Professional services, including legal, accounting, and consulting firms, are navigating a transformative era. In particular, the emergence of generative AI is introducing new efficiencies, allowing firms to optimise workflows and reduce time-intensive tasks. Yet, these advancements also present challenges, particularly in revenue models traditionally tied to billable hours. Design Thinking, a methodology centred on empathy and innovation, offers a framework to navigate this evolving landscape, enabling firms to create value-driven solutions that resonate with client needs.
The Impact of AI on Professional Services
AI is revolutionising how professional services operate by automating repetitive tasks, generating complex analyses, and enhancing decision-making capabilities. For example:
- Legal Sector: AI tools can draft contracts, conduct legal research, and predict case outcomes, significantly reducing the time lawyers spend on these tasks.
- Accounting and Finance: AI-driven platforms streamline audits, tax preparation, and financial modelling, delivering results faster and with greater accuracy.
- Consulting: AI-driven tools can analyse vast amounts of market and organisational data, providing consultants with actionable insights and enabling faster development of strategic recommendations for clients.
While these innovations save time, they disrupt traditional revenue models based on hourly billing. As tasks become quicker, firms must rethink how they capture and deliver value. This shift demands a move toward project-based or value-based pricing, where fees reflect outcomes rather than effort.
The Need for New Products, Services and Revenue Models
AI not only optimises existing processes but also creates opportunities for entirely new services. Firms can:
- Develop predictive and advisory services based on AI insights.
- Offer subscription-based models for continuous support.
- Design bespoke solutions tailored to specific client challenges.
However, these innovations should not be driven solely by technological possibilities. Instead, they must align with client needs. This is where Design Thinking becomes indispensable.
Why Design Thinking Matters
Design Thinking emphasises a human-centred approach, focusing on understanding and empathising with client needs before devising solutions. It consists of five core stages:
- Empathise: Deeply understand the client’s challenges, pain points, and aspirations.
- Define: Clearly articulate the problem to be solved.
- Ideate: Generate innovative solutions without constraints.
- Prototype: Develop tangible representations of ideas.
- Test: Gather feedback and refine solutions iteratively.
This iterative and client-focused methodology ensures that new services are not just technologically advanced but genuinely valuable to the client.
It is a seemingly simple framework, but can be less simple to master and apply. There are plenty of techniques, tips and methods that help with the effective implementation of Design Thinking.
Design Thinking in Action
Here’s how Design Thinking can transform professional services:
- Redefining Client Engagement: Instead of viewing clients as recipients of services, firms can engage them as collaborators in co-creating solutions.
- Innovating Service Offerings: For instance, a law firm might design a subscription-based risk management service informed by AI and tailored to specific industries.
- Enhancing Accessibility: Accounting firms could use AI and Design Thinking to create self-service platforms for small businesses, providing affordable access to financial expertise.
The Need for Widespread Training in Design Thinking
To fully leverage the potential of Design Thinking, it is essential that everyone in professional services is trained in this methodology. Training equips professionals with the skills to:
- Power their organisations with innovative products and services that address real client needs.
- Empower themselves with a versatile and increasingly sought-after skillset.
By fostering a culture of Design Thinking, firms can ensure that all team members contribute to driving innovation and adapting to the demands of the future.
Balancing Human and Technological Capabilities
As technology takes on more analytical and repetitive tasks, the human role in professional services shifts toward strategic and interpersonal skills. Empathy, creativity, and problem-solving become critical differentiators. Design Thinking integrates these human capabilities with technological advancements, ensuring that firms remain relevant and client-focused in a rapidly changing landscape.
Moving Forward
For professional service firms, the integration of Design Thinking is not just a competitive advantage - it’s a necessity. As generative AI continues to reshape the industry, firms must:
- Invest in understanding their clients’ evolving needs.
- Embrace new pricing and service models that reflect the value delivered rather than time spent.
- Train their teams in Design Thinking to foster a culture of innovation and adaptability.
Matomico has extensive experience empowering organisations, including professional services firms, and their people with Design Thinking skills. Recent clients have included BDO Accountants, Boots Digital Health, Sky, the MOD, New Day Financial, SSE, and Nottingham University. To learn more about how Matomico can help your organisation thrive, contact
Martin Talks at Matomico Limited via email at martin@matomico.com or
visit www.matomico.com.
By rooting innovation in empathy and focusing onoutcomes, professional service firms can thrive in the age of AI, delivering exceptional value to clients while embracing the future with
confidence.