Services businesses that invest in technology whether as a solution to a particular sector-wide need or purely for their own businesses are already one step ahead. However, unless the technology is well positioned to appeal to the target audience the opportunity to attract and retain clients is lost. Successful tech savvy businesses focus on marketing the benefits of the technology not the features, and as technology is present in all aspects of the day to day running of businesses the opportunity to differentiate via smart marketing is more accessible than you think.

Businesses that successfully manage to blend the best of tech with the best of human position themselves ideally for this new era of business. Our ability to highlight what makes your business great and ensure that you are seen by the right individuals at the right time online lies at the heart of our aims. At mad4digital we are endlessly excited by the potential that tech presents for our clients – we’re optimistic, and once you see what we see for your business – you will be too.