Keeping Tabs On Your Business With PSA Software
In our previous blog, we looked at what Professional Services Automation software was and how it could be of benefit to project-based businesses. Now that we have a good grasp on that, it’s time to look more depth into the advantages of PSA software and how it can keep your business on track.
There are three main areas we will look at – how PSA software helps track of opportunities, how it helps plan projects and allocate resources, and how PSA software can help turn knowledge into wisdom.
How does PSA software help track opportunities?
It’s important to invest in a project-based opportunity tracking tool as part of your PSA solution so that you can get the true value of your integration.
It’s also important to differentiate this from a customer relationship management (CRM) tool which many PSA solutions have included.
This is because while general CRM is designed to build estimates and identify the value of an opportunity on products, a project-based opportunity management system values an opportunity on many variables including resources, products and expenses.
It also gives visibility to future work coming down the line and any potential resources that may be required.
How does PSA software help plan projects and resources?
The first step here is to develop a detailed project plan with a structure that is easy to follow and which can be amended if change is required.
It’s essential that the project plan tracks both time and cost estimates against actuals so that it can be determined how the project is running – which is ideally on-budget and on-time.
An advantage of PSA software is that it enables you to execute project plans that show the hours required to complete the work as well as the costs projected.
Once you’ve established your plan you need to schedule the resources. Again, a PSA software solution can help here as it handles project scheduling with resource attributes, enabling you to search for the right skills, at the right costs, at exactly the time you need them.
The PSA software can also help to manage aspects such as a change in scope and budget revisions, as well as provide insight into utilisation, profit levels, estimate to complete and estimation at completion.
How does PSA software help you turn knowledge into wisdom?
An advantage of PSA software is that it provides an organisation with mountains of data but there is no point of data if you can’t turn it into actionable insight.
Therefore, when selecting a PSA software solution, it’s important to consider the business intelligence functionality, power and ease of use.
A good solution should make reports useful and valuable and this is where you able to build your knowledge – with analytics.
Analytics can be defined as the use of data and analysis to identify trends and inform business critical decisions. It is through analytics that your knowledge turns to wisdom.
The advantages of PSA software are clear – making it easier to track opportunities, helping to plan projects and resources, and turning knowledge into wisdom.
In turn, the byproducts of this are smoother operational processes, more productive staff and higher profit levels. The firm making the most of its PSA software is the firm that will find itself ahead of its competition.
For more information on how a PSA software solution could work for your business, please download our Professional Services Automation for Dummies guide here.