Top Future Threats To Professional Services Companies and How Information Management Solves Them

Companies have had to rethink the way they do business to the roots to survive, and many new players have leveraged emerging trends to pose a serious threat to incumbents.

The business consulting industry is no exception.

Growth has picked up and the sector is growing at a steady pace — about 3.4% annually in the United States. Nonetheless, consultancies have faced, and continue to face, challenges that cannot be underestimated.

1. Preserving The Firm’s Reputation & Minimizing Data Security Risk

There’s much more at stake for professional services companies in managing compliance and security risks than fines from regulatory bodies. Their reputations are at stake. A damaged reputation can be the death knell for these firms.

Airtight data security measures – Accounting firms have data strewn in multiple, disconnected systems — ERP, CRM, laptops, network folders — which increases risk, as it compounds the challenge of ensuring that information doesn’t leak out or fall into the wrong hands.

Tighter compliance and audit procedures – When auditors come calling, it helps to be able to produce the required documentation in minutes rather than weeks.

THE M-FILES INTELLIGENT INFORMATION MANAGEMENT SOLUTION

  • Manage information on premise, in the cloud, or both
  • No more risk-prone email attachments
  • Dynamic access permissions controlled by user, group, role, as well as any metadata property
  • Flexible in adapting to changing regulatory demands

2. Steady, Sustainable Growth

Competition in the accounting services sector is fierce, as consumers are demanding fixed fees and transparent pricing, along with services that are faster, simpler, more convenient, and affordable.

Too much time spent on administrative tasks – From timesheets to project paperwork and other administrative functions, employees can quickly get tied up in tedious, time-consuming tasks, especially if these are manual tasks.

Employees don’t meet their full billable potential – A firm spends enormous resources finding top talent that expects an efficient workplace to maximize their productivity.

THE M-FILES INTELLIGENT INFORMATION MANAGEMENT SOLUTION

  • Increase productivity by allowing users to focus on billable work rather than tedious, manual tasks and searching for information.
  • 360-degree view of needed information across disparate repositories
  • Automation of repetitive, manual tasks — from data entry to document filing

Unlock True Operational Efficiency

The key to efficient operations within accounting firms can often be traced back to smooth processes and workflows. With M-Files, managers can review and redesign every step of a process and verify that it is correctly executed.

M-Files can automate tedious and manual work involving, for example, contract management or proposal management, utilizing templates and workflows to ensure that this business-critical documentation is automatically processed in a timely manner and with minimal error.

By having information consolidated in one system, M-Files can easily archive and transfer knowledge, while keeping documentation secured for only relevant personnel.

The Smarter Way To Work

M-Files’ AI-powered intelligent information management solution connects all documents and information, across every platform and repository, then analyses them to place them in context. This makes it possible to serve up the right information to the right people right when they need it—and automate information-driven business processes—while maintaining complete control and compliance.

For more information on how we can help your organisation please email:
peter@documentmanagementsoftware.com.au or visit
www.documentmanagementsoftware.com.au


Peter Ellyard

Having spent over 20 years immersed in the document management software industry I have found that by offering a simple to use, highly effective electronic document management solution (knowledge management software) we increase productivity dramatically. Typically by an hour per person, per day! This is not rocket science, just a simple way to streamline your day to day information needs.