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Four BIG Professional Services Trends to Look Out for in 2021
A lot has changed for businesses in the last year. The same is true of professional services organizations that were already reeling in the tech and market developments before COVID-19 and are now bearing the brunt of the pandemic and the concomitant changes accompanying it. It is a perfect storm of changes and challenges that are bound to cause major, long-lasting disruption affecting the way the IT services, engineering services, consulting, and media/marketing firms need to approach services delivery and client relationships.
Immediate effects of the pandemic were seen in forced remote work that affected project delivery and resource management, and reduced client demand that has a long-term effect on the overall financials of the business. This has led to calls for cost-cutting through reduced spending, hiring freeze, furloughs, and layoffs. While this approach may be useful in the near-term, the real opportunity lies in making the professional services business truly operationally efficient and uncovering hidden revenue and profit opportunities.