In a recent report from PwC, ‘How the services sector is rebalancing Britain’s economy’, there is positive news for the professional services market. The report states that “the rebalancing of the UK economy appears to be taking place primarily within the services sector”, so the power is really in the hands of our professional service businesses. This shows how significant the professional services sector is to the UK economy. As the UK’s transition to a service-led economy continues to develop, we can expect to see more growth insupport, which can only be a good thing for those that deliver such services.
Yet it is not only home-grown opportunity that professional service companies can look forward to benefiting from. As Britain’s reputation for delivering service excellence strengthens, its reach into new opportunities extends alongside. The report also indicates that successful industries within the services sector are extending their reach into new global markets and exporting services overseas; with exports representing the greatest area of growth for the professional services market. In fact, the UK is the second largest exporter of services in the world, behind the United States; with export-oriented service industries accounting for at least a third of the UK’s GDP. So at present, things are looking pretty good!
However, this is no time to be complacent. If professional services businesses are to ride this wave to success they need to make sure they are ready to handle growth, particularly scaling globally. Professional services businesses need to ensure they have the right people, processes and technology in place to capitalise on this growth and enjoy the benefits of this new service-led economy. Services businesses need to step away from their spreadsheets and start automating these processes to ensure that they can scale with success. This requires real-time visibility into every aspect of the business; Changepoint PSA can provide this visibility, helping businesses to:
- Improve the quality and predictability of services projects
- Enhance visibility into the state of the business
- Automate time tracking and billing
- Reduce operational costs through streamlining of processes and integration of systems
- Optimise resource utilisation
By getting these cornerstones in place, professional services organisations can grow their business with confidence, helping to increase revenue, drive strong margins, ensure high levels of customer satisfaction, increase market share and participate as a strategic member of the business.
To find out how Changepoint can help your business to scale with success.