Do you require an in-depth visibility of all projects, streamlined business processes and tight cost management across the project life-cycle? In this blog, CrossConcept helps you evaluate your needs for PSA software before you begin to shop around.
In professional services, your people are the keystone to success. A professional services automation (PSA) solution is the cornerstone supporting them. With a PSA tool, you can manage resources, the engagement life-cycle, and project financials—all within one unified application. Rich integration with other core systems aggregates relevant data to create a single source of truth within your PSA tool. The benefit is having all the information in one place, enabling your teams to gain the insights needed to make more informed decisions and the freedom to focus on their jobs.
In 2018, the PSA industry is growing rapidly, and with this growth comes the need for a PSA solution to help automate the overwhelming workload. According to researchandmarkets.com "The Global Professional Service Automation (PSA) Market is poised to grow at a CAGR of around 10% over the next decade to reach approximately $17.33 billion by 2025".
In this blog, we briefly review the business value of a PSA solution. In addition, we identify the 6 most relevant areas to focus on when deciding on what PSA software to implement.
The value of PSA software
Today, most businesses recognize that PSA systems are significant, they also recognize that they can be costly (depending on the vendor you chose). In order to justify the expense of a PSA solution, service managers will need to build a solid business case surrounding the direct business value PSA can bring to the business.
listed below is the direct benefits a PSA solution can offer:
Improved visibility across all professional services functions, including intake, execution, and ongoing management of the client life-cycle.
Centralized database for project revenue and cost data.
Standardized processes for opportunities, resources, and project management.
Streamlined workflow for financial management and invoicing. Real-time reporting and analytics for visibility into engagement status and improved communication with stakeholders.
Centralized management of information for a seamless audit trail.
Improved financial management support through multi-currency and multilingual applications that support localized tax regulations.
Reduced manual data entry and elimination of spreadsheets to lower administrative costs and up-keep.
What capabilities to look for in PSA software
PSA vendors typically advertise similar capabilities (e.g., project management, resource planning, time tracking) but vary widely in the depth of those capabilities.
As you begin to shop around, here are the top 6 important considerations to keep in mind:
1. Built to fit your businesses needs
This doesn’t necessarily mean customization, but the key features of the solutions under
consideration should support your business needs instead of you conforming to the product’s features.
2. Reports for quicker decision making
A solution that provides powerful reporting capabilities and customizable dashboards is a must. It’s business-critical to configure reports that depict the most important metrics to your organization.
3. Built in analytics
Beyond status dashboards and reports, a solution that includes business intelligence and analytics delivers a 360-degree view of the business for improved decision making and insight.
4. Mobile responsive
Being able to record time and expense both on and offline will save your teams time and reduce double data entry. In addition, mobile allows your resources to work and record data remotely.
5. Global Capabilties
If you’re a global firm, make sure the solution can support multiple currencies and languages, as well as set up rules to support local accounting and tax laws.
6. Delivery models
PSA software comes in all shapes and sizes. On-premises is an outdated method of PSA delivery which is costly and rarely used today. Private cloud, or software-as-a-service (SaaS) is the most viable and recommended option in 2018.
With a high-performing PMO, projects become easier to manage and thereby easier to execute. Before considering implementation or a transformation, it’s important to ask yourself the hard questions about necessity and readiness.
It’s Time to Streamline…
CrossConcept launched CrossConcept Continuum solution in 2017. CrossConcept Continuum contains a carefully curated feature set with only the tools that service organizations actually use. Its user interface is laser-focused on minimizing clicks and on being intuitive. Front-line employees find it helpful to their personal needs, rather than an imposition by the back office. This focus on effective simplicity colors not only the CrossConcept Continuum product but all aspects of doing business with our company.
We truly believe our clients' success is our success!
We are offering all new clients a free 2-week trial with no contract obligations. This is a great opportunity for any business to try out the system and decide if PSA is for you!
To book a free 15-minute consultation, email: firstname.lastname@example.org or call: 1-888-528-3898.