What Does “Convergence” Mean for the Professional Services Sector?
In the past several years, the rapid growth of innovative technology has resulted in a gradual integration of traditional industries like healthcare and financial services – referred to as “convergence.” While some may think the B2B professional services sector is less susceptible to the phenomenon of convergence, research seems to indicate otherwise.
Bliss Integrated Communication, a Worldcom partner that works with clients in the professional service sector, argues that there are three major sources of this shift towards convergence: new technology, new competitors and in-sourcing.
New technologies have given rise to tech-enabled startups that create a new source of competition for professional services (e.g., accounting, consulting, law and other services firms). Additionally, new technologies are also improving recruitment and hiring capabilities, so many corporations are able to bring highly-skilled professionals in-house. As a result, these professional service sectors are seeing more pressure on fee-based revenue.
New technologies are also paving the way for increased automation – and the professional service sector is not immune:
- In October, The Wall Street Journal reported research finding “two-thirds of large global companies expect to automate some or most of their finance-department tasks over the next two to three years.”
- In April, The Atlantic echoed this, stating that “advances in artificial intelligence may diminish the role [of lawyers] in the legal system.”
Clearly, technology is creating major changes for all workers – including professionals in the B2B service sector. What can communication professionals do to adapt to these changes and equip clients with strategies for success? Find the answer and more on the blog from Bliss Integrated.
Bliss Integrated Communication is a 38-year-old marketing communication firm that helps clients in three verticals – financial services, professional services and health care – build reputation and sales through PR, digital media, investor relations and analytics. Headquartered in New York, the agency is a long-standing member of Worldcom and serves some of the most respected names in the industries served.