Professional Services in 2018: A Preview
After disruptive technologies and uberization of talent seized the limelight last year, 2018 could be the year when HR and procurement finally shift gears and get to toil hand in glove to source mainstream talent, in an integrated manner. Gig economy has driven transformation in the talent landscape. Technology-related enablers such as the human cloud and dire shortage of skilled labor are the key factors prompting firms to reconsider their labor sourcing strategies. Total talent management (TTM), the integrated solution which unites both permanent and temporary employee pools under a single umbrella seems to be the path ahead, with 25 percent organizations having taken considerable strides toward implementing TTM.
Legal services too have been witnessing their fair share of reformation, with the Big 4 Audit firms elbowing their way into corporate law offerings, as they seek to evolve into "globally integrated" business solution providers. The global legal market is highly fragmented with 13 percent of the annual revenue being jointly contributed by top 100 law firms, while in contrast, the joint revenue by Big 4 firms for audit services accounted for 23 percent of total global audit market. As we look at what could work in favor of the Big 4, along with callout practical guidelines and areas to consider for delectable results, this edition’s market spotlight captures key sourcing quick wins and industry megatrends shaping the outside counsel arm of legal services.
Ever since the 2008 financial crisis questioned the authenticity of compliance and regulatory controls, banking and financial services firms have been subjected to intense scrutiny. However, of late, the focus has shifted from capital compliance to technological robustness aiming at customer data security and open banking. Our column on "Regulatory Compliance for Financial Services Firms: Procurement's Viewpoint" brings out our two cents on the role procurement can play while tackling a new regulation like PSD2 (Revised Payment Service Directive).
A rather eventful year in corporate travel segment coming to an end, the final story that we have captured in the current edition is that of a new reality in airline space — new distribution capability (NDC). With over 100 leading airline networks either interested or already on board with the NDC mandates, we take a look at how the new norm in airline booking is impacting stakeholders across the board, including corporate travelers themselves.
Note: We have explored each of these topics in our quarterly category bulletins, which can be yours for free for a limited time. Please reach out to Anup.Shetty@gep.com to grab your copy.