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Nicos S. Kyriakides: Challenges in the Professional Services Industry

Nicos S. Kyriakides: Challenges in the Professional Services Industry

Nicos S. Kyriakides, Partner and Head of Financial Advisory Services, Deloitte Cyprus, spoke at the 10th Limassol Economic Forum about the issues shaping the agenda of business leaders and the challenges of the professional services industry.

Kyriakides analysed the drivers affecting the global business environment which include geopolitical risks, political fragmentation and terrorism, (such as uncertainty and threat to economies), demographic shifts, resource scarcity of water, energy and food, digitization, technological change, disruption, cybersecurity and IoT, climate change and sustainable development, big data, artificial intelligence, machine learning, globalization, emerging markets, trade wars, Brexit and oil prices.

Nicos Kyriakides also spoke about the current challenges of the professional services industry which include:

Increased Regulation and Competition for Talent & Life-long Learning

Demographic and technological changes lead to a mismatch between required and available skills and capabilities, further intensifying the competition for talent and the need for life- long learning and redesigning education.

Transformation of Advisory Services
The overall need will increase and the nature of advisory services will be transformed, with increased demand for preventive advisory using real-time data rather than problem solving. New service offerings to meet constantly changing demand.

Sustainable and Values Investing
Increasing attention towards sustainability and ESG factors from institutional investors as well as upsurge in values based investing rather than simply looking at financial returns.

Automation and Commoditization
Some services are being automated and commoditized resulting in an even greater need for specialization in areas that cannot be easily standardized.

Technology in Communication & Digitally Enabled Services
Increasing use of technology in communication and digitally enabled services change the way in which we interact with clients, both in winning new ones but also in keeping and serving existing ones.

Women Empowerment
The World Economic Forum reports a strong correlation between countries that are closing the gender gap and their economic competitiveness, and there is a worldwide focus on having more women in leadership positions.

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