Since the economic crisis in 2008, professional services has been in state of recovery—with some years not looking so great. Even up until 2013, many industries were still recovering and PS wasn’t an exception. Growth rate for professional services organizations (PSOs) were flat-lining at a meager 5%.
It looks like that is turning around.
According to Technology Services Industry Association (TSIA), at the start of 2015, PSOs were already experiencing an uptick at 13%. It’s looking like there is a slow (but steady) growth rate coming our way; like there’s a light at the end of the tunnel.
In the TSIA and Changepoint joint white paper, The State of Professional Services Today, we take a look at what’s changed in the last three years since we were in recovery mode, and what to look for moving forward. It also breaks down market and technology trends that are influencing the change in services rendered, as well as solutions being used to support that change.
Looking for a sound bite? The Changepoint excerpt, Professional Services: Key Metrics Forecast, outlines four PS metrics to keep an eye on as our industry regains its strength (and then some). Those include:
- Moving Beyond Level 2 services
- PS Growth Rates
- List Rates and Discounting
- Financial Performance
To regain their momentum, PSOs will have to reconsider the technology that’s in place and rely on the steady growth—as defined by the above metrics—to gauge success.
It’s an exciting time for professional services. Is your PSO ready?