Managing the Heart of your Services Organization with PSA
Posted by Lauren O'Neil
The heart of your services organization is managing the effectiveness and efficiency between people and projects to deliver superior services and ultimately provide customer satisfaction. That boils down to executing projects – on time and within budget – and working with the right knowledgeable, experienced people to deliver exceptional service.
Behind every project are the people managing the project’s lifecycle. It begins when a new requirement is identified, either with an existing client or a new one, and enters into the firm’s opportunity funnel. From defining the need, ascertaining the timeframe and budget, developing the solution, achieving agreement, to then beginning the actual project, each phase of your project requires full visibility into pertinent information and data, clear communication, and streamlined processes to make the project successful and profitable.
Done right, projects can return double-digit profit margins and generate predictable, recurring revenue stream. This is where Professional Services Automation (PSA) can really make a difference. Too often companies implement CRM, Enterprise Financials, and HR solutions without investing in the heart to tie it all together. The heart is a PSA solution to sync all the various systems together to improve not only project planning and execution but performance in all areas of our business.
According to 2016 Professional Services Maturity Benchmark from SPI Research, organizations that use a PSA solution have seen significant benefits related to the bottom line in six different areas:
- Employee billable utilization improved by 6%
- Year-over-year change in PS revenue increased by 78%
- Concurrent projects managed by PMs increased by 14%
- Projects delivered on- time increased by 3%
- Standardized delivery methodology usage increased by 6%
- Annual revenue per billable consultant increased to 4%
At the end of the day, your PSA solution will open up opportunities in many different areas of the business that may previously have been siloed because of disparate systems and resource-intensive, error-prone workarounds. A PSA solution deliver the missing piece of the puzzle to your business.
Download our PSA guide to learn more about why you should implement a PSA solution. You will also find a helpful PSA selection guide. Get everything you need to know for better productivity and superior service execution.