March 26, 2023

Square, the globally trusted software, payments, and hardware solution for businesses of all sizes, has today released new research that looks at the future of expert services across the UK.  

The report uncovers the principal challenges faced by professional service businesses, while also identifying the particular technology solutions available to help them continue to grow. The impact from the pandemic is no longer the primary concern for expert service providers with companies listing rising costs, supply chain and resourcing issues, increasingly complex budgets, tax, and regulatory changes as the main challenges in the industry.  

“When the world went online during the pandemic, technology helped businesses survive, ” said Niamh Cunningham, Senior Manager, International Finance and Strategy at Sq .. “One of the lasting benefits we’ve seen with regard to businesses was the shift in order to digital ways of working. This switch is providing solutions to challenges all across the particular professional services sector by allowing businesses to be agile. Our sellers are continuously finding new plus more efficient ways associated with working that prioritise expertise, implementing technology, and setting their business apart in an increasingly competitive landscape. ”

To identify where professional service providers are on their digital transformation journey, Square asked 300 decision-makers how technology offers transformed their own business.

Some of the key obtaining from the statement include:

  • Exploring opportunities – 43% stated their company had expanded into a new vertical within the past year with a further 43% intending to target a new vertical in the next 12 months    
  • Omnichannel approach – 75% mentioned their business provides products and solutions across multiple channels along with just over half saying those channels are usually synchronised    
  • New ways of working – 67% said new ways of working (e. g. remote working, cloud-based platforms, and accessible data) have improved their company practice
  • Process automation – 61% said their particular business intends to increase their use of automated tools in the next 12 months with 42% using them regarding financial processes
  • External expertise – 61% said their business increased the use of freelancers plus consultants during the last year

“There’s no question that will professional providers have become more competitive during recent years, ” said Anne Harris, UK Product Specialist at Sq .. “Turbulence in the marketplace has easily managed making use of products like Square Marketing and Invoice tools. ”

Despite a difficult period, the particular future associated with professional services is full of opportunities. For a full analysis of the top business trends, insights from Square experts, and real-life company examples, you can access the report here .

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