Professional Services Survey
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A survey of senior professionals in the knowledge and information management (KIM) sector reveals that while KIM is seen as a vital resource within firms, challenges such as talent retention and the rise of AI are significant. Larger firms are taking proactive measures to address these challenges by automating processes, while smaller firms adopt a more cautious approach. The survey indicates a growing budget for KIM teams, with an emphasis on skills development despite concerns over potential staffing reductions due to automation.
Professional Services Survey
- 2. SURVEY OVERVIEW • Survey of sentiment of senior KIM professionals (end 2017) • Respondent profile Heads/Directors of Information Services/ Knowledge Management Typical respondent has 2-5 staff and £1m-£5m budget All professional services
- 4. SUMMARY • KIM as a profession • Valued company resource • Budgets • Digitisation and AI are challenges but also opportunities • Those with more resources are being proactive. Smaller firms waiting for best practice and proven solutions to emerge • 2:1 • TOP CHALLENGES: – Talent attraction and retention – Skills development
- 6. Attitudes to Knowledge and Information Management in Professional Services Firms • The majority of departments report at a senior level within the firm either directly to the Managing Partner or the board, with the remainder reporting to a non-board level Director or Partner. • Knowledge and Information Management teams within Professional Services firms have the ear of the most important people within these firms. • There was an even split between firms where Knowledge and Information is seen as an essential core business service and where it is seen as a necessary but expensive business cost.
- 7. Either way, KIM teams are perceived as being important An indication that KIM teams are valued and are seen as important is the fact that over half of the responses indicated they had received an increase of budget, and a further 40% anticipating a continuing increase over the next 12 months. This did not necessarily correlate with an increase in headcount, which would indicate the increased budget was used to increase resources.
- 8. Knowledge and Information Management services really are stepping up to the challenges posed by increased digitisation and the rise of Artificial Intelligence. Unsurprisingly, given the potential threat AI and the digitisation of the profession poses to professional services, many firms are proving to be well ahead of the curve in terms of developing their own solutions. As you would expect, it tends to be the larger firms with their greater resources who are taking the lead, whilst other, generally smaller firms are taking a more cautious approach until proven technology and solutions emerge.
- 9. AI in professional services firms is focused on automating the previously manual, and therefore time consuming, processes of document review, content extraction and search activities. Automation is reducing activities which may take multiple hours of staff time to a matter of minutes, or even seconds. This results in a significant reduction in costs, leading to more productive allocation of staff hours. There is a potential downside to this, with a possible reduction in staffing requirements for firms in other areas of their business, which is a threat currently being addressed across professional services. This is one of the challenges the KIM sector faces.
- 10. What are the key challenges facing your department?
- 11. PROFILE A • Grounding in traditional skills and L&I qual. • Strong communication skills • Confidence to work directly and partner with people • Enthusiasm and passion for the profession • Desire and flexibility to learn new skills • Desire to work pro-actively & build relationships
- 12. What are the key priorities for your department over the next 12 months?
- 13. 21 years ago, TFPL produced a report for a global law firm advising on how it should implement a KM strategy. One of the core components of the report was around skills development, not just within the department but also crucially firm wide. Because skills are never static and continually evolve – the ongoing high level of focus on skills development is pleasing to see. However….
- 14. “People don’t buy what you do, they buy why you do it” - Simon Sinek
- 16. Most people communicate from the outside in. Inspired communicators communicate from the inside out.
- 17. When we communicate from the outside in, people can understand vast amounts of data, facts and figures, it just doesn’t influence behaviour. When we communicate from the inside out, we are talking to the part of the brain that controls behaviour.
- 18. Specialist consultants in Knowledge & Information Management TFPL Recruitment Private sector specialist 020 7378 7068 Lee.Seymour@tfpl.com Neil.Currams@tfpl.com Sue Hill Recruitment Public sector specialists 020 7378 7068 Liz.Penemo@Suehill.com Daniel.Rose@Suehill.com Shelley.king@Suehill.com
- 19. Images: Results are in: https://www.tulsanewcomersclub.com/resources/Pictures/survey%20results.jpg You are valued: https://static.wixstatic.com/media/20d9c6_b96e002a506848dab8ba468377015db1~mv2.png/v1/fill/w_498,h_664,al_c,q_90/file.jpg AI: http://www.worldforum.ai/wp-content/uploads/2017/03/World-AI-Forum-Symbol.png Harry Kane https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjtx6aIjfnbAhUBnBQKHSFIBLUQjRx6BAgBEA U&url=https%3A%2F%2Fwww.ibtimes.co.uk%2Fharry-kane-scores-debut-goal-england-ease-victory-over-lithuania- 1493924&psig=AOvVaw0rt3CkZtchQm9jiMTb87kp&ust=1530369567512003 Ronaldo https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjW_7HEi4DcAhVCQBQKHdbiATYQjRx6BAgB EAU&url=http%3A%2F%2Fwww.skysports.com%2Ffootball%2Fnews%2F13954%2F10817089%2Fcristiano-ronaldo-into-all-time-top-10-international- goalscorers&psig=AOvVaw0i0yGskDg1txIjd5Qk4YD-&ust=1530609344383085