Many industries and business models are at risk of being disrupted due to rapid technological developments, enabling new business models, replacing old distribution channels and changing the way people and businesses interact with each other. Unlike technology companies that are more predisposed to living these values, professional services firms still rely mostly on people to create and deliver value to their clients.
At this moment we see groundbreaking disruption taking place across most industries. When you take a look at the Fortune 1000 over the last 40 years, starting from 1973 you see that major changes have taken place. By 1983, one-third of these companies have fallen off the list. By 2013, only 30% of the original companies are still on the list. This pace of change will continue to increase as only a third of today’s major companies are expected to survive the next 25 years.
Digital technology developments are the leading disrupter, fed by social, mobile, cloud, big data, artificial intelligence and a growing demand for “anytime-anywhere” access to information. Other causes include changing global demographics; increase in entrepreneurship and innovation, which close the gap between mature and developing economies; and the movement of economic centers from West to East and North to South.
These changes are driven by megatrends that have far-reaching, interrelated consequences for business, economies, industries, societies and individuals. Combined they are causing massive transformational shifts.
At Firstvibe we help you in your journey with Professional Services Automation. If anything is a repeatable process, we’ll attempt to automate it. Please contact us for evaluations, reports and our brochure on how we can help you in this journey.