Professional services firms of all sizes are battling against budget write-offs, cost increases, skill shortages, and the war for talent. These pressures mean that delivering efficient, profitable, and high-quality engagements is increasingly important and challenging.
Evidence from the Big Four accounting firms in recent years supports this by showing cost overruns in up to 50% of audits. This, and the fact that budget write-offs in the hundreds of millions are now commonplace, suggests that the standard approach to engagement performance is in need of transformation.
So how can engagement managers and partners keep engagement financials on track?