7 Key Benefits of PSA Software
The previous blogs on professional services automation were designed to give you a strong understanding of what PSA software is, how it works and what it is capable of.
In our last blog of the series we are going to explore the key benefits of Professional Services Automation software and how it can make a tangible difference to your firm's bottom line and operational efficiency – not to mention staff productivity.
There are seven key PSA software benefits and these have been outlined below.
1. Increase your win rates
PSA software allows firms to determine what types of projects are the most profitable by providing in-depth data on each project as it is completed.
This information then enables firms to develop more efficient business processes and focus on the projects that best match its skill set – increasing the chances of winning new business.
2. Use your resources wisely
Being able to see where resources are being used and where the gaps are, means that you will be able to adjust to ensure the right resources are being used in the right place.
Using a PSA solution means that you can review resourcing at a glance and ensure it is being used effectively on revenue generating work.
3. Boost your profits through better information
In today’s environment there are more businesses vying for fewer projects which means competition is high. This in turn creates tighter profit margins.
However, the first step in protecting your profit margins is setting the right price for bids and a PSA system gives you the visibility into historical project costs, performance and any risks or opportunities so you can effectively determine this initial price.
Secondly, it is about ensuring the project runs to schedule and cost. With PSA software you can determine accurate timelines and milestones in a flexible manner so even if there are changes along the way, your margin is protected.
4. Increase cash flow
The right PSA system means your firm will spend less time waiting for payments to arrive.
Invoicing is quick and painless because labour and materials are connected to the right level of the project and transactions are validated at the point of entry.
This means fewer errors and that clients are more likely to pay on time.
5. Gain visibility and control
A key PSA software benefit is platform unification. If your existing systems are siloed and disparate it can be a nightmare trying to pull together all the relevant information in a timely and accurate manner.
The right PSA solution provides the whole firm with complete and timely information about projects, including any issues that may threaten to derail projects.
6. Manage project and materials
It’s important to choose a PSA software solution that offers project planning and budgeting because it provides more visibility into the project for managers and also better equips them to stay on task and on budget throughout the entire project lifecycle.
It is also crucial to be able to manage the purchasing and tracking of materials – with the right solution you can track orders completely from planning to approval, shipping and receiving.
7. Develop business through opportunity management
A key functionality of PSA software is project-based opportunity management that will help manage, track and forecast opportunities in ways that is helpful to your firm.
More sophisticated than standard customer relationship management (CRM) tools it is designed specifically for professional service organisations.
Conclusion: The benefits of PSA software
These seven benefits of PSA software highlight the opportunities available to professional service firms who are willing to explore technology can best support operational processes, staff productivity and business growth.
Looking forward and it is clear that the firm ready to embrace technology will find themselves a cut above the rest.
For an in depth look at the benefits of PSA software please download our Professional Services Automation for Dummies guide.