What's in Store for UK Professional Services in 2023?

The professional services industry has bounced back despite ongoing economic worries.

The second annual professional services benchmark report gathered insights from over 400 business leaders in Europe and the US. Conducted in partnership by Unit4 and the Professional Services Automation Council (PAC), below are some key highlights.

 Optimism in the UK

According to the 2023 report, UK firms are more optimistic about growth than other regions and expect the strongest increase in bottom-line performance. Over a quarter expect operating profits to increase. Forty percent predict contract values will go up by at least 5%.

Talent growth

Thirty two percent of management consultancies and 29% of IT services firms expect their headcount to grow.

The evolving CFO role

The report shows how CFOs continue to get more involved in areas beyond traditional finance, such as hiring, and talent acquisition. Their finance skills can help with data-driven decisions across the business.

Overcoming outdated and legacy tech

Old, fragmented tech systems are holding back a third of UK professional services organisations. Many firms are prioritising new solutions to innovate and meet changing customer needs.

High demand for project management skills

Project management expertise will continue to be highly sought after according to the research. Strong project management is key to delivering successful client engagements profitably and efficiently. Upskilling staff and new hires in this area will be important.

Boosting efficiency through customer service and project management

Professional service organisations in the UK see big opportunities to improve efficiency through better customer service and project management. Enhancing these areas can increase productivity and utilisation.

 ESG Still Matters

Three quarters of UK professional services firms say their ESG goals have stayed steady despite economic uncertainty.

For more information on this, contact Unit4.