57% Haven’t Started the Process
According to The Digital Transformation Imperative: A Research Report for the Professional Services released today by the Hinge Research Institute, only 12% of professional services firms have undergone digital transformation. Fifty-seven percent haven’t moved beyond the planning stage. Underscoring professional services firms’ slow adoption of digital transformation, 73% of firms, including technology and software, indicated having reached only low digital maturity levels.
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“This is a worrisome trend given how the pandemic has normalized remote work and accelerated the adoption of cloud technologies across all industries,” said Lee Frederiksen, PhD, managing partner at Hinge. “In today’s business environment, digital strategy is a revenue strategy. Firms nimble enough to reach higher digital maturity levels can meet shifting client needs and improve their top and bottom lines. Those who make little progress in the next few months will find themselves lagging further behind as the Great Resignation makes it even harder for firms–and vendors–to find seasoned tech talent who can help implement the transformation on the first go.”
The benefits of investing in digital transformation are irrefutable. Of the firms that made the investment, 70% saw increases in client satisfaction, 64% in annual revenue, and 61% in profitability, among other key gains.
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Among the report’s key findings, the important role of seasoned tech experts rang through. Firms that obtained third-party help were more likely to meet their digital transformation goals than those who undertook the process without help. Fifty-seven percent of the latter struggled with finding the right talent while 48% made no attempt to hire any.
The study comes at a time when the professional services are the hardest hit by the Great Resignation, and seasoned tech talent is more scarce than ever.
More than 130 C-level executives and decision makers participated in the underlying study conducted in October of this year. They worked in one of six professional services industries: technology/software, accounting, legal, architecture/engineering/construction, consulting, and marketing.
About the Hinge Research Institute: We conduct and publish independent research on professional services firms to uncover the marketing strategies of high-growth firms and give B2B companies and associations the data and insights they need to understand and profit from the professional services industry.
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