In one of our earlier blog posts, we expounded on how professional services firms can harness cloud applications’ power to organize their companies amidst the COVID-19 effect. Some firms have a culture of establishing cause and effects. Till they are haven’t pinned down the necessary problem, they will not proceed with adapting the right solution.
Hence, it is important to understand the change in work patterns and focus on cloud functionalities that will add tremendous value to your firm in the long run. Here are some changes you can expect to see in the very near future:
Centralized Resource Utilization and Management System.
One of the biggest changes in the online work culture would be the way we communicate. There will be a shift to video conferences, which will drive different work patterns.
Here are some changes you can easily expect as employees go ahead with work from home:
A shift from Formal to Pragmatic Communication:
It is difficult to be formal at a video conference when everyone knows that the time is limited. The technology does not leave space for formalities. Hence, the nature of communication will shift to a greater focus on work.
Increased Morale in the Long Run:
Employees across the firm will face almost identical types of problems. If the firm can address these issues promptly, it will not cause any harm to work productivity. Employee morale may go up since everyone in the firm can bond over sharing the same experience.
Web Meetings Increase Focus:
Many a time, people in the meetings are zoned out of the agenda. Online meetings force you to stick to the agenda. If the meetings’ minutes are available in real-time and on the cloud, staying focused in the meeting becomes easier. Hence, instead of the solution to avoid meetings, firms can shift towards virtual meetings with greater results.
Thus, communication problems will pop up here and there. As far as the firm can adopt the right tools, they can avoid these issues and even improve communication.
Greater Freedom and Collaboration for Increased Productivity.
Clients Will Demand Smarter Firms:
A major change will be observed in how business is developed and how work is assigned and monitored. Sending out RFPs and pitching for business were common up until now. With the right online application that will change. Clients will start looking for firms with smart work cultures.
Managers Will Adopt New Assignment & Monitoring Systems:
Even after the firm has attained the client’s business, the way it conducts its operations would change. Managers will deploy new forms of work assignment systems with the help of current productivity, upcoming projects, and forecasted growth.
Many firms have a culture of working for long hours. Anyone who leaves early is judged with suspicion. That culture will fundamentally shift. Managers will start caring more about end results and productivity with the right work monitor systems, instead of judging employees by their timesheets.
New Methods of Engaging in the Work Culture.
Remember when firms would have cake-cutting ceremonies, desk decorating competitions, and other work culture engagements? A lot of that will change with a permanent impact.
Business growth will take the front seat. Firms will start looking at every possible opportunity for expanding their offerings: accounting services, tech consulting, software development, legal counseling, digital marketing and transformation, and so on… Every firm will have to reassess its competitive edge and portfolio of services. Clients want more services from the same firms, as they start building trust with the firm’s key teams. Hence, the firms will have to bring in a consulting-practice-like structure to address the growing needs of clients.
Having the right number of high-ranking Graduates, Accountants Or MBAs will no longer be enough. Everything will come down to the kind of results a firm can produce and the efficiency of operations the firm has. This will critically depend on the right technology suite, with cloud applications in place.
At the same time, the metrics of client satisfaction will change. Clients will want to start judging firms based on the results they bring in, and not just the availability of partners and senior management for the meetings. This will fundamentally change the way boutique services and consulting firms have engaged in developing relationships. Clients will look at professional services firms as comprehensive solution providers and firms will have to execute on these additional responsibilities.
In Conclusion, Professional services firms have a great opportunity to make a checklist of changes they can expect. Every firm will have to reassess its technology strategy and integrate a cloud-based ERP system that addresses the new normal. Getting a new system developed from the ground up will be expensive for most firms. Hence, to get a cost-effective solution, firms should focus on SaaS platforms that offer rapid deployment, a wide range of functionalities, and specialize in ERP technology for accounting firms.