Take Digital Innovation from Concept to Implementation
05 October 202205 October 2022 | Insights
Connect Digital Strategy with Project Execution to Create More Value
With the constantly changing economic climate and clients expecting more and more from their service providers, consulting firms must adapt their strategy and reinvent how they approach the business.
Digitalization is not only a way to ease the operational processes but also a trend that can maintain a strong organization’s competitiveness and place in the market. A study realized by Deloitte showed that a company’s digital maturity influences its financial performance, emphasizing the ability to focus on growth and innovation.
Table of Contents
- The Era of Digitalization: Why Is Software Development Essential?
- The Solution: A Tech Partner for Digital Transformation Initiatives
- The Partnership’s Benefits from Connecting Strategy with Execution
The digital transformation may start with a new understanding. The clients are looking for a complete and complex solution, an end-to-end offer for their problems and necessities. Moreover, software packages created for the mass market most of the time could be unsuited for a specific need. Compared to commercial off-the-shelf software, choosing a custom software development service is a better option. Custom software applications or systems are provided for a particular set of requirements, understanding the unique needs of a company or sector.
Asked why a commercial relationship with a professional services firm ended, the companies participating in a survey conducted by Longitude, a Financial Times company, rated in the first positions the lack of innovative approach (25%) and the lack of specialist understanding of their business or sector (21%). The significant percentage of companies selecting these options as a stimulator for ending a business relationship must represent a genuine concern for the consulting firms.
Moreover, the participants mentioned that evolving the digital infrastructure and implementing more advanced use of artificial intelligence technologies are the essential strategies over the next 12 months. For example, KPMG modernized parts of its digital infrastructure and plans to extend the process to the entire operational division.
“We have automated much of our client-facing processes and services so that we can be ubiquitous with our clients across Tax, Audit and Advisory. As with our clients, we remain a work in progress”, explained Anton Ruddenklau, KMPG’s Head of Digital & Innovation for Financial Services.
The Pandemic Has Accelerated the Adoption of the Technology-Enabled Operating Model
Research that questioned multiple clients of consulting firms concluded that, following the pandemic, expectations have changed. The clients need solutions to help them adapt to digital innovation, establishing a durable and valuable partnership. And, of course, one adjusted to the “new normal”.
For instance, the COVID-19 pandemic led to a tremendous shift in how companies operate their day-to-day business. Many companies announced plans to institutionalize their remote or hybrid working ‘experiment.’ So, what initially was a temporary working model with their clients is now here to stay. Thus, organizations must now focus on adopting software that enables central resource management.
Deloitte, for instance, was one of the digitalization pioneers among consulting firms, creating a digital platform that enabled an easier connection with their clients. Other companies immediately followed the trend, proving that digital innovation will completely replace conventional working processes.
The current landscape requires “a new type of organization, one that is more agile, lean, digitally infused, and experience-centric”. Companies need to shift their pre-pandemic technology investment strategy from stand-alone project-related issues to integrated, company-level initiatives to rise to the occasion.
In addition, a survey conducted by Fortech one year ago reached the same conclusion. The research, which studied the impact of digital transformation in professional services firms, concluded that digital transformation could unlock positive effects for companies, such as new business opportunities, improved collaboration, or gaining competitive advantages.
The challenges companies experience when adopting new technologies are the lack of strategy, budget limitations, the lack of skilled IT resources, or difficulties in choosing the right solution provider. Selecting a tech partner to provide software development may be difficult for any company, that needs not just consulting services, but also an integrated IT solution.
Fortech’s Digital Transformation in Professional Services Firms report emphasizes increasing clients’ expectations and the lack of necessary resources or skilled personnel as the biggest disruptors in the market. As the most critical investments in technology, companies that attended the study rated in the first positions automation of repetitive tasks, cloud infrastructure, and implementation of data security and privacy measures.
Choosing an external partner can assure a more innovative approach for consulting companies regarding digitalizing their business processes. This represents an opportunity to avoid risking losing their clients while adapting to the industry’s transformational processes.
A software services company owning solid know-how and extensive experience in implementing multiple types of projects, partnering with a consulting firm should be a transformative solution for gaining long-term clients and increasing the value on the market.
Providing expert advice in various domains is, by definition, a tool that can help organizations improve their performance and build a more specific way to success. According to Christina Gurgu, “regardless of the industry, every company that must ask for a consulting advisor’s expertise will choose the most valuable and cost-efficient offer on the market”.
Even more so, the increased competition and the demand for digital innovation will intensify the partnership’s importance in serving the client’s interests.
With substantial technical and industry expertise, Fortech can partner with consulting companies as a software development services provider, bringing the specific know-how for project implementation. The clients can rely on Fortech for business analysis, software development, software testing, robotic process automation implementation services, UI/UX design, operations, and customer support. Over time, Fortech proved its experience and reliability, sustaining over 260 clients worldwide. Through such an IT service company, the consulting firm’s strategy can be effortlessly implemented, leading to a sustained digital transformation for the final client.
A reliable tech partner can take digital innovation from concept to execution, increasing customer engagement and ROI in a digital transformation project.
The urgency in aligning with the market’s trends and digital innovation is common across many industries. Partnerships usually mean a growth perspective for organizations, leveraging new opportunities and faster access to less expensive and less risky assets and talents. Moreover, a strategic alliance can be the response to the in-house limitations an organization is confronting.
Besides cost reduction, increased knowledge should be an essential benefit of a strategic partnership. Moreover, entering new markets, improving the quality of the services, and maintaining a long-term collaboration with the client are relevant advantages to consider when partnering with a software development company.
For instance, the partnership between a consulting firm and Fortech, has the potential to enhance the capability to attract new clients through a complete range of solutions, from consultancy and expertise to advanced technologies’ access and project implementation.
The increased competitiveness across consulting firms, the pressure to adopt new digital solutions, and the need to constantly improve services can be resolved through such a strategic collaboration. Moreover, the partners usually come into an alliance with a specific background, targeting different markets and clients or having different processes and cultures. The real value of a partnership comes precisely from leveraging these differences and serving the same purpose and client.
The power of digitalization and the perspectives it offers made technology adoption mandatory in any industry. A partnership that sustains growth and profitability is more than essential for a consulting firm to meet the clients’ growing expectations in terms of digital transformation.Fortech
Christina Gurgu, Growth Manager - Professional Services
After 20+ years of providing services to clients in various industries, Christina Gurgu joined Fortech in 2021 as a Growth Manager to establish a new strategic direction focused on supporting Professional Services firms.
Her professional experience, customer relationship management skills, and deep understanding of the professional services industry enable her to provide prospects and clients with the support they need to access Fortech’s custom software development services.