PSA…what does it mean and does my service firm need it?
May 11, 2012
In today’s ever-evolving business sector, some things never change. Professional service organizations (consultants, integrators, manufacturers, IT consultants, etc.) have one thing that is constant… their product is their people. To grow and be successful, they need to leverage their people, plus their processes and technology.
So, why are these industries so slow to change the way they bill and interact with their customers? Many of today’s service firms track work and bill clients in much the same way as they did two or three decades ago.
What is Professional Service Automation?
Professional Services Automation (frequently abbreviated to PSA) is software designed to assist professionals with project, resource, expense management and more for client projects. Typical PSA functions include:
- project management
- time recording and details
- expense management
- calendar and resource allocation
- reporting and analysis
Managing labor utilization can also be managed with PSA software. And when integrated with a CRM (Customer Relationship Management) system and even your accounting system, maximum visibility and improved efficiency is the result across the organization. In addition to better managing client projects, organizations can prevent lost revenues and slow billing cycles.
Ultimately PSA software allows businesses to accumulate and compare industry metrics in order to better understand operations and, in turn, improve overall efficiency and profitability. As a business grows, the size and complexity of projects tend to increase as well. PSA software allows greater scalability as well as visibility into daily profitability.
Should your company invest in PSA Software now?
- Do you expect revenue growth in your services business?
- Is there an increased demand or competition for your services?
- Is your revenue dependent on project-based consulting contracts?
- Are you performing work or expanding your company into other countries?
- Are you hiring contractors or expanding your talent workforce?
- Are you anticipating or managing a merger or acquisition in the future?
- Do you plan to increase the strategic role of services within your business?
What are the Benefits of PSA Software?
Improving customer acquisition, service delivery, financial health and customer management are the cornerstones of a robust PSA solution. PSA software allows services organizations to:
- increase revenue
- drive strong margins
- ensure high levels of customer satisfaction
- increase market share
- improve business intelligence
- reduce information silos by using a single system
Professional Services Automation is one of the fastest growing trends in service delivery today. Using such a system, professionals can management and streamline even the most complex and hectic business practices allowing more time to devote to creating new markets and acquiring new customers.
Schedule a demo to learn more about how TimeLinx can help you transform your Sage CRM or Sage SalesLogix CRM system into a true PSA solution.