“Times Are a Changin” for Service Providers
Historically, technology has poorly served the service provider industry. These businesses have had to operate within fragmented business environments, where critical data stays isolated in CRM, resourcing, project management, collaboration, accounting, and other systems. They are stuck using these old tools that are completely inadequate.
The Future: No More Siloed Systems
Getting out of these siloed systems is critical: Service providers must move beyond spreadsheets and email if they are to thrive in the fast-paced, hyper-connected, hyperspecialized world of the Service Level Economy.
Advanced technology is beginning to offer everything services firms need to succeed. They can grow and scale confidently, facilitate the management and mobilization of resources, and expand their networks quickly and sometimes globally while accessing the specific skills and resources needed — all on a project-by-project basis.
In the future, a single digital infrastructure has the potential to emerge — one that packages up the processes, frameworks, guidelines, analytics, and insights demanded by the Service Level Economy. The adoption of this system would have the potential to help firms stand out among the competition, as buyers recognize these sellers’ commitment to best practices and to meeting their expectations. Buyers will want to work with providers they see adopting this new, more transparent, more trustworthy philosophy of business; they will think, “If you believe in this way of working, I want to work with you.”
The Formation of Business Ecosystems
This is the future as I see it: The Service Level Economy demands connectedness and flexibility. Driven by this demand, the need to collaborate grows. A digital infrastructure evolves to facilitate better business relationships.
Providers of all sizes and disciplines work together to serve clients beyond the capabilities of any one participant. Based on their success, buyers consume a larger volume of higher-value services from these networked providers.
Learn more about what these ecosystems look like in this Ebook: Thriving in the Service Level Economy.