5 Benefits of PSA Software for Consulting Firms
Unlike manufacturers, at a consultancy, your product is your people. Managing their time and talent along with operational matters and sales considerations all in one place is essential to creating a seamless experience for both your team members and your clients. That’s where PSA software comes in. PSA software helps to automate processes and streamline functions in a way that addresses some of the top challenges faced by consulting firms.
What are those challenges? A survey of more 500 senior managers at consulting firms found that the top problems plaguing management in PSOs were:
- Attracting and developing new business
- Dealing with competition
- Retaining talent
- Planning and strategy
PSA software reduces complexity and provides all team members a 360 degree view into your business, putting project management in a central location that addresses each of the following challenges:
1. Attracting and Developing New Business
PSA software makes moving new business from the attract to develop project stages simple by integrating with your CRM. Automation reduces or in some cases eliminates manual project setup, making the transition from lead more efficient. It also helps to eliminate logistical headaches that can ruin an otherwise smooth experience for the client.
2. Dealing with Competition
PSA software brings all components of your businesses together in one cloud-accessible home—reducing operational complexity and shaving critical time off many processes. In a competitive marketplace, even incremental improvements in speed can give you a leg up over the competition, while smooth operations behind-the-curtain ensure a flawless customer experience that will earn you retained business and referrals.
3. Retaining Talent
Too much or too little work can be the death blow that sends your top talent shopping their resumes around to competitive firms. The data gathered in PSA software gives you a comprehensive view of upcoming human capital resources versus work, helping minimize burnout and identify opportunities for personal growth.
PSA software reduces the need for manual processes by integrating with your existing system and centralizing your project management, thus freeing your consultants from many menial day-to-day tasks. Without the burden of many administrative tasks, team members can do what they do best—provide exceptional client services. Such efficiency not only provides more room for individual players to innovate, it positively impacts your bottom line.
5. Planning & Strategy
Improved planning and strategy is the central function of any good PSA software. The 360-degree view PSA software provides is accessible to everyone from management to project teams and facilitates matching the right people to the right project at the right rate and time. Integration with accounting allows an holistic view of cost and profitability that directly impacts resource allocation on current and future relationships. It also facilitates better reflection on past projects, making it possible to increase efficiency and build off lessons learned.
* * *
As many consulting firms and other PSOs find when trying to implement product-based management software into their organizations, you can’t fit a square peg into a round hole. PSA software is built for companies whose product is their people. Download a free copy of the SPI 2017 Professional Services Maturity Benchmarking Report to find out how PSOs who use PSA software benefit from more productivity, on-time delivery, accurate forecasting, and increased satisfaction.
About the Author
Karri Bishop is a marketing communications specialist at TechnologyAdvice, a B2B marketing firm that connects buyers and sellers of business technology. Karri manages social media strategy and covers various topics in the industry.
- Analyst Report
- Deltek for Professional Services
- Financial Management
- Financial Management Consulting
- Industry Trends Consulting
- KPIs and Benchmarking
- Mgmt IT Consulting
- Project Management Consulting
- Resource Planning Consulting
- Talent Management Consulting
- Technology for Consulting Firms
- Technology Trends