Why Your PSO Needs a PSA to Reach Its Full Potential
Posted by Mark Baars
When your people are working on the wrong tasks at the wrong times, it costs your business in more than just cash. Your productivity is down. Your efficiency is down. There's no way you can operate at that level and reach your full potential. A dedicated professional services automation solution helps trim the fat and improve your performance.
An effective PSA system streamlines the “bid-to-bill” or “quote-to-cash” process. It takes you straight from acquisitioning a sale or order to delivery, invoicing, and depositing the money into your bank account. Maintaining the proper focus is half of the battle in cutting time-waste and avoiding hold-ups that cost you in dollars and in reputation.
Securing New Business
Something all too common in the world of professional services organizations is the slow-to-start service provider. Your sales team responds quickly, earns the customer's confidence and gets the contract rolling. Then your provider brings the whole thing to a standstill by asking too many questions or asking them in a way that introduces doubt. And then the customer says, “If your people can't handle the job, we'll go to someone who will.”
A fine-tuned PSA solution prevents this from happening by ensuring the right people are talking with clients and funneling the appropriate information to your service providers before the job is set to start. No follow-up questions are needed, or they're delivered through the right channels and in the right methods to retain the client's trust.
Selecting the right person for each step of this process infuses your clients with trust in your business. They feel safe and secure, and it's easy to retain them, even if you raise your rates. Making things more efficient also reduces the amount of time spent rehashing old information. Best case scenario? You reduce the amount of man hours associated with every job while improving efficiency enough to justify charging higher prices.
As smooth as this process sounds, there's a very common obstacle to business growth. Your sales team knows what the client wants to pay, they often like your clients, and they don't want their jobs to be uncomfortable. For all three reasons, it can be difficult for your sales team to adequately price your services as you evolve. You might need someone outside your regular sales force to determine the best fee for a service, based on results or on what the market demands.
A PSA helps you achieve your company's full potential by preventing waste, securing strong relationships and accurately adjusting your service rates.
Talk to Unit4 today to put a PSA to work for your business or download our whitepaper ‘10 challenges how Professional Services Organizations can improve’.