Square Study Reveals the Digital Transformation of the UK’s Professional Services Industry
August 12 2022 - 4:00AM
Business Wire
Square, the globally trusted software, payments, and hardware
solution for businesses of all sizes, has today released new
research that looks at the future of professional services across
the UK.
The report uncovers the principal challenges faced by
professional service businesses, while also identifying the
technology solutions available to help them continue to grow. The
impact of the pandemic is no longer the primary concern for
professional service providers with businesses listing rising
costs, supply chain and resourcing issues, increasingly complex
budgets, tax, and regulatory changes as the main challenges in the
industry.
“When the world went online during the pandemic, technology
helped businesses survive,” said Niamh Cunningham, Senior Manager,
International Finance and Strategy at Square. “One of the lasting
benefits we’ve seen for businesses was the shift to digital ways of
working. This switch is providing solutions to challenges all
across the professional services sector by allowing businesses to
be agile. Our sellers are continuously finding new and more
efficient ways of working that prioritise expertise, implementing
technology, and setting their business apart in an increasingly
competitive landscape.”
To identify where professional service providers are on their
digital transformation journey, Square asked 300 decision-makers
how technology has transformed their business.
Some of the key findings from the report include:
- Exploring opportunities - 43% said their business had
expanded into a new vertical in the past year with a further 43%
intending to target a new vertical in the next 12 months
- Omnichannel approach - 75% said their business provides
products and services across multiple channels with just over half
saying those channels are synchronised
- New ways of working - 67% said new ways of working (e.g.
remote working, cloud-based platforms, and accessible data) have
improved their business practice
- Process automation - 61% said their business intends to
increase their use of automated tools in the next 12 months with
42% using them for financial processes
- External expertise - 61% said their business increased
the use of freelancers and consultants during the last year
“There’s no question that professional services have become more
competitive during recent years,” said Anne Harris, UK Product
Specialist at Square. “Turbulence in the marketplace has seen
customers become more discerning than ever when researching
potential providers. This makes it essential that professional
services take a pragmatic approach to their marketing, social
media, and online reviews. For example, requests and signposting to
reviews can be included in a business’s automated invoicing and
social media messaging, all of which can be easily managed using
products like Square Marketing and Invoice tools.”
Despite a difficult period, the future of professional services
is full of opportunities. For a full analysis of the top industry
trends, insights from Square experts, and real-life business
examples, you can access the report here. For questions and
additional data insights reach out to press@squareup.com.
About Block, Inc.
Block, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in person, manage their business, and
access financing. Individuals use Cash App to spend, send, store,
and invest money. And TIDAL is a global music and entertainment
platform that expands Square's purpose of economic empowerment to
artists. Block, Inc. has offices in the United States, Canada,
Japan, Australia, Ireland, Spain, Norway, and the UK.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220812005034/en/
press@squareup.com
Block (NYSE:SQ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Block (NYSE:SQ)
Historical Stock Chart
From Sep 2023 to Sep 2024