4 ways your utilization can be optimized by breaking down silos
Posted by Kamal Rifai
The most successful professional services firms make profit a key metric across their organization. Giving all your teams visibility of how they impact the bottom-line can add up to $235,000 more profit per project, according to SPI Research. This means breaking down the silos that exist between your project and resource teams and their colleagues in sales, HR and finance. Get this right and planning, budgeting, forecasting become trusted and you make optimizing consultants’ utilization a company-wide priority.
1. Plan projects when they’re still in the sales pipeline – Projects plans should be triggered before not after they move from anticipated to confirmed. Today is too late. When a potential deal reaches a certain stage in the sales cycle, project and resources teams should be planning its delivery.
2. Model project viability – What-if analysis of future projects, enabled by using placeholders in task management software to generate draft plans, unlocks viability assessments. Resource managers can test their ideas on optimizing utilization and optimize their own time by turning draft plans into real ones as required.
3. Track what’s happening in real time – You need real-time access to financial data synced from timesheets and the general ledger. Package this information in project dashboards and you can monitor, measure and manage your key metrics with a laser focus on optimizing utilization.
4. Understand how change affects costs and profitability – Unless you can see how shifting demands and priorities affect the bottom-line, how can you make informed decisions? Predictive analysis lets you see how the changes will affect your original budget and financial forecasts. Visit projects.unit4.com to find out more about how you can become a Utilization Hero.