Last week, KPMG marked its official entry to the professional services software market, heralding a shift in focus around innovation and client experience for the firm.
Chief executive Gary Wingrove said the firm is focused on maximising the opportunity around the provision of services, against the backdrop of significant growth in its management consulting and technology consulting businesses.
“Traditionally, many firms like ours tended to derive [their] income through the provision of hours and an hourly rate,” said Mr Wingrove.
“There are a number of our service offerings at the moment that the best way to provide those services is no longer through a traditional people and piece of paper interface. It’s an interface through a digital portal that provides clients the optionality around how they procure those services,” he said.
“Moving a range of our service offerings from the traditional service provision model to a digital service provision model is really important for us and we are advanced in both our thinking there and the application of that across our firms. And it’s not just in the traditional areas of tax and accounting – it’s actually more broad than that,” he said.
While time-based charging continues to occupy a significant portion of KPMG’s revenue, across the board the firm is seeing an increase in less traditional formats, such as charging on a success basis.
“Like most things in life and [the] economy more broadly, there are different price points with different offerings. It’s inevitable that with some sorts of products or offerings there will be price declines and some things will become obsolete,” Mr Wingrove added.