Why Professional Services Automation Software is today's number one business investment
Posted by Sam Quelch
A question to begin with; 'do you understand the key benefits of Professional Services Automation Software? Specifically, how it can make a real difference to your businesses revenues, operational efficiency and not to mention staff & employee productivity?' If not, then the first step comes down to understanding the market.
The below chart highlights how over the last 10 years the google search-term 'Digital Transformation' has seen seismic-scale growth. This has now become a fundamental part of what businesses need to achieve to become fully competitive and functional in today's demanding market.
It is important for businesses to know they are interacting with a vendor who has a system that responds exactly to the voice of the PSO market and the current challenges that are common place within it. It's clear to see that the market is buoyant and project-centric businesses recognise that a PSA system investment is now the key to ensuring a healthy return on investment.
To understand the amount of investment potential in the PSO Market today, we need to first look at the fact that 72% of PSO businesses have assigned budget to invest into this area.
Secondly, if you take the fact that the PSA Software market is currently valued at 15billion US dollars, compared to half that amount 10 years ago, we are really entering a healthy period for service centric software & businesses.
Unit4 have worked hard to understand the growing PSO market and have a Microsoft based PSA System, which can deliver several key business benefits to businesses who are looking to build, scale and perform.
1. Win More Business
PSA software allows firms to determine what types of projects are the most profitable by providing in-depth data on each project as it is completed. This information then enables firms to develop more efficient business processes and focus on the projects that best match its skill set – increasing the chance of winning new business.
2. Boost Resource Utilisation
Using a PSA solution means that you can review resourcing at a glance and ensure it is being used effectively on revenue generating work.
3. Increase revenue with better decision making on more accurate information
In today’s environment there are more businesses vying for fewer projects which means competition is high. This in turn creates tighter profit margins. The first stage in protecting your profit margins is setting the right price for bids and a PSA system gives you visibility into historical project costs, performance and any risks or opportunities so you can effectively determine this initial price.
Secondly, it is about ensuring that the project runs to schedule. With PSA software you can determine accurate timelines and milestones in a flexible manner so even if there are changes along the way, your margin is protected.
4. Bill with more precision and increase cash flow
The right PSA system means your firm will spend less time waiting for payments to arrive. Invoicing is quick and painless because labour and materials are connected to the right level of the project and transactions are validated at the point of entry. This means fewer errors and clients that are more likely to pay on time.
5. Increase business visibility and control
A key PSA software benefit is platform unification. If your existing systems are siloed and disparate it can be a nightmare trying to pull together all the relevant information in a timely and accurate manner. The right PSA solution provides the whole firm with complete and up to date information about projects, including any issues that may threaten to derail them.
6. Boost key projects profitability and efficiency
It’s important to choose a PSA software solution that offers project planning and budgeting because it provides increased visibility for managers and also better equips them to stay on task and on budget throughout the entire project lifecycle. It is also crucial to be able to manage the purchasing and tracking of materials – with the right solution you can track orders completely from planning to approval, shipping and receiving.
7. Develop business quickly through more sophisiticated sales management
A key functionality of PSA software is project-based opportunity management that will help manage, track and forecast opportunities in ways that is helpful to your business. More sophisticated than standard customer relationship management (CRM) tools it is designed specifically for professional service organisations.
Conclusion: The benefits of our PSA software
These seven benefits of PSA software highlight the opportunities available to professional service firms who are willing to explore the technology that can best support operational processes, staff productivity and business growth.