Most professional service organizations (PSOs) know that they can greatly benefit from the use a professional services automation system (PSA). SPI Research has found that organizations using PSA software have a higher rate for project delivery on time, better project estimates, and greater productivity due to more efficient scheduling and communication. The benchmark study also showed that embedded services, product development companies, and other non-traditional PSOs are the fastest growing segments of the professional service industry. These companies are becoming more complex and larger, so it is essential to have reliable systems that allow them to see and control what is happening. Many professional services automation solutions can meet both the needs of traditional PSOs as well as project-centric organizations.
Traditional PSOs and project-centric organizations share many similarities that enable them to benefit from PSA technology. Both types of organizational structures are dependent on the success and efficiency of their projects. Project managers must be able to effectively assemble a team and empower them. These types of organizations must be able to establish repeatable project delivery processes, move project teams to higher efficiency quickly, and keep track of the progress of their projects at all stages of the project lifecycle. We will be discussing five reasons professional services automation software is a must-have for any project-centric company.
1. Simplify project planning and execution
A good PSA system must be able to efficiently plan, manage, and execute projects. Project-centric organizations have a 360-degree view of their projects with PSA software. Executives can see which projects are in progress and forecast their resource needs to have a clear understanding of the demand and supply of their resources. Project managers can create detailed project plans, match the right people with the right projects, as well as all the mission-critical data they need.
PSA software is not only useful for planning projects but it can also be used to provide a closed-loop communication channel between managers, resources, and the entire project team. Project managers can quickly communicate with resources about the status of their tasks. Managers can also assess the impact on overall project schedules, budgets, and staffing so that they can proactively address any issues.
2. Control and measure project costs
Professional services automation software is responsible for project accounting. It must have strong project accounting capabilities. PSA software can track project costs at a very fine level. Each hour of a project can be tracked and any ancillary expenses such as travel or subcontractor costs can be accounted for to provide a complete picture of investment.
These tools are even more useful when planning and executing projects with tight budgets. Managers can plan out their projects at cost and see exactly where they are at any stage of the project. Project managers can use the PSA system to manage all project-centric information. They can even analyze the productivity and ensure that each person contributes the most.
3. Streamline the Project Lifecycle
Robust PSA software can manage projects at every stage of the project’s lifecycle. This allows service organizations to concentrate on what is really important, delivering great services for their clients, and not on how to waste time.