- Deep Value
Whilst a Deep Value Firm needs to collect and analyse as much data and information about their client as possible, they will not succeed without first understanding their own business. Therefore, it is important for a professional services firm to firstly undertake a deep analysis of themselves.
As a firm, you need to ask yourself:
By understanding your own firm and how you do business first, you will be better positioned to delve deeper into the client’s data. In this way, you can utilise your strengths to generate unique insights, enabling the understanding and interpretation of client data from a different perspective.
Combining your deep analysis of your own firm with that of the client provides an opportunity for better collaboration and understanding.
This in turn will lead to greater synergies throughout the project, as you identify shared values and use your combined knowledge to work together more efficiently. When you and your client share the same goals and understanding, you are able to develop more effective solutions and deeper value.
To ensure this collaboration remains on track, it is important to implement a monitoring regimen that is constant, useful and has effective parameters in place. This monitoring needs to show any anomalies or unexpected factors which may cause disruption to your project, enabling you and your team to rectify them as soon as possible
This is achieved through the real-time interpretation of client data; as mentioned under Top Line Productivity, new data about a client could have a drastic impact on the scope of work, or effect the work which has already been undertaken.
Therefore, it is imperative all client data is able to be captured, interpreted and disseminated in real-time to ensure maximum return for both you and the client.
By undertaking the above steps of deep analysis, collaboration and data monitoring, you will be able to better drive both your firm and the client’s business towards greater utilisation of business intelligence.
In fact, all of these actions fall underneath the umbrella of how business intelligence is collected, and how it is used to better develop solutions and value. By embracing business intelligence analytics, professional services firms put themselves in a better position to service their clients’ needs.
You can gain a better understanding of how to create deeper value for your clients, which in turn generates greater revenue and productivity for you firm. Similarly, it is important for clients to understand and undertake business intelligence analytics of their own, in order to get the most value out of their partnership with professional services firms – and it is important for professional services firms to encourage this.
By undertaking business intelligence analysis, clients will be able to better understand the value that utilising the service of your firm has made to their business: they’ll be able to see the profit margins increase, the cost base fall, or the advertisements generate greater awareness; whatever outcome your client hired you to achieve. Without a proper understanding of the metrics and analysis of the outcomes, they won’t be able to see the bang for their buck.
Utilising business intelligence analytics is an effective way to shape and support your professional services firm’s development into a Deep Value Provider. By having a deeper understanding of how your firm has performed previously, as well as how it is performing now, you will be able to capitalise on your strengths to maximise value, while acknowledging your weaknesses and work on continuous improvement.
You will also be able to provide your clients with unique forecasts tailored to their needs, enabling them to further develop their business whilst also providing greater value.
Learn how you can start your journey in developing a strategy to become a top line performance firm, download the free eBook.
Free eBook: Professional Services in the New Era - 5 Step Guide to Thriving in the Deep Value Economy.