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INNOVATION in the PROFESSIONAL SERVICES SECTOR an ESRC/NPIF Funded Study Undertaken by Sheffield University Management School in Conjunction with BPS Birmingham

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INNOVATION in the PROFESSIONAL SERVICES SECTOR an ESRC/NPIF Funded Study Undertaken by Sheffield University Management School in Conjunction with BPS Birmingham INNOVATION IN THE PROFESSIONAL SERVICES SECTOR An ESRC/NPIF funded study undertaken by Sheffield University Management School in conjunction with BPS Birmingham FUNDED BY: Authors: Chay Brooks, Tim Vorley, Cristian Gherhes and Joel Capener ABOUT US The Centre for Regional Economic and Enterprise Development (CREED) at Sheffield University Management School has a long-standing reputation for high quality, high impact research in the fields of innovation, entrepreneurship enterprise economic development. CREED is actively involved in a number of national and international research projects developing new insights that seek to advance research, policy and practice. [email protected] TWITTER @CREED_Research BPS Birmingham is the membership organisation that connects, promotes and represents the BPS sectors in the Greater Birmingham region. As the voice for the sector, BPS Birmingham addresses issues that affect the growth and economic success of the BPS sector in Greater Birmingham as well as the supporting the development of the city’s business professionals. [email protected] TWITTER @BHAM_LEADERS ACKNOWLEDGEMENTS We are grateful to all of the professional services firms who generously granted us access and provided their time to contribute to the scoping study. This work was jointly supported by the Economic and Social Research Council funding through the National Productivity Infrastructure Fund and the Productivity Insights Network. 2 Innovation in the Professional Services Sector CONTENTS Foreword p3 Executive summary p5 PART I p7 Context of the Industrial Strategy p8 Professional Services in Focus p9 PART II p11 External Influences and Innovation p12 Data and Innovation p14 Firm Structure, Organisational Culture and Innovation p16 The Nature and Impact of Innovation p18 The Adoption and Diffusion of Innovation p20 PART III p23 Conclusion p24 Recommendations & reflections p27 1 Innovation in the Professional Services Sector FOREWORD As we move towards a post-Brexit Britain it is imperative that the business and professional services sector continues to drive growth, providing high quality services regionally, nationally and internationally. Given that services account for 80% of the economy, it is right that they increasingly form the focus of research and policy, particularly in the context of both national and local industrial strategy. More than ever, the sector needs to think beyond business as usual and challenge the status quo if its leading position is to be maintained. BPS Birmingham is a not for profit membership organisation supporting the interests of business and professional services firms based in Birmingham. Our motivation in partnering with Sheffield University Management School in undertaking this research funded by the Economic and Social Research Council is driven by the opportunities and challenges we recognise to be facing the sector both in Birmingham and across the UK. Increasing productivity is a key question facing leaders in the sector and innovation – particularly the role of technology – is only part of the answer. The term ‘innovation’ does not figure highly in the vocabulary of many business and professional services firms unless linked directly to client need, but equally we recognise that it should not be missing. If the UK is to remain a leading international hub for the sector – and with regional cities a key part of that offering - we need our businesses to be forward thinking and open to the opportunities that innovation presents. This is not a sector which has traditionally benefitted from government support. In recognising the strategic importance of the sector and its future growth, the Industrial Strategy provides an opportunity for firms to get ahead. Through the Industrial Strategy Challenge Fund our members, and the sector more widely, will benefit from additional support to explore and develop innovative business models to deliver future growth in a transformed UK economy. Hilary Smyth-Allen Executive Director BPS Birmingham 3 Innovation in the Professional Services Sector EXECUTIVE SUMMARY The Industrial Strategy published in November 2017 set out the framework for how the Government planned to shape future growth and deliver a stronger economy. However, more than an Industrial Strategy, the white paper was as much an innovation strategy and productivity strategy. In presenting a more proactive approach to government that seeks to actively back business, the Industrial Strategy emphasises the need to build on the UK’s strengths in key sectors. In the UK, services represent almost 80% of the economy, of which financial and professional services account for £190bn of UK GVA and provide c.2.2 million jobs with a GVA per worker £25k above that of the average worker. Despite this apparent strength, the sector is not renowned as being highly innovative, or technologically leading. A central challenge set out in the Industrial Strategy is to ensure that the next generation of professional services firms in the UK remains a world leader in the delivery of high-value data-driven services. In order to sustain its position, there is a need for the professional services sector to embrace innovation as a means to create value, increase competitiveness, and improve productivity. The scoping study focuses on the accountancy and legal sectors as a subset of the business and professional services sector, reporting the findings based on 34 interviews conducted with senior partners and/or innovation officers from a range of mid-market and large firms in the UK. The report highlights 5 key areas across the interviews that are shaping the adoption of innovative technologies and work practices in the accountancy and legal firms, they are: 1. That external factors were found to have a significant influence on the attitudes of firms towards innovation, and in many instances the incentives to innovate were client-led or to ensure regulatory compliance. 2. The power of data should not be overlooked, and this is likely to become more significant as a source of future competitive advantage and as a driver for innovation. 3. The dominant firm structures and organisational cultures of accountancy and legal firms were found to represent barriers to the adoption and diffusion of innovation. 4. The nature of innovation will have different impacts on the sector with some innovations enhancing the offer while other innovations threaten to cannibalise the core business. 5. Cost, capacity and risk were consistently identified as barriers to the adoption and diffusion of technological and organisational innovation. If the UK is to sustain its position as a global leader in the professional services sector, firms need to become more open and receptive to the adoption and diffusion of innovation. Many legal and accounting firms have established business models, with innovations typically incremental and slow to be adopted. Whilst artificial intelligence and machine learning are only in their infancy, their potentially transformative power can be seen already such as in the rise of blockchain, augmented data discovery and quantum computing which are all firmly on the horizon. 5 Innovation in the Professional Services Sector Part I INTRODUCTION & APPROACH 7 CONTEXT OF THE INDUSTRIAL STRATEGY The Industrial Strategy White paper, published by the UK Government in November 2017, identifies the key challenges facing the UK’s economy but also the strengths on which a ‘future proof’ Britain can be built. The Industrial Strategy is underpinned by five pillars or foundations of productivity, namely; Ideas, People, Infrastructure, Business environment and Places. Each pillar is associated with a set of ambitions, targets and investment commitments to support their achievement. The document highlights productivity as a cross-cutting issue across all the dimensions of the Industrial Strategy. Productivity is one of the key challenges that the UK’s economy is currently facing, as productivity growth has been largely stagnant since the 2008 financial crisis. In addition to the five pillars, the Industrial Strategy sets out four Grand Challenges that the UK’s economy will need to address over the coming years. These are a series of thematic areas to be delivered through the Industrial Strategy Challenge Fund (ISCF) as shown in Box 1. The aim of the ISCF is to enable researchers and businesses to work together to develop and implement new products, processes and services thereby creating value with a view to grow the UK economy. In this sense, the Industrial Strategy aims to stimulate productivity and growth. FUTURE OF MOBILITY CLEAN GROWTH AGEING SOCIETY Faraday battery challenge Energy revolution Medicines Extreme robotics Transforming manufacturing National satellite test construction Data to early diagnosis facility Transforming food and precision medicine Driverless cars production Healthy ageing Next Gen (aero) materials mfg ARTIFICIAL INTELLIGENCE AND DATA ECONOMY Audience of the future / Next generation services (pioneer) / Quantum technology BOX 1: GRAND CHALLENGES AND INDUSTRIAL STRATEGY CHALLENGE FUND PRIORITIES (ADAPTED FROM INDUSTRIAL STRATEGY) Innovation, and specifically technological change, is regarded as one of the key challenges facing the future competitiveness of the UK. While the UK has pioneered ground breaking research and innovation, it has been less effective in the commercial exploitation of these technologies as they have matured. The ISCF aims to accelerate the translation of research and innovation
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