Professional services firms operate in a dynamic environment with almost constant change. This ongoing evolution can be attributed to new business models, changing client expectations and rapid developments in technology. Keeping up with these changes can be difficult, especially for businesses that rely on labor-intensive work methodologies and dated technology to deliver their services. Recent research estimates that embracing digital transformation helps organizations generate an average of $100 million or 8% more operating income yearly than those who don’t. PSA solutions are one such transformation that can help professional services firms better manage their entire service delivery lifecycle. So, how can you tell it’s the right time to automate? Here are three telltale signs that it’s time to invest in a PSA solution.
1. Your Service Delivery Team Is Using More Than 3 Tools
Many professional service firms are still in the dark about the benefits of using PSA software. If you are among these firms that are yet to hop on the PSA bandwagon, you probably still have seperate tools for
The following are some of the negatives that come with using too many individual tools:
Added Complexity And Challenging Workflows
Using multiple tools for service delivery becomes cumbersome, costly and increases inaccuracies as the firm grows. A lack of standardization and consolidation also creates disconnected workflows, such as between sales and delivery teams. This can result in delays and missed opportunities. Siloed data It’s challenging to keep track of data when using three or more delivery tools. That’s because data points are distributed across different tools, making the process of tracking down any information confusing and time-consuming. Inconsistent data formats between various teams or departments and the added manual touchpoints drastically increase the chances of inaccuracies and errors, especially when creating reports.
2. You Dread Asking For A Report That Has Anything To Do With Utilization Rates Or Time And Expenses
You know you will eventually get the information you need, but it will take some time and several emails to get there. Will it be in the format you need and with the right level of detail? It’s Unlikely. That’s because relying on spreadsheets or legacy ERP and project management modules makes it difficult to make sense of the data and even more challenging to accurately forecast or optimize utilization on an ongoing basis.
The Big Picture Is Missing
With your current systems, you might be able to see how a project is performing on a surface level, but what about all of the data points that help you determine the overall health of a given project or portfolio from an earned value, utilization, or budget perspective? The long term growth of any firm requires a consistent and repeatable process for planning and optimization. To do this, teams need to be able to visualize a project at any stage in the service delivery lifecycle and proactively adjust on the fly to reach the desired level of performance.
3. You’re Not Sure If You’re Making Money Because You’re Lacking Project Financial Data
Is a project a success when it is delivered on time and the client is happy with the results? What about if it lost money? This is the challenge that many services firms find themselves grappling with. The culprit is typically a lack of project level financials and even more commonly, a lack of real-time financial data to allow on the fly adjustments. Waiting until the end of the project to tally costs and expenses, to see if money was made or lost is not ideal by any stretch of the imagination.
Undocumented time and expense
Another factor that adds to the confusion and lack of accuracy around project profitability is a lack of standardization in relation to the tracking of time and expense. This issue typically crops up when tracking and recording are not easy to implement because the systems in place are too cumbersome to use or lack consistent adoption across business units within the organization. One team might use “system A” to record time or expense, while another team might use “system B” to track their’s.
How PSA Software Can Help
If you can relate to one or more of these signs, this could be an ideal time to invest in a PSA tool and gain the following benefits: Improved Visibility Your data becomes centralized, allowing all business units access to a single source of truth at any time. This added visibility also breaks down data silos that make data collection and interpretation difficult and time-consuming.Better Decision-making CapabilitiesWith improved access to real-time data, your team can make data-driven decisions on the fly to achieve: faster execution, better resource utilization, increased profitability and sustainable growth.
Less Wasted Time On The Administrative Tasks
According to theAmerican Psychological Association, employees lose up to 50% of their productivity as they switch between tasks. PSA systems automate most administrative tasks and processes, such as reporting, scheduling, accounting and workflow management. As a result, your employees have higher morale and more time on their hands to handle value adding tasks
Better Resource Management And Resource Utilization
One of the biggest benefits of PSA software can come in the way of increased resource management capabilities. Easily spot who on your team is over or under utilized and make adjustments to correct. Also, take on new projects based on accurate projections of future utilization and better assign resources based on experience level and skillet.
PSA systems help to boost collaboration by breaking down the barriers between your teams. Furthermore, connecting with your customers in real-time boosts their confidence and trust in your services, which keeps them happy and loyal to your brand.
The Birdview advantage
Birdview PSA provides service organizations like yours with a purpose built PSA platform that is quick to implement, easy to use and cost effective. Find out how Birdview PSA can propel your organization’s service delivery to a whole new level. Request a consultation with one of our product experts to learn more.