Four key findings from the SPI Research 2024 Professional Services Maturity™ Benchmark Report
Todd Kisaberth is the Chief Customer Officer at Certinia where he is responsible for all customer operations. In this blog, he shares four key findings from the highly anticipated 2024 Professional Services Maturity™ Benchmark Report.
SPI Research recently published their annual Professional Services Maturity™ Benchmark, a trusted resource for professional services organizations for more than a decade, providing valuable insights into the current state of the market.
Despite the challenges faced in 2023, professional services organizations demonstrated resilience and adaptability. The report highlights key trends and performance metrics for the past five years, allowing you to gain a comprehensive understanding of the market’s trajectory.
Some of the key findings from the report include:
- Revenue Growth: The year-over-year change in professional services revenue decreased by 25% in 2023 compared to the previous year. This decline reflects the impact of the pandemic and other economic factors. However, the report also identifies opportunities for growth and provides insights into strategies that can help your organization navigate these challenges.
- Talent Optimization: Employee attrition rates decreased in the Americas and EMEA regions, indicating a positive trend in talent retention. However, it’s crucial to continue investing in your workforce and providing them with the necessary tools and support to enhance productivity and satisfaction.
- Services Delivery: The shift to remote services delivery peaked in 2021, with about 65% of billable hours being delivered remotely. While this percentage decreased slightly in 2023, it’s expected to stabilize around 50% in the coming years. This highlights the importance of leveraging technology and evolving services delivery models to maximize productivity and meet client expectations.
- Profitability: Despite the challenges faced in 2023, professional services organizations maintained healthy profitability. However, there was a slight decrease in net profit margin compared to the previous year. The report provides insights into strategies for improving profitability and achieving long-term success.
We understand the importance of staying informed and adapting to the ever-changing professional services landscape. I encourage you to explore the full report, which provides a more detailed analysis of the key performance indicators and trends in the professional services market. It offers actionable insights and recommendations that can help drive your organization’s success.
