How Professional Services Automation Makes a Difference
Posted by Lauren O'Neil
A Professional Services Automation (PSA) solution improves service delivery, resource management, project management, and team collaboration, while ensuring accurate and timely time and expense capture and billing. The figure provides insight into how a PSA solution supports in the “bid-to-bill” or “quote-to-cash” process. This process spans the time a bid or quote is proposed through to billing and cash collection. A PSA tool helps an organization plan, staff, manage, deliver, track, and invoice its entire portfolio of projects through their lifecycle. PSA represents the core operational system in which all the services firm’s delivery activities are managed, forming the foundation for superior service execution and enhanced productivity.
According to SPI’s 2016 Professional Services Maturity Benchmark Report, Professional Services Automation (PSA) tools can make a difference in performance. These tools help leading professional services organizations to increase billable utilization by 6% and EBITDA by 25%.
With so many options on the market, once your professional services organization decides to invest in a PSA solution, examining all the possibilities can be a daunting task. Different organizations have different automation needs, and each of the major PSA vendors has taken a slightly different approach to addressing them. What your services business needs to determine is what you’re looking to get out of a PSA tool and how you want it to impact your businesses — basically, deciding what really matters. When services firms evaluate PSA solutions they expect the solution will give them a significant positive return on investment (ROI), and fast Time to Value (ToV). With PSA, a positive ROI can be realized fast, as increases in billable utilization, improved project margins, faster invoicing, fewer out of control projects, and higher customer and employee satisfaction make PSA a well worth investment.
But, how do you determine what really matters when looking for a new PSA solution? Download our PSA guide to gain insights on how to determine what really matters and why you should implement a PSA solution. You will also find a checklist for selecting a PSA solution. Get everything you need to know for better productivity and superior service execution.