Did you know that the professional services industry has a turnover of over $4 trillion in global revenue? The seismic growth in a professional service organization (PSO) is unlike any other sector due to its boundless potential when collaborating with technology businesses.
Even though it seems like a blue ocean for organizations, not every PSO will strike a chance at the opportunity. The barriers are high, and competition is tough. In the end, the large slices of the revenue pie will reflect on the companies that overcame a sequel of challenges. The good news is that most of these challenges are predictable. How? Notice the history of challenges that repeatedly occurred in the past; lack of skilled professionals, shrinking timeframes to deliver projects, market volatility, and outrunning the competitors.
Day in and day out, organizations have to continually prove to their clients why they are the best bet in the market.
How your Enterprises can Benefit from FinancialForce PSA?
To enhance the probability of success, below is a list of 4 ways enterprises such as Splunk, HPE, and Red HAT enhanced their services delivery using FinancialForce PSA and led to have held significant results.
#1- Eliminate team silos
Silos can be beneficial if a project requires the input of only one team. However, many PSOs lose thousands, if not millions of dollars, when teams work in isolation. Such projects require a strong collaboration between professional services and sales teamwork to access the same information for quality work and enhanced productivity. Hence, using different systems may lead both teams to enable unsynchronized information resulting in error, delay, and difficulty materializing their best efforts.
FinancialForce PSA comes into the picture with its seamless visibility and prevents chaos between those two teams. Bring your sales and services team together by eliminating outdated processes like manual spreadsheets to create a single source of information for efficient service delivery. Manage your professional services better by helping your sales team to communicate precisely, project managers to plan, and clients to get satisfying results.
#2- Leverage the right tools
As important as it is to assign the right task to the right professional, it is also essential to leverage the right tool for the right task. Many companies started using basic tools for IT and project management in their earlier days due to the lack of more sophisticated software. With time some adopted newer technology to their operations, while others stuck to their old ways.
While there may not be anything wrong with your existing tools, tools have to upgrade to keep up with handling the growing business needs. For example, the FinancialForce PSA tool comes with robust Einstein technology to cover specific areas such as billing hours and alike. It gives you the flexibility to accommodate any number of methods, increase profit margins and make billing easier. Significantly affect your profit margins with the flexibility in handling all your billing processes.
#3- Learn to prioritize profit-based project
Do you rank your projects from 1 to 10 based on their profitability? To measure real-time profitability, you need dedicated systems to monitor all your implications with each client and project. Each update on client projects needs to be tracked from a profit contribution perspective. In doing so, how do you eliminate error and guesswork in deciding which client project gets your #1 priority in terms of profitability? It can be hard to plan resources and manage service requests if you only rely on manual processes using spreadsheets.
Well, on the other hand, FinancialForce PSA gives you complete visibility into financial data and current projects all in one place. It helps gain full visibility into the scope of projects, budgets, available resources, and opportunities to help prioritize profitable projects and plan out a consistent service delivery system.
#4- Choose effective tracking metrics
FinancialForce PSA offers accurate tracking metrics like no other.
Using multiple platforms to manage a large-scale project hinders overall growth and decreases project capability. Services organizations need helpful information and can benefit from a unified platform to avoid concerns with time and expense and improve profitability. FinancialForce PSA integrates resource information, projects dashboards, and demand forecasts all in one place.
Whether it’s about managing client requests, projects, resources, or finances, FinancialForce helps boost your overall utilization rate. Track project details, including calendars, target rates, supply, demand, forecasted revenue, protecting margins, and more to eventually increase utilization, improve profit margins, and gain happy customers.
Need to consult a PSA expert for more support?
FinancialForce PSA is an outstanding tool for streamlining professional services but integrating and managing these tools is not easy. With the right
Eager to learn how to access complete visibility across all your operations and streamline your upcoming project for higher profitability? Get in touch with the best FinancialForce consultants to learn how they help you achieve your business objectives more efficiently.