BIGROWTEC
CONSULTING PVT LTD
“India’s #1 Peer-Powered MSME Growth Hub”
IT & Pro Service
Background
India's IT industry is expected to grow at a rate of 12 to 14%. This certainly shows that information technology is a sector that will be one of the emerging markets in the days to come, as India's economy needs more hardware, software, and other IT services.
IT has now become a part of every industry whether it is education, medical, food, and hospitality, all of them are gradually getting actively involved with IT products and tools, and services. From management, and billing to medicinal records, Uber cabs, and even train tickets, hotel booking, etc are all now internet and software. In short, all industries are now on IT products and services. Anything with computing systems for any business or work or service or management is now IT. Pro-services are Audit, Accounting & TaxAnalytics, Legal Consulting, Operations Consulting, Professional Services, Strategy & Management Consulting, Technology Consulting etc
The Government of India recognises the importance of promoting growth in services sector and provides several incentives across a wide variety of sectors like health care, tourism, education, engineering, communications, transportation, information technology, banking, finance and management among others
The Indian service sector is an important growth engine of Indian economy. Besides it has also facilitated India's integration with the world economy through trade and investment.
Services sector growth rate in India's GDP registered a significant growth over the past few years. Doubts were raised by few skeptics on the sustainability and quality of the growth of this sector and it's contribution in economic development. In the Indian economy the share of service sector is converging to international norms and it remains to be seen whether it will continue it's pace in future. More specifically, whether the growth in the sector output and employment will outperform the international norms will depend on expansion of modern services like banking, communication, business services and also the application of information technology to more traditional services. This paper aims at ascertaining the barriers in growth of service sector in India and provided measures for it's removal so that the performance of service sector can improve further. It also discusses about the growth potential of service sector in India.
The services sector of India remains the engine of growth for India’s economy and contributed 53% to India’s Gross Value Added at current prices in FY21-22 (as per advance estimates). India’s services sector GVA increased at a CAGR of 11.43% to Rs. 101.47 trillion (US$ 1,439.48 billion) in FY20, from Rs. 68.81 trillion (US$ 1,005.30 billion) in FY16. Between FY16 and FY20, financial, real estate and professional services augmented at a CAGR of 11.68% (in Rs. terms), while trade, hotels, transport, communication and services related to broadcasting rose at a CAGR of 10.98% (in Rs. terms). India‘s IT and business services market is projected to reach US$ 19.93 billion by 2025.
The Problem
One of the key sources of profit for professional services firms is their customers. With the ever-increasing competition in constantly changing markets, organizations find it challenging to acquire new clients and keep existing ones. Customer acquisition and retention challenges in the professional services industry arise from:
Increased competition
Lack of customer loyalty and trust
Problems related to capturing customers’ attention
New business models and changing market trends
Markets crowded with advertising messaging
Ask yourself the following questions: What can be done to make our company more appealing to customers? What are the challenges faced by organizations in the industry that we can take advantage of? How can we develop innovative and effective marketing strategies to acquire new clients? From creating more personalized messaging to identifying customer pain points and offering relevant solutions, companies can significantly improve their customers’ experience.
At the same time, with so many firms competing for business, it may seem challenging to keep existing clients. It’s not a secret that customers only return to brands that they had good experiences with. Improving the quality of your services and increasing your customer engagement can help keep your customers satisfied and ensure they’ll come back to you. Try conducting surveys to get your customers’ feedback or send engaging emails providing your users with valuable information.
Our Solutions
Cooperative and
alliances of small and individual professional service providers and IT enterprises are good to the market, brand, and increase revenue for them. Remote and Hybrid Team Management
Remote and hybrid team management is one of the critical questions that has been raised in the business over the past few years. COVID-19 has been one of the significant challenges facing professional services companies today, forcing organizations to require hybrid and remote teams.
Keeping your employees’ efficiency, productivity, and collaboration at the same levels can be challenging without enough resources and training. Hybrid and remote teams can benefit companies looking to scale their workforce and business globally while also competing with organizations operating remotely. To achieve your remote and hybrid team management goals, be clear about your expectations. Leverage technologies to keep your teams connected and make sure they all are on the same page throughout the entire project development process.
New Technology Adoption and Onboarding
In the digital transformation era, every organization needs to apply new technologies to stay ahead of the competition. The difficulty of adapting to new technology and keeping up with the trends is among the key challenges organizations face.
Complex and time-consuming technology adoption processes followed by staff training can be exhausting for organizations and their employees. Besides, there are technological changes and operational updates to be made within the company’s existing IT environment. The first step that professional services organizations should take on the way to successful technology adoption is to assess and identify the current system gaps. To conquer the technology challenges faced by the service sector, you need to:
Talent-Sourcing and Further Retention
Talent sourcing is also part of the challenges faced by the professional services sector. A constant challenge for HR departments is to find qualified candidates and retain confident, reliable employees. The grueling talent-sourcing and inadequacy of the requisite expertise can slow down processes and threaten the balance of your workforce.
Resource Loading and Allocation
Resource management issues can hamper your business growth and are considered one of the biggest challenges faced by SMBs and large organizations. Finding the right employees to fill all your time slots is challenging. Not knowing how many hours each person has available can overload one person with tasks while another is not busy enough.
Another challenge facing professional services companies today is the lack of proper understanding of the available resources, their skills, and how to allocate them equally to keep everyone engaged and on pace with the projects.
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