Key Takeaways from Technology & Services World 2018

Our team had a blast at this year’s Technology & World Services Conference (TSW), where we showcased our comprehensive Professional Services Automation solution. TSW is always a great opportunity to meet, learn from, and share with the best professional services companies across the globe – and this year was no exception!

TSW provides a front row seat to the new and evolving trends shaping the professional services landscape. This year the spotlight was on how to engineer successful businesses outcomes – a hot topic in a number of workshops and keynotes. This makes sense, as:

“Professional Services’ success is dictated by your ability to pivot your business based on trends and shifting customer expectations.”

As succinctly described above, responding to the new and constantly evolving needs of your customer base will involve some abrupt changes and ongoing adjustments. Businesses that don’t keep pace will eventually find themselves scrambling to catch up.

I ultimately left the conference with three key takeaways:

RIP, Billable Hour
Long a staple of professional services engagement models, the billable hour is now slowly fading away. Ostensibly, customer preference is driving this shift in billing, but organizations should be aware they have a stake in it too. The potential to improve average revenue is limited when businesses revolve exclusively around the billable hour. A complete, holistic view of resource time expands your organization’s ability to optimize revenue and other metrics. As the world moves more towards a subscription-based economy, services organizations’ revenue is increasingly tied to outcomes. We are seeing a rise in the number of fixed-bid, milestone and value-based pricing engagements. This is driving significant changes in how PSOs think about and manage their businesses.

Hello, Forecasting
Of all these changes, the single most difficult is forecasting. You may be asking, forecasting what, exactly? The answer: forecasting everything. Customer engagements, fixed-bid project profitability, effort estimate accuracy, resource utilization, performance trends…everything! This is critical – when you’re only making a fixed amount, all estimates must be meticulous and precise. Similarly, referencing historical trends help you ride the curve instead of struggling to catch up. Otherwise, you’re dropping the ball on profitability, margin, and other core metrics. Accurate forecasting and positive outcomes are directly correlated. Unless you plan and forecast, you can’t execute.

A New Core Competency
Data science, machine learning, predictive analytics, and more will be entering the fold and transforming PSOs in the years to come. While these technologies are ultimately about helping you understand your business and forecast outcomes, it can be difficult to develop these new core competencies. Luckily, Replicon is here to help, and get you ahead of the curve. By providing a unified platform with a single source of truth – time – PSOs can start to build the data sets required to train forecasting tools, and be confident in their data and profitability metrics. By managing the whole, PSOs can streamline service workflows, stop revenue leakage, facilitate growth, and prepare for tomorrow.

Thanks for a great time, and see you next year!

 

Vivek Gopalpuria
ABOUT THE AUTHOR
Vivek Gopalpuria
Vivek is the Associate Director of Product Marketing at Replicon. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

The Risky Business of Enabling a “Fake it Till You Make it” Culture

VCs cannot know the outcome of their investments, of course, but some have an agenda nonetheless - even if it means promoting a risky culture By Lakshmi Raj, Co-Founder and…Read More

Global Compliance Desk – Canada

Time Off for Voting during Canada Federal Election 2019 During the federal or provincial election, all jurisdictions in Canada require employers to give employees, scheduled on election day, time off…Read More

Global Compliance Desk – Pennsylvania

Paid Family Leave Act - Bill Introduced A New Bill, which is an Act providing for paid family and medical leave for eligible employees under certain circumstances and for regulations…Read More

Consulting firms: 4 ways to improve billing & get paid on time

At the end of the day, your consulting firm relies on the assumption that a good percentage of clients will honor their payments promptly and accurately. In the professional services…Read More

5 ways to improve service delivery in your organization

In a highly competitive market, service-based businesses need to capitalize on any opportunity to set themselves apart from their (often very similar) competitors. While implementation, system details, and service management…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More
  • Cloud
  • In The News
  • Corporate
  • Professional Services Management
  • Project and Program Management
  • Shared Services Management
  • Time and Attendance Management
  • Workforce Management
  • Customer Feature
  • Feature Update
  • Time Intelligence
  • Industry News
  • Webinar Recap
  • Global Compliance Updates
  • Chat with us
    How can we help you?