The Future of the Firm

Source's Natasha Campbell, Principal Thought Leadership Consultant, and Nicola Kostrzewska, Senior Consultant, caught up with Emma Carroll, Head of Content, on the latest episode of our The Future of the Firm podcast. Natasha and Nicola shared the themes and findings from Source's latest Quality Ratings of Though Leadership report, including: Being relevant to your target audience isn't just about making your presence continually felt in the market, but also about showing that you deeply understand your clients' current and future—even latent—needs. For firms to improve their resilience scores in Source's Quality Ratings report, they should make sure they are not merely naming authors but are also including biographies that outline their experience and knowledge to boost credibility. There is little transparency about how firms have been using GenAI in their thought leadership—and firms could be making an error here: Our quarterly survey found that clients actively want firms to demonstrate their use of AI. This year's report found that there was less thought leadership made in collaboration with think tanks, universities, or other organisations—but firms would benefit from using partnerships to foster innovation, expand reach, and amplify content. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Francine Bennett, Board Member at the Ada Lovelace Institute, about the opportunities and risks of AI for client organisations.

Lesley Uren, Global CEO of Consulting for Korn Ferry, shares her expertise on the volatile landscape of human capital consulting. She discusses the ongoing challenges CEOs face with organization transformation and the pivotal role AI plays in shaping business models. Uren emphasizes the power of data integration in uncovering hidden talent and driving performance. Additionally, she addresses clients' pressing questions on skills and future work dynamics, advocating for a data-driven, human-centered approach to support successful transitions.

Michael McMahon, Professor of Economics at University of Oxford, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast to debate the potential impact of President Trump's policies on professional services via the four global megatrends of deglobalisation, decarbonisation, demographics, and digitalisation. Michael and Fiona shared their insights on the following matters and more: The new US government's protectionist policies are the latest iteration of a global move towards deglobalisation. While clients may turn to consultants to help navigate these changes, the inflationary impact (of tariffs, etc.) may lead to tighter purse strings and decreased consulting demand long term. Trump has made his stance on climate change and decarbonisation very clear. But firms should not be packing away their ESG services—the world could look very different at the end of Trump's presidency. The new US government's plans to restrict immigration, paired with other demographic changes, will lead to skills shortages in the labour market. This may affect the services clients are looking for—for instance, there may be an opportunity for firms to offer more staff augmentation services to fill this gap. While the EU is bringing in regulations to encourage ethical AI use, the US wants to keep restrictions to a minimum. The region is therefore likely to see a further boom in digitalisation and tech growth, and firms can expect a boost in tech consulting work as a result. Consulting leaders should be looking to the capital markets to assess the impacts of Trump's policies—this is how he will be measuring success. Firms should also keep an eye on client confidence levels and consumer behaviour patterns to respond to any early trends. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Benjamin Samuels, Former Chief Revenue Officer at WeWork about navigating growth and change.

Fiona Czerniawska and Catherine Anderson discuss significant trends impacting consulting firms by 2025. They foresee a spike in demand for technology and risk management, driven by shifting client needs. The conversation highlights the importance of understanding clients' industries while offering new perspectives. Additionally, they tackle the growing interest in AI technologies and the challenges of hybrid work. With a cautious growth forecast, firms must focus on enhancing client value and adapting to evolving expectations, especially regarding outcomes-based pricing.

Uta Niendorf, a Partner for Digital Customer at Wavestone, and Neil Sharp, Head of Proposition at Wavestone, share their expertise on transforming service delivery. They discuss how data collection is vital for a frictionless omnichannel experience and the importance of engaging with customers beyond mere sales. Their insights highlight the role of empathy in customer interactions and how AI could evolve to enhance this. They emphasize that while tech is pivotal, genuine relationships remain crucial in consulting.

Ryan Piper, Global CEO at Morison Global, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast. Ryan and Fiona shared their insights on the following matters and more: The impact of PE funding on the use of technology in audit firms, in particular looking at how AI can make an impact. How the time horizons of PE deals have shifted to become more long term as a consequence of market volatility, and whether this shows any signs of changing. The commoditisation of audit services, and how this leads to a greater emphasis on customer experience to differentiate firms. Consolidation in the audit industry, and how firms globally are achieving growth and scale through mergers & acquisitions. Practical advice for audit firms, including exploring funding options and understanding market positioning. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Benjamin Samuels, Former Chief Revenue Officer at WeWork, about navigating growth and change.

David Blowers, Co-President of the Financial Advisory Practice at Kroll, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast. David and Fiona shared their insights on the following matters and more: While deals tend to drop off during more turbulent times, it all comes down the quality of the asset. If corporates are laser focused on a really good asset, it will get done despite market conditions—and this is something that will persist. David and Fiona share their views on the performance of the deals market in the last 18 months, including drivers and predictions. While AI is the technology everyone is talking about, it is a proxy for overall efficiency gains. Looking beyond just AI to focus on the technology that is the right fit for the client will yield the best results in the long term. The professional services market is bifurcating into two streams, with commoditised work in one direction and innovation in another. Likewise, half of the market is striving to be more technology-led, while the other half is focusing more on people. The importance of using a period of crisis to your advantage, for instance taking the opportunity to pull back on hiring, invest, and evolve to be ready for future opportunities. The big mistakes that firms could make, including trying to approach clients with a one-size-fits-all solution rather than listening to their needs and talking about the issues that resonate. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Benjamin Samuels, Former Chief Revenue Officer at WeWork, about navigating growth and change.

Alison Grigg and Kerry Grigg, Managing Partners at Multiple Group, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast. Alison, Kerry, and Fiona shared their insights on the following matters and more: The dangers of social washing and how demographic change is driving increased accountability, as the younger generations expect businesses to deliver on the ESG promises they're making. The mistakes firms could be making, such as assuming that good leadership happens overnight and not doing enough work to embed social value throughout all areas of the business. The importance of assessing learning agility during recruitment and in performance reviews, to both foster an adaptable workplace and to give your employees the tools to carry them through life. The four generational "tribes" and how they approach the workplace, and every facet of their lives, differently. Practical takeaways for firms to implement, such as focusing on communication and getting to know your team. The extent to which consulting firms should consider and be held accountable for the intended and unintended human consequences of the changes they implement in a business. The importance of bringing not just a financial and business impact lens to big decisions, for instance headcount reductions, but also considering the intended and unintended social impact risks that might occur as a consequence. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Sam Samaratunga, Global Head of Risk Services at PwC, about the future of the risk services market.

Sam Samaratunga, Global Head of Risk Services at PwC, and Fiona Czerniawska, CEO of Source, caught up with Emma Carroll, Head of Content at Source, on the latest episode of our The Future of the Firm podcast. Sam and Fiona shared their insights on the following matters and more: Many clients think their leaders aren't quick enough to respond, but Sam stresses the importance of taking risks intelligently and making decisions with confidence. PwC's annual risk survey found that 44% of CEOs believe their organisation won't be economically viable if they carry on along their current economic path. We discuss the need to change, adapt, and reinvent. Sam takes us through the four layers of risk services—from macroeconomic risks through to crisis management. GenAI is improving productivity, decision making, and client and employee engagement—but it brings with it threats as well as opportunities. We discuss what these might look like in the risk space. Data analysis is important, but it is only as good as the quality of data available. We consider the importance of combining proprietary and external data to support decision making. Making use of ecosystems and working in a joined-up way is not just beneficial for firms, but for clients too. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Benjamin Samuels, Former Chief Revenue Officer at WeWork, about navigating growth and change.

Fiona Czerniawska, Source's CEO and Emma Carroll, Source's Head of Content, discuss innovation in professional services firms, on the latest episode of our The Future of the Firm podcast. They discussed the following and more: When clients think about the types of innovation they see from firms they talk about blue-sky thinking, best practices that they can apply in their organisation, and flexible ways of working. If firms want to convince clients that they are innovative then they need to prove it rather than talk about it. A concrete example might include a small technology tool they've created or a solution to one, small pain point. Innovation has fallen from the top of clients' wish lists of the attributes they want to see in firms. They still think it is important, but have prioritised things like expertise and the ability to implement in 2024. We wouldn't be surprised to see this rebound when growth hits the business agenda again. "Tried and tested innovation" may not be innovation at all. And the value of innovation to a client can be eroded if firms roll the idea out more widely. Managed services offerings have a tricky tightrope to walk between being innovative and tailored to each client versus being commercially viable for firms. When clients talk about innovation, they often mean technology. Firms can help clients innovate fast with small-scale, quick tech wins, rather than large-scale, extended projects. This podcast can be listened to in conjunction with Source's new publication, The Innovation Challenge, which takes a deeper dive into the subject and is available to subscribers of Source's White Space programme. If you'd like to learn more, please get in touch. If you enjoyed this conversation, don't miss our sister podcast, Business Leader's Voice. In a recent episode, we talked to Andy Haywood, former Chief Modernisation Officer of Yorkshire Water, about the recurring challenges in businesses that he's experienced during his career.