Take Digital Innovation from Concept to Implementation

Insight categories: PracticesAgileDigital TransformationTechnology

Connect Digital Strategy with Project Execution to Create More Value

With a 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 their business.

Digitalization is not only a way to ease 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.

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The Era of Digitalization: Why Is Software Development Essential?

Digital transformation may start with a new understanding. 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 often 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 top two positions the lack of an innovative approach (25%) and the lack of specialist understanding of their business or sector (21%). The significant percentage of companies selecting these options as the stimulus for ending a business relationship must represent a genuine concern for consulting firms.

Moreover, the participants mentioned that evolving digital infrastructure and implementing more advanced use of artificial intelligence technologies will be 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 changed. Clients need solutions to help them adapt to digital innovation and to establish durable and valuable partnerships. 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 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 our team 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 Solution: A Tech Partner for Digital Transformation Initiatives

The challenges companies experience when adopting new technologies are the lack of a 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 only consulting services but also an integrated IT solution.

Choosing an external partner can assure a more innovative approach for consulting companies in regard to digitalizing their business processes. This represents an opportunity to avoid the risks of losing their clients while adapting to the industry’s transformational processes.

For a software services company with 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 path 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. A reliable tech partner can take digital innovation from concept to execution, increasing customer engagement and ROI in a digital transformation project.

A Partnership’s Benefits from Connecting Strategy with Execution

An urgency in aligning with market trends and digital innovation is common across many industries. Partnerships usually mean potential growth for organizations, leveraging new opportunities and faster access to less expensive and less risky assets and talent. 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. 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, 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.

Conclusion

The power of digitalization and the perspectives it offers have made technology adoption mandatory in any industry. A partnership that sustains growth and profitability is more than essential for a consulting firm to meet its clients’ growing expectations in terms of digital transformation.

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