The traditional advisory services industry will likely be drastically different in the coming ten years. Shifting client's needs, employee beliefs, technology advancements and additional external factors may change the nature of jobs and skills expected in the future. ?Eventually, these factors, with technology at the forefront, can also threaten the very essence of the 'practical expertise' that advisory professionals deliver.
The Age of Disruption Has Begun
Numerous industries and business models are at risk of being disrupted due to rapid technological advancements, new business models, substituting conventional distribution networks and altering the way individuals and businesses work together.
We are seeing radical disruption occurring in most business sectors at this moment. If you look at the Fortune 1000 over the last 40 years, starting from 1973, you find that there have been significant improvements. In 1983 one-third of these businesses had fallen off the register. By 2013, there is only just 30 percent of the original businesses that were still on the register. This transitory rate will continue to grow because it is estimated that only about a handful of today's big businesses can exist over the next 25 years.
These developments are powered by megatrends, which have far-reaching, interrelated consequences for corporations, markets, sectors, communities and individuals. They combine to create major paradigm shifts.
Specialized services like accounting, legal and consulting have so far not been profoundly impacted by these technological advancements. Still, there are all signs that real change is imminent, and the industry is at the threshold of a digital transition phase. The ultimate change may not only come from innovative ways of arranging and providing skilled services, but it also threatens the very essence of the 'practical knowledge' that business advisory services provide.
Why Do Business Advisory Services Exist?
Continuous specialization has been a critical factor in the present state of our society. And business's inherent desire for specialization is also one of the main reasons why business advisory services exist. Both society and companies are unable to know anything and thus require business advisory services to advise and guide them.
Historically, technological advancements have substantially altered the direction of the need for specialization. Now, this points to the fact that technology is to improve the way we currently use business advisory services radically. Some also believe that technology will gradually overtake such business advisory service providers as technology enables the exchange information more effectively, which is the essence of most business advisory services.
The Clients of Future Business Advisory Services
Client expectations would always evolve and, in tandem with the digital transition, this may be one of the key factors influencing the way business advisory services are offered in the future. Take a look at the key insights about the future of business advisory services:
Clients are continually using technologies and automation to gain resources and information. This may be in the form of business marketplaces for obtaining services through information sharing and crowdsourcing platforms or cybernetic advisors supported by advance technology and artificial intelligence (AI).
The importance of partnerships will improve, and there will be more physical interaction between consumers and businesses where possible. Still, on the other hand, it will be a standard practice for clients and business advisory services to be situated on different continents.
Clients will rely on instant solutions and will opt for price-competitive companies. For the same, multidisciplinary teams should be built from business advisory services providers to fulfil the client's business needs.
The knowledge and information gap between the business advisory services and their clients would be much lower, as clients will be better informed due to continual information sharing.
Clients and business advisory services will be affiliated more in terms of values, relations, price-risk sharing, and business models.
Clients will continue to expand their in-house capacities with the addition of more skilled staff, improved recruitment procedures and further opportunities for work automation.
Clients will expect a result and value-based pricing instead of hourly rates.
Connecting Enterprises with Business Advisory Services
At TRC Corporate Consulting, we are preparing for the future, and we make the business advisory services world more transparent, as we share all our professionals' specialization, our work and our client's feedback with you. Using our consulting services, you can fulfil the requirement of business advisory services for sectors such as accounting, consulting, legal, tax, financial planning and more effectively. Get in touch with our team to learn more about our services and specializations.