Thriving in 2024: How Professional Services are Rocking the Business World

The Global Service Dynamics 2024 Report is here.

Welcome to the future of professional services! The Global Service Dynamics 2024 Report is here, and it’s packed with exciting insights, surprising trends, and game-changing strategies. If you’re part of a professional services organization (PSO), buckle up because 2024 is shaping up to be a thrilling ride.

In this blog, we provide you a quick recap on what you can expect of the report and key highlights. If you would like to know more about the report, simply click on the image below and download the report.

Imagine a world where professional services are not just support players but the rock stars of the business world. That’s exactly where we are heading. A whopping 99% of companies see their PSOs as vital to achieving their big-picture goals. It’s like PSOs have gone from being the backstage crew to headlining the show!

Top challenges

Just when we thought we had it all figured out, 2024 throws some curveballs our way. The biggest external challenges? Adapting to AI and dealing with economic uncertainties. Inside the PSOs, it’s all about juggling efficiency, workload balance, and keeping top talent from jumping ship. Think of it as the ultimate reality show where strategy and adaptability are your best allies.

Strategy and Objectives: The Master Plan

Here’s the exciting part: 63% of organizations now see their PSOs as profit powerhouses. Forget the old days of being seen as mere cost centers—today’s PSOs are all about driving profitability. Despite the economic ups and downs, nearly half of the firms surveyed beefed up their teams by over 10% in 2023, and the growth spree isn’t stopping anytime soon. With 85% planning to expand in 2024, it’s clear that PSOs are the new growth engines.

Tech Talk: AI to the Rescue

AI isn’t just a buzzword—it’s the secret weapon for tackling the year’s challenges. Companies are betting big on AI to boost efficiency, cut costs, and streamline operations. Yet, many PSOs are still stuck using clunky tools like spreadsheets. It’s like trying to win a race with a horse and buggy when everyone else has sports cars. Time to upgrade, folks!

Adam Hay: As part of Certinia’s early adopter program, we’re focusing on understanding AI models to leverage our data effectively. We’re working on predicting margin and project scheduling risks, aiming to foresee impacts before they happen. Feedback has been positive, and we’re close to putting these models into production.

Key Takeaways: The Cheat Sheet for 2024

Profit-Centric Growth: PSOs are no longer the unsung heroes—they’re the profit dynamos every business needs.

Efficiency and Talent: Keeping things smooth and retaining the best talent are the top internal missions.

AI and Automation: Embracing AI and automation isn’t just smart; it’s essential for staying ahead.

Strategic Expansion: Growth is the name of the game, even when the economy tries to throw a wrench in the works.

The Grand Finale: Your Role in the Future

The Global Service Dynamics 2024 Report makes one thing clear: professional services are at the heart of business innovation and transformation. By focusing on efficiency, embracing AI, and growing your teams, your PSO can be the rock star that drives your company’s success in 2024.

So, are you ready to lead the charge, rock the business world, and make 2024 your best year yet? Let’s get out there and make some noise!