What's the future business model of professional services, (i.e. consulting, accounting, etc.)?
Can anyone please share some research, or thought leadership on the future business model and value proposition of professional services such as management consulting, accounting, in specific. The current prevalent model is chargeable hours, whereas in the future, much of the work done today will be commoditized by technology.
What will be the new business model?
What will be the revenue sources?
What do firms need to do to position themselves for the future?
What skillsets do they need to by acquiring?
I highly suggest you read Clay Christensen's thought piece on the future of consulting: https://hbr.org/2013/10/consulting-on-the-cusp-of-disruption
Some of this applies to other professional services, some not, but it is generally the way of the future for consulting firms.
Great post, thanks!
Thank you for that. Have you come across any updated thinking or trends within the past year or so?
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