On the road to profitability, every company encounters several obstacles, and professional services organisations are no exception.  Service providers have their job cut out for them with the challenges of increasing billable hours, attracting new customers, retaining existing ones, processing payments, and handling complicated projects.

To achieve their goals, professional services organisations require a technological solution that helps them efficiently manage the whole delivery life cycle, from business development to portfolio optimisation.

PSA is one solution that can help service organisations overcome obstacles and gain benefits.  The following are six benefits of employing a PSA solution.

 

1. Increased Transparency Within Business Operations
   Most people are familiar with the saying “you can’t manage what you can’t measure”, but few realise its full significance.  What can’t be seen, can’t be measured.  Businesses could improve their visibility into projects, finances, and resources when they use the appropriate PSA solution.  PSA software is helpful since it allows for constant monitoring of the service delivery process.  Imagine for a moment that a project starts to experience something knows as “budget creep”.  Without transparency, project managers may become aware of the potential overrun once it’s too late to take preventative measures.  PSA solutions allow team members to identify barriers, recognise when a project has veered off course, and take corrective action.
2. Central Database Leading To Improved Communication
   Many businesses need to be aware of the amount of time wasted attempting to find documents, emails, or other material connected to a project.  With no oversight, it’s impossible to tell if everyone on the team is working with the most up-to-date information.  This increases inefficiency.  However, with a PSA solution in place, it can be used as a repository for any relevant information.  All team members may rely on the information gathered in a central database as the definitive source.  They can now focus on getting things done without worrying about whether they are using the most up-to-date information available.  This additional peace of mind contributes significantly to the reduction of stress and the creation of an atmosphere that is more conducive to productivity.
3. Strategic Allocation of Resources
   One of the most critical aspects of successful project management is assigning the right personnel to specific assignments.  The situation isn’t perfect in every case.  Some businesses, for instance, may need more workers with the necessary expertise for a particular project.  In this case, current resources may become overloaded, and the project may need to be completed on schedule.  Even if some businesses have more than enough resources to meet their customers’ demands, they may need to learn how to gauge their capacity or allocate them effectively.

   Professional Services Automation solutions can improve your resource management by better understanding your team’s expertise and availability.  Consequently, you will be able to divide the amount of work that needs to be done among your specialists equitably, assign the most qualified workers to the appropriate tasks, and allocate resources for projects that may occur in the future.

4. Better Control Over Profitability
   Making a profit is the primary focus of any company that provides professional services, moreover, achieving this goal in more complex than it may initially appear.

   The best professional services automation software lets employees enter their expenses and monitor their progress against a pre-determined budget in real time.  Using PSA tools, projects can be kept on track to maximise profits and prevent losses.  When running a business, getting the most out of each employee’s time is essential without overworking or underworking them.  It’s crucial to the success of any workplace to strike a balance between these two extremes.  To have a complete picture of their workforce needs, businesses may see each employee’s performance with the help of professional services automation.  By redistributing resources more wisely, you may keep billable hours at a premium while reducing the likelihood of burnout among your staff.

5. Improved Coherence Between Departments
   When departments within an organisation are working together effectively, productivity can improve.  Failure to capture all of a project’s requirements can result in overruns, incorrect work, and missed deadlines.  It might be helpful to use PSA technologies that allow for integration and automation to enhance coherence.  Inconsistencies in the delivery process are typical when projects are handed over from one department or when data needs to be kept in sync between departments.  Integrating PSA with other systems, such as CRM or Finance solutions provides a more holistic picture of the company’s operations for those involved.  Additionally, this helps the team be ready to quote new projects or take on new customers.
6. Enhanced Coordination and Interaction
   Professional services organisations can only provide the level of service expected by their customers if employees interact effectively.  The use of PSA solutions may boost collaboration and communication.  Team members collaborate in a centralised environment to accomplish a common goal using PSA software.  The platform provides constant access to project information, allowing groups to anticipate problems and develop solutions as they arise in real-time.  The result is a substantial boost in productivity and more rapid completion of tasks and projects.

   Providing your customers with up-to-date, relevant information is the most distinctive approach to maintaining and growing your business’s relationship with them.  With a PSA solution, the data is consolidated for quicker access, which frees up more time to focus on satisfying the customer’s requirements and developing a deeper connection with them.  PSA software aids businesses in implementing a customer-centric approach.

 

Each service organisation is unique.  Similarly, each PSA solution is unique.  Choosing which option is best for your business can take time and effort when trying to take advantage of the professional services automation benefits outlines.  For this reason, some companies need to determine the features and capabilities that correspond to their requirements and make it possible to maintain real-time control over their projected budgets.  With this, vital elements that contribute to their success may be considered.  The professional services automation solutions offered by Cofficient – NetSuite PSA – may provide you with all the advantages mentioned above.

Contact us today for a consultation to discuss how PSA software might help your company succeed!