While the term „product management” may still sound foreign and incompatible with the fuzzy and often ill-defined (lovingly called “bespoke”) professional service business, its essence is already emerging in many forms, roles and organizational setups. Embracing the role of solution managers consciously and adjusting the organization surrounding them must be a key workstream within the digital transformation journey of any professional service firm today.
The innovation engine of many firms seems to lack power… and the future readiness of many firms appears questionable. Why is that? After all, there is no lack of talent, analytical and strategic capabilities or money in this highly profitable industry.
We see professional services clearly pushing into „everything-as-a-service“ and generally much more „digital“ approaches to delivering their expertise and value. This has created a renewed and even greater appetite for data than ever before – and not just their clients‘ data, but their very own data: But herein lies the challenge for them…
“You can’t manage, what you can’t measure” – and the #solution view is here to stay as a key business object for #ProfessionalServiceFirms, which needs at least the same kind of management attention as the two core traditional “business objects”, clients and human resources.
Cross- and up-selling in professional service firms has become less of an art but more of a systematic method and data-driven approach that facilitates new growth and scalability.
Traditional business models for professional services are about to expire.
Both established and new players venture into new ways of delivering tangible value to clients and finding smarter ways to charge clients for their work – or rather: the value delivered.
In order to thrive as a next generation PSF, leaders and managers need to acknowledge the need to hire, grow and retain top talent outside of traditional career paths – offering alternatives to contribute to a firm‘s success, to shape its path and drive its future.