Congratulations to SPI Research's 2018 Best-of-the-Best PSO Winners
Service Performance Insights “Best of the Best”
Service Performance Insights (SPI) recently announced the “Best of the Best Professional Service Organizations (PSOs)” that participated in the annual SPI Professional Services Maturity™ Benchmark survey. Only 20 firms out of the 456 participating firms received this prestigious award, less than 5% of those who participated. Four of these top twenty performing firms were using Deltek ERP solutions!
The “Best of the Best” outperformed their peers and the benchmark average with not only significantly higher profits, but also more projects delivered on-time and higher client satisfaction. SPI Research conducted in-depth analysis on the top 5% participants to better understand the reasons behind their off the charts performance. This information is detailed in the 2018 SPI Professional Services Maturity Benchmark report.
SPI 2018 Best of the Best
Professional Services Benchmark Report
The Five Pillars of Professional Services Excellence
Participating firms are evaluated across five critical service pillars that have become the backbone of the SPI benchmark report: Leadership, Client relationships, Human Capital Alignment, Service Execution and Finance and Operations. Scores of Key Performance Indicators (KPIs) for each pillar are evaluated and the best performers are then benchmarked against the rest who participated in the study.
Here are some of the key findings for the “Best of the Best” across each of the five pillars:
The Best-of-the-Best firms tend to be specialized in high-growth industry segments such as cloud, security, artificial intelligence, engineering and IT and management consulting. They are often seen as visionaries within the markets they serve and able to achieve much of their business through client referrals.
The fact that repeat business and referrals are the primary source of new business for the “Best of the Best” is a strong testimony to their competence, result-driven focus and high levels of customer satisfaction. These high achieving firms rely on CRM applications to improve their sales and marketing effectiveness. Several firms credited their tight integration with CRM and PSA applications as a catalyst in building collaboration between sales and service delivery.
Human Capital Alignment
Talent management is a primary focus for these firms. Technology is helping these firms reinvent the workplace with knowledge-sharing, team-building, transparency and collaboration at the core of their continuous learning cultures.
High quality service execution sets these firms apart and they are highly disciplined in all facets of service execution. They are able to staff projects faster because most of them rely on a commercial PSA application and standardized delivery methodology. This combination results in projects delivered on-time, fewer project overruns and fewer project cancellations - making every facet of their projects more profitable.
Finance and Operations
In general, the “Best-of-the-Best” run a tight financial ship, are metrics driven and have real-time visibility into all facets of their business. They produced significantly more net profit (26.3% compared to 16.1%) than average firms in the benchmark. Technology is the backbone to their finance and operations: all of this year’s top performers have deployed a commercial finance and accounting solution which is partially integrated with their PSA application for billing and revenue recognition.
The SPI Professional Services Maturity™ Benchmark report is one of the leading industry performance improvement tools used by professional services firms to help chart their course to service excellence. As you will see when you read the report, technology lays the foundation for the success of the high performers. For the past 30 years Deltek has helped thousands of services organizations find their path to profitable growth with our project-based ERP, PSA and CRM solutions built for services organizations. Access the resources below to learn why having the right systems in place can help transform your business!
We invite you to:
- Download the 11th Annual 2018 Professional Services Maturity Benchmark Report (Compliments of Deltek)
- Register for the Power of Visibility webinar featuring Dave Hofferberth from SPI Research
- Learn about Deltek PSA and ERP solutions for the Consulting Industry