The business landscape in the 21st century has grown in leaps and bounds. With the aid of hindsight, observations, and improved technical abilities, new studies and perceptions are changing how you and your competitors do business. Add to these the need to optimize the way a business is run, and you have a recipe for operating your venture sustainably.
Having all the components in place is one thing. Pulling the information from them and using it to achieve your goals is an entirely different matter. Here is where Professional Services Automation comes in.
What does all this mean for you, and how does your company gain from such an endeavor? Let’s find out.
What Is a Professional Services Automation Tool?
As a company, you’ll always have several operations occurring concurrently. They are crucial to the day-to-day running of the organization. These procedures include project and resource management, time and expense tracking, billing, and invoicing.
There are tons of software available to handle every operation your organization engages in. Some stand-alone software examples are great at their job but can be expensive to maintain, especially in this age of subscription services.
What if there was a single alternative software that could handle all these different components of your business while keeping costs to a minimum? This is what professional services automation software is all about.
What is PSA software? PSA software is an excellent option for project management, business intelligence, time tracking, billing, and other tools used by project teams in companies. A PSA tool also helps professionals manage services and client engagements throughout the project’s life cycle.
This resource and project management software puts down a foundation for the consistent processes of planning, managing, and measuring the performance of each project your company engages in throughout its life cycle.
What Benefits Can You Get From a PSA?
Keeping track of every little task can be intensive and, in most cases, a waste of valuable human resources. Streamlining all these professional services allows you to redirect manpower to where it’s needed most. It is excellent at reducing operating costs due to manual processes.
That’s just the start of what’s possible with a PSA system. Here’s more.
Simplifies Project Management
The most apparent benefit of a PSA tool is its ability to streamline the projects your business is putting into motion. The task management software affords you a holistic view of the client project while tracking resource utilization, monitoring project costs, and providing forecasts for future projects.
With PSA software from Syncro MSP, you get a software platform to create projects, assign tasks to specific team members, track the time they spend on each task, and monitor overall progress. The inbuilt collaboration tools permit closer and quicker communication between colleagues. It also helps to enhance utilization across projects.
Improves Client Communication
Improving internal communication is powerful, and the effect spills over into conveying externally with your clients. PSA software provides real-time communication channels that both your team and clients can use to remain apprised of the project’s progress.
This upgraded transmission creates an air of transparency, quick problem-solving, customer satisfaction, and the likelihood of gaining repeat clients. Also, the enhanced communication suites of various PSA software mean you can create dedicated phone lines that let you conduct business anywhere and separate your work from your personal life.
Enables Overhead Reductions
As a business, keeping your costs at a minimum is highly sought after, but not always something you may achieve. A PSA solution affords you the capability to reduce overheads even in sections you never thought were possible.
You may have chosen to have specific tasks like billing and expense management handled by staff. However, PSA implementation allows you to cut costs, reduce the chances of mistakes, and maintain accuracy in these two crucial areas as it will handle all your billing and invoicing needs.
In addition, you obtain the ability to track employees’ time and their attached expenses. You can monitor how your resources are being used and make changes promptly.
Dealing with spreadsheets and handling the necessary data can be time-consuming, particularly involving processes. Although administrative assistants would typically manage such tasks for you, PSA software makes it more accessible. It decreases your staff’s time on non-billable work and gives you a margin boost.
The automated reports from the software make the reporting process across your different projects seamless, as it ensures consistency from start to finish. You can then use the information you receive to make data-driven decisions that can influence your fundamental business decisions.
Improves Capacity & Resource Planning
Each of your staff members brings different skills and capabilities to the workplace. Not every one of them is tailor-made to handle all the tasks necessary to move your business forward. You may rely on a few to handle specific tasks and projects. That could be a severe bottleneck when the jobs come in thick and fast, as your projects may lag behind.
PSA software makes it easy to manage your resources. It’s great at highlighting your staff’s capabilities, skills, and availability. You can distribute the workload to the best-skilled employees while allowing you to plan for future projects.
Gives Insight Through Impact Analysis
Doing business involves handling many hypothetical situations before settling on a course of action. Such analysis calls for staff with a specific skill set, who put in time and effort, which robs your company of billable work. Though input from the brightest minds on your team is essential, it shouldn’t be what they spend their time doing.
The best thing about PSA Software is its ability to forecast and assess the effect your decisions have on a project. Depending on the project’s constitution, the software can give insight into the ramifications senior and junior specialists have on projects.
Enhances Control Over Profitability
While you expect your business to have an impact, the underlying reason your organization is in existence is profits. How can you squeeze more earnings without incurring additional costs? What areas should you pay attention to that will yield greater profits?
PSA software allows your team members to input the costs and expenses. It lets you track the progress while spontaneously comparing it against the planned budget. The software also enables you to maximize billable hours and remove the risk of underutilizing or overloading your employees.
This resource management plays a significant role in fostering a positive work environment. Additionally, it offers a comprehensive look into staffing needs and capabilities for providing billable utilization.
Helps Align Business Units
It’s common for different teams to pull in various directions, even within an organization working towards the same goal. For example, the sales and marketing teams that should be tightly integrated tend to approach goals from many directions. This slight difference can lead to miscommunication, friction, or missed targets.
PSA solution tools make it easier to integrate different business units to operate as single-purpose machines. This facilitates the staff to handle current projects more efficiently while also preparing to onboard new clients.
Connects Global Enterprises
In this highly connected world, the majority of businesses operate in different jurisdictions and even time zones. In addition, the forced period of working from home implies managing remote employees who are still expected to meet their goals and deadlines.
The PSA project management tools provide remote management and a single source of information for all locations and personnel in the organization. Distributed employees can get their work done, and project managers ensure it is done right from a single platform. Note that feedback and communication are instant.
Provides an Audit Trail
It’s not always possible to handle all projects with high accuracy, quality, or care. Mistakes happen, which can sometimes lead to customer complaints or costly pushback. In such cases, you’d want to have documents or points of reference that can pinpoint the problem.
Utilizing a PSA program offers a ready-made audit trail to dig into the processes and practices employed to develop projects. Aside from looking for problems, use this capability to amplify what worked during a project and find ways to improve future outcomes.
Are You in Need of PSA software?
The inherent benefits of an engaging professional services automation solution present you with a template for future growth. It may take time, but with insight and intelligence, you can achieve success. However, you require a PSA program with the appropriate tools and features.
At Syncro, you can get software that’s hyper-flexible and customizable to your business needs and everything else necessary to run it more efficiently. Would you like to see how it works? Schedule a demo today.