Supercharging Your Professional Services’ Growth: What are the Key Elements?

60-80% of anything is significant. Whether it represents a positive, negative, or neutral majority, understanding such a substantial portion of the whole is critical. 60-80% of typical Professional Services Organization’s operating expenses is resource time. How are you accounting for such a vast majority of your operating expenses and managing your business?

The core issue that PSOs of all sizes face is connecting all resource time to activities, deliverables, business workflows and operating metrics. This is because a substantial portion of the data can’t be connected to, shared with, or assimilated from disparate siloed systems. It’s easy to make incorrect conclusions about your organization’s profitability and operating metrics with partial or incomplete data. Replicon’s PSA solution, built on our Time Intelligence platform, enables service delivery, operations, billing, and finance teams to:

  • Improve Project Delivery & Profitability
  • Optimize Future Resource Allocation
  • Accurately Recognize Revenue
  • Use Consistent Metrics Across Departments

This is a tall order. How does Replicon’s PSA solution do it?

Ensuring Consistency Across the Board

Visibility into 100% of a company’s time is key to understanding a PSO’s core operating metrics such as profitability and utilization. Replicon’s time tracking solution combines a complete view of resource time and availability with a configurable framework that supports an organization’s unique business workflows. A mobile-ready interface captures real-time insights and informs proactive decision-making. The time-focused system of record levels out the playing field and standardizes metrics across the organization.

Advanced Resource Forecasting

Effective resource utilization is the single greatest lever that an organization can pull to affect profitability. Businesses neglecting historical resource utilization data are dismissing a gold mine of useful information. For example, how historically profitable were specific clients, what types of projects consistently missed deadlines, or went over budget? With Replicon’s advanced forecasting system, businesses can learn from this valuable data in order to optimize the present, plan for the future, and supercharge growth. Replicon’s Professional Services Automation solution helps companies forecast their resource utilization needs based on service delivery pipelines and effectively manage bench capacity.

A Unified Platform Assures True Profitability

Resourcing, billing, invoicing, and revenue recognition are all important facets of managing a PSO. However, many businesses appear to treat them as secondary functions that rely on their own internal systems and processes. This makes collaboration between all these departments exceedingly difficult. In reality, everything is interconnected, and organizations can be more than the sum of their parts when these departments operate in tandem. Replicon’s PSA solution supports five key pillars: service delivery management, financial management, current utilization, growth management, and project accounting. By managing the whole, PSOs can streamline service workflows, stop revenue leakage, and facilitate growth.

Interested in learning more about where 60-80% of your operating expenses go? Come meet us at this year’s Technology & Services World Conference and see how Time Intelligence is transforming professional services automation.

Visit Our Booth:
Stop by booth #16 to learn how Replicon’s Time Intelligence platform enables professional services businesses to own every detail of their business processes. Ask a solution expert about how our configurable, scalable, and mobile-ready platform revolutionizes professional services organizations. We’d love to meet you!

Enter Our Raffle:
It looks like we have some spare time on our hands – or should we say wrists? Replicon’s offering TSW attendees the chance to win an Apple Watch every day of the conference! Visit us at our booth to enter.

Get a Customized Demo:
We love show and tell! Do you have tough cases, complicated workflows, or complex revenue recognition policies? Meet our solution experts and see how Replicon can support your needs with a customized demo.

 

Learn More

Sara Longini
ABOUT THE AUTHOR
Sara Longini
Sara works in Content Marketing and Social Media 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

What every project-based organization should know for 2020

Software Testing News | 21st February 2020 By Jason Caines Everyone loves a fresh start – and for many, the new year provides the perfect opportunity to shake off bad…Read More

Making Diversity Work in Professional Services Firms

Professional services organizations continuously strive to expand their customer base, bring in best-in-class talent, and pursue resources with specialized skills. As a result, reaching into new geographies has become increasingly…Read More

Webinar Recap: Solved – Your Project Time Tracking, Billing & Utilization Challenges

A hearty thank you to everyone across the globe that joined us for last week’s webinar on project time tracking, billing & utilization challenges in professional services!  Our experts led…Read More

Miscalculating wages by a few cents led to this company paying a six-figure lawsuit

West Marine Products, which operates a chain of retail stores across the United States specializing in boating supply and fishing equipment, recently settled a class action lawsuit involving 707 former…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More

How Sarbanes-Oxley Impacts HR Departments

Ever since the Sarbanes-Oxley Act (SOX) was passed in 2002, following a spate of high-profile corporate scandals, companies have had to take a wide range of precautions to ensure that…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?