The business world was ill-prepared for the current crisis, but a new breed of professional services marketplace platforms is providing valuable access to much-needed enterprise software and data specialists to curb the damage, helping many of us to successfully rise to the challenge.
In today’s age of distributed teams, remote working and exponential lifts in digital communications and commerce, digital systems and data skills are of paramount importance for businesses to cope, compete and win. It’s a matter of success or failure for many.
Enter the Platformization Of Professional Services, a phrase coined by MeasureMatch's Founder & CEO, James Sandoval.
Over the last few decades - in a majority of sectors - consumers’ worlds have been reshaped by platformization and personalization. Companies which have offered traditional products and services have moved online or they have been replaced by nimbler online competitors.
The most successful of these companies exhibit two qualities: They offer a platform for others to trade, communicate and to build upon, tailoring their services to the needs of individual consumers. Platformization and personalization.
The innovations born out of the platformization and personalization of B2C businesses are now beginning to transform the buying and selling of goods and services between businesses as well.
This means that businesses increasingly have extraordinary human capital investment flexibility and can safely, cost effectively remain well-equipped to survive and thrive through the most turbulent of times.
As summarised by MeasureMatch's Founder & CEO, James Sandoval, here are five core benefits of the platformization of professional services for organizations feeling the heat from shareholders, competitors and even disruptions from pandemics like we’re all thrashing through today:
The best of today’s professional services marketplaces will win the confidence - and budgets - from clients because they not only provide access to highly desired skills and services, but they’ve also gone to extraordinary lengths to maximise success by conducting, amongst other things, identity, insurance, skills vendor partner verifications. And this is on top of star ratings, written reviews, flexible contract management and more. .
The combination of cloud computing services, plus deep ravines of data from historical customer engagement and completed contracts, means that professional services platforms can and should add exceptional value immediately on entry, and across every step of the experience - prior to spending a penny.
Professional services platforms are built for people to use - people from different walks of life and with different business needs. The best platforms provide an equally exceptional layer of people. They differentiate with added human value in the form of due diligence, domain and process expertise.
The OECD says unit labour costs “can be expressed as the ratio of total labour compensation per hour worked to output per hour worked (labour productivity).” Teams and individuals contracted via marketplace platforms, however, are armed and ready with requisite domain knowledge, experience and skills - which means there’s no requirement for the overhead costs commonly required for training, insurance, HR, office rent, utilities, which can amount to 25% to 100% on top of salaries.
Taking into account the contributions made by an unlimited capacity for precise machine-driven buyer/seller matching, exceptional accountability and flexibility, measurable productivity lifts, topped with human customer service and an attractive cost basis, it’s no wonder professional services marketplaces are exploding in popularity. The opportunities for value creation are not insubstantial and those opportunities are available now.
The future will come at us with more complexity, more surprises and more risk. The platformization of professional services, together with advancements in enterprise personalization, will help us to embrace it all with confidence, balance and success.
In this blog post I share a few thoughts on a decision we made to place a limit on the kinds of experts we welcome into the MeasureMatch marketplace network of service providers.
Soon my prayers were answered and a contact from Inspiring Interns , with whom I had previously registered, got in touch with me about a paid internship at MeasureMatch...