Whether you’re an accounting firm, law firm, engineering firm, or a firm providing other specialized services, you need to be asking, “What technology will support our company through all the changes it will experience in the coming years?”
As customers become more discerning and empowered, businesses must meet these changing needs by continually developing innovative ways to market their services, showcase their abilities, and grow their thought leadership.
Many professional services firms are investigating new technology options, such as modern professional services software. They are finding that this software can address challenges such as:
- Maintaining employee motivation and productivity
- Retaining talented workers
- Building a strong brand reputation
- Keeping track of client scheduling and billing
- Delivering a consistent level of personalized service
- Staying up-to-date on industry training and updates
- Improving traceability from initial scheduling to final follow-up
With the right technology (correctly implemented with a focus and people and processes), all these challenges can be overcome. This is true whether you’re talking about a professional services point solution or an ERP solution with the professional services functionality. Regardless of the type of technology, selecting a system that fits your unique needs will enable you to support your growing organization and improve the client experience.
To assist organizations in this journey, we recently released our 2021 Top 15 Professional Services Software Systems Report outlining our experts’ top vendor recommendations when it comes to professional services systems. The featured vendors included:
- Financial Force
- Big Time
The 2021 Top 15 Professional Services Software Systems Report
Our experts have compiled a list of the top professional services software, detailing the key differentiators of these PSA point solutions and ERP systems.
Many professional services companies implement full ERP systems with built-in professional services functionality. If this isn’t realistic for your organization, integrating a professional services point solution with your existing systems can achieve the same result.
To understand the benefits of professional services automation (PSA), be sure to review our insights below before downloading the report.
5 Benefits of Implementing Professional Services Automation
1. Improved Resource Allocation
Expert scheduling is the key to both efficiency and productivity. With professional services software, you can easily see who’s working on which project, at what time, and for how long.
This way, you can avoid over-scheduling or cross-scheduling and ensure you’re assigning the right resources to your projects.
2. Better Team Collaboration
Whether it’s done in person or remotely, the importance of seamless collaboration cannot be overstated. In addition to intra-departmental teamwork, employees should also have the tools to collaborate with stakeholders and partners across time zones and geographic boundaries.
3. Timely, Transparent Project Management
Project managers need the ability to easily see how a project is performing in real-time.
With professional services software, they can track everything from budgets to deadlines with just a few clicks. Leveraging this visibility, they can recognize the warning signs of a project that’s going off track and make changes before it’s too late.
4. Lower Administrative and Overhead Costs
Are your employees performing certain tasks using spreadsheets and old-fashioned pen and paper? Some companies still lack automation for tasks such as:
- Inputting client and project information
- Performing account reconciliations
- Conducting billing and invoicing operations
Professional services software takes care of almost all these tasks, and others like them. Without the stress and time associated with manual administrative tasks, employees are free to focus on more pressing needs, which lowers associated overhead costs.
5. Greater Operational Visibility
Professional services software gives users a bird’s eye view of company operations and allows them to dig into the details. They can use these insights to monitor key performance indicators (KPIs) related to:
- Resource utilization
- Account profitability
- Sales pipelines
- Project margins
Over time, it becomes evident which projects are more viable than others. Armed with this knowledge, business leaders can decide which accounts and clients to keep pursuing and which to push aside.
Do You Need Modern Professional Services Software?
In the professional services industry, success often hinges on client demand. However, even if you have growing demand for your services and are able to scale your operations to meet this demand, success is not guaranteed. Without professional services software functionality to support this growth, your service levels may begin to decline.
If you’ve been considering professional services software for your company, our ERP consultants can help guide you toward an informed decision. Our team is experienced in evaluating PSA functionality for a variety of professional services sectors. Contact us below for a free consultation and be sure to download our latest report.