Professional services

We use our experience of running accountancy practices to help you identify and then deal with the issues you face so that you can deliver your strategy.

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Why use data analytics?

Specific areas where we use data analytics to help you

Professional services firms face challenges different to almost any other type of business.

Few professional services firms can afford to rest on their laurels. The pressure to win and retain clients is relentless. So too are the demands imposed by keeping a highly-skilled workforce, both partners and staff, motivated and productive. Throw in other common issues such as succession planning, and staff recruitment and retention, and it is no wonder some firms feel they are only a few bad decisions away from troubled waters. By contrast, firms that get it right can forge ahead of their competitors.

Firms often rely on gut instinct, intuition or “the way things have always been done” as the basis for their decisions. In other instances, firms prefer to use data to inform their decisions but the sheer volume and variety of the data they produce makes it seem impossible for firms to know where to turn their attention. There are so many issues to be addressed and so many goals to aim for it can be hard to know where to focus first.

That is where Modus can help. We can work with you to use data to your advantage to improve your profits and decision-making.

We do this by applying a simple three-step process.

And we don’t just leave it there. We will continue to work with you and monitor your progress for as long as you need us.

Information is the oil of the 21st Century and analytics is the combustion engine
– Peter Sondergaard

How it works

Initial meeting

We begin by meeting the business’s partners and management team to understand the business strategy. This is the critical starting point to understand the business’s focus and the challenges it faces.

Audit of data

We audit your data collection processes and work with you to agree new targets and devise new key performance indicators (KPIs). We will show you that the benefit of meeting these targets will outweigh the cost.

Action plan

We analyse your data and report back. We identify your current performance against the agreed KPIs and recommend changes to your operations. If we feel external data is required, we make recommendations and obtain this data. Finally, we help you put together and implement an action plan that will enable you to deliver your goals.

Modus are helping us to gain a much better understanding of our clients and our sites which in turn will help us meet one of our key strategic objectives which is to maximise the efficiency and effectiveness of our resources. Use of business information technology and data analytics is an important part of how we run the business going forward.
– David Marks, CEO, MET Parking Services

Where analytics will provide you with valuable insights

Client information

  • Number of clients and ratios of clients to advisers and client support staff
  • Number of repeat clients, one-off clients and client churn rate
  • Analysis of services used by clients and those they might use that you don’t currently offer
  • Average value of transactions
  • Client demographics and size 
  • Source of client and recognition of trends
  • Client specifics, e.g. names of bankers, lawyers, ownership of buildings for capital allowance review
  • Analysis of “client contact”, such as technical requests, keeping in touch
  • Review of lifetime value of clients
  • Client service, including organising client feedback groups (actual or virtual), and implementing systems to obtain client feedback on service lines;
  • Analysis of client referrals (in and out)

Financial information

  • WIP management and lock up
  • Client and service line profitability analysis
  • Client payment history and help with speeding up debt collection
  • Predictive analysis of sensitivity to price changes
  • Cost of client acquisition and return on investment

Other key metrics

  • Process map of key activities. Can activity be reduced using technology and AI? How many stages to output – can efficiency be increased?
  • Seasonality and peak time analysis – times that clients call and emails are received (helps with staff flexitime, etc)
  • Review of manager performance and effectiveness
  • Staff satisfaction analysis
  • Marketing activity – ROI on direct marketing spend, lead times between first contact and conversion

Ready to find out more?

Arrange a meeting to discuss how you can use data in your business to help deliver your business objectives.