We currently live in a more unstable and unpredictable world which is putting pressure on all businesses.
Whether it is the global macroeconomic impact of Trump’s trade policies, the impact of wars raging on several continents or the increase in national insurance (effectively an employment tax) we have seen in the UK, businesses are generally taking less risk due to the uncertainty created.
Alongside this, private equity backed legal and accountancy firms are growing fast by acquisition and placing pressure on smaller firms. This is before we are seeing a real impact from AI, which will likely commoditise traditional services from these sectors.
Only by investing in technology can firms address these challenges. Let’s take a look why.
Rising costs of doing business require efficiency
In the UK, employees have become more expensive. Whether hiring costs, in a market where good talent is in short supply, training which is complicated now by hybrid working practices or simply the higher payroll costs from the national insurance increases.
Doing more without increasing the size of your workforce is therefore more attractive than ever. Automation can take over repetitive tasks, AI tools can reduce the time it takes to analyse and process client data and cloud platforms can offer greater flexibility while reducing infrastructure costs.
Enhancing service and client loyalty
Whilst costs are rising, so are client expectations. Your customers have become used to getting instant and automated service in the consumer world and will expect similar when dealing with your firm. Of course, they still want to deal with people, but in order to meet their expectations those people will need access to technology that can provide the service they demand.
Providing superior service will also make your clients stickier ie. less likely to move to a competitor—while enabling your team to focus on higher-value work. This is the competitive edge small and mid-sized firms need if they want to compete with larger players.
Planning for success
To take advantage of the benefits technology can offer, it is essential that firms have a process to put in place a strategic technology plan. When working with an outsourced partner, its important they have a process in place to help you do this.
At Pro Drive IT, we’ve developed a unique approach specifically for firms in accountancy, legal and financial services sectors. Our process doesn’t start with tech, it starts with understanding your business, your people, your risks and your goals. From there, we design and implement an IT roadmap that help you operate more effectively, serve clients better, and manage risk with confidence.
Get in touch with us using the form below to find out the results you can achieve by increasing your technology investment.
