Huh? What’s Revenue Optimization?
With all the rave reviews we receive from our customers and the fanfare we make about our products, many of our customers don’t know about one of the major features of TimeLinx and how key it has been to our success. The feature is our Revenue Optimization engine – a major differentiation between TimeLinx and other PSM software. In fact, TimeLinx is the only PSM we know of with this capability. And your ERP system can’t do it.
One of the core design requirements for TimeLinx was to reduce the complexity and time required to track, improve, and measure real-time project profitability while speeding up invoicing and cash flow. Managing a project is certainly about making your customer happy and delivering the work on schedule and within budget. But it’s also about the project being profitable for the provider (if it’s a customer job vs. a not-for-profit organization).
So how can you maximize revenue (and thereby profits) without cutting prices or finding less costly workers? It’s simple: get more revenue from your existing staff with the same amount of billable hours. In other words, change your pricing structure.
Over the years, we have seen the vast majority of our customers move from simple pricing models to more complex tiered models because TimeLinx gave them the power to do that.
For example, rather than charge the same amount for a junior level consultant vs. a senior consultant, or one with specialized training, TimeLinx can alter the billing rate automatically. Or maybe the work is on a weekend, or outside of usual business hours, or out-of-scope work, or a fixed rate for certain types of work (like classroom training), or involves lengthy travel. Or the work is performed in different countries. Or combinations of all of that. And these variables are based upon different previously-agreed contractual rates. We’ve seen dozens of companies want to do this but can’t. Having the accounting staff trained to remember to factor and calculate all this when preparing invoices is next to impossible, error-prone and certainly time consuming.
So complex were the services of one of our longtime customers that it required seven weeks to produce an invoice from the time work was completed. Their services were such that they could not afford to simplify It. So accounting spent many hours calculating from spreadsheets for every invoice.
But for most other companies, it’s simply impossible. And so they resort to the KISS method and leave money “on the table”. We’ve added up the “table money” over the years and the amounts are eye-popping.
TimeLinx is a solution that brings together the many requirements of project and service management including Gantt charts, time tracking, expense management, scheduling, task management, expense management, contract management, asset tracking, ERP integration (including our optimized rates!) mobile apps and much more.
So if you don’t know about our Revenue Optimization and some of the above situations apply to you, please contact us to discuss your requirements. And if you’re an existing TimeLinx customer who’s never implemented these features, call us and we’ll show you how. It will make a tremendous difference in your profitability!
And what about our “seven weeks to do an invoice” customer mentioned above? Today, 10 years later, they’ve grown over 400% and invoices take just 5 days with TimeLinx. Nice!
Happy Selling!
