Digital transition in professional firms: what stage is it at?
The digital transition is proceeding more slowly in professional firms than in other sectors, where competitiveness is the driving force behind the pursuit of innovation. Although in such a context the digital transition may appear to of limited significance, it is important to note that the data gathered indicates a proactive trend, spurred on by a desire to move with the times.
This is due to the fact that most professionals of the 4.0 age view digitalisation as a means of developing new services and business models, an opportunity to increase efficiency and a chance to build better relations with their respective clients through the provision of an excellent user experience.
The latest statistics on the digital translation in professional firms
One of the main factors that has led professional firms to focus on the digital transition in recent years has been the Covid-19 pandemic. As in other sectors, firms quickly realised that in order to make business processes more efficient it was essential to embrace computerisation.
According to the most recent data, investment in ICT registered an increase of +8% in 2020 and +3.8% in 2021. As a direct result of the end of the state of emergency and the withdrawal of many pandemic-related restrictions, the rise in such investment was almost absent in 2022, reaching a mere +0.2% according to the Milan Polytechnic Observatory.
At the present time, investment remains modest at just over 1.8 billion euros, as confirmed by research carried out by the University of Pavia, which showed that two out of three professional firms spend no more than 5 thousand euros per year on digital innovation, while only 9.2% spend up to 15 thousand euros.
These statistics enable us to conclude that not all professionals are inclined to invest in agile and innovative business approaches. Of course, there are plenty who do, but there is also a huge number who choose to remain tied to obsolete systems.
The factor which most frequently limits digitalisation seems to be a cultural attitude, which according to studies, greatly exceeds barriers caused by legislation or fears concerning company security. When professionals decide not to update their working methods, this can lead to the alienation of their clients who, these days, expect versatile, fast and efficient solutions.
Instruments to accelerate digitalisation
Among the most concerning data relating to the digital transition in professional firms involves the limited range of solutions implemented. In most cases, the most innovative technological improvements adopted are the introduction of management software or restore systems.
Other companies, who can draw on greater resources, tend to go further, with the implementation of applications for electronic invoicing, video conferencing and solutions for data storage compatible with current regulations. These are small steps in the right direction but do not yet constitute a full exploration of the true potential of digitalisation.
Less than 5% of companies have in fact adopted state-of-the-art business technologies such as Machine Learning, AI, Business Intelligence or Block-chain. This is a significant issue which needs to be addressed by building awareness among more sceptical professionals of the true value of such instruments.
The capacity to acquire, process and analyse large quantities of data leads to tangible improvements in the services a firm is able to offer its clients. As well as generating greater client loyalty, this builds the firm’s prestige, and thanks to enhanced marketplace visibility, it can take advantage of new earning opportunities.
Translated by Joanne Beckwith
