4 Ways You Can Avoid Revenue Drain With Agency Management Software
Are there unseen forces at work in your agency, undermining the good work put in by your team? Are these unseen forces leaving you in the dark about project status and leading you astray over costs? If so you are not alone.
Deltek research revealed that, on average, 7% of potential revenue is lost because agencies don’t have the insight they need into what people are working on and for how long; if time or money is being wasted; and if freelancers are being employed unnecessarily to pick up the imagined slack. So, what can be done to get your agency out of the dark and towards a more enlightened way of working?
Gain Full Visibility
A full-service agency management software application that can manage resource management as well as project planning and accounting functions can drag your firm out of the doldrums and provide the ‘lightbulb’ moments that will really impact your firm for the better. For instance, let’s look at the time-consuming business of timesheets.
Timesheets are often hard to access and complicated to use. As a result, time is often not record-ed, or delayed and then recorded inaccurately. Agency management software, such as Deltek’s WorkBook ERP, can make life simple for the whole team by offering a simple and intuitive time en-try interface that is accessible on any device. It’ll encourage better time keeping which will in turn give you an accurate picture into who is doing what, when.
Software for project-based businesses
Make The Right Decisions Faster
Agency management software is essential for making time-saving decisions about hours spent on administration and other non-billable tasks. It’ll also help you save money by avoiding taking on freelancer support if it isn’t essential.
But there are other ways a system like WorkBook can improve profitability.
How? With CRM data integrated with your project and resources modules, such a system will give you the insight you need to target and better service your customer relationships - thus avoiding deploying lengthy and time-consuming sales pitches and unprofitable clients that lead you up the garden path.
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Connect Your Workflow
The bottom line is, getting rid of your agency’s disparate systems in favour of an integrated system that will bring together customer, project and financial data is the key to professional clarity, and is a fundamental first step to improving your prospects.
But with our research showing that only one in three systems are capable of providing enough insight to put a stop to potential budget overruns, it’s vital you choose software wisely.
Assess Key Performance Data With Ease
Agencies who are serious about avoiding revenue seepage need more than a generic run of the mill ERP system. They need a serious agency management solution that will help them face up to and overcome the particular project and organisational issues that are happening in their firm at any given time.
Your software should at the very least help you assess key performance data so that you can:
1. Pinpoint the availability of your workforce
2. Set competitive yet profitable rates
3. Monetise your team’s strengths and skills
4. Avoid over-servicing
5. Establish the main priorities at any given time
6. Always steer your project in a profitable direction
With the ability to make light work of your firm’s data, such systems will help you determine how the decisions you make today will impact your project tomorrow.
Explore What's Working Well For Others
But that’s not all, agency management software can also significantly reduce administration, like it did for PeopleGroup.
When the benefits of installing the right business system are so well documented it’s hard to look the other away. So, the question needs to be asked: Could a system like WorkBook give you the clarity you need to bring a more enlightened, insightful and informed age to your agency?
Knowing what's good for your agency
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