Time Intelligence™ for Professional Services

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Everyone knows that time is money. But unlike money, most businesses don’t know enough about their time. What did we do to turn time into money today? How much did time cost us today? Such questions are surprisingly hard to answer.

Replicon’s Time Intelligence™ Platform helps businesses do just that — quickly answer such questions by intelligently managing time as your most valuable asset. For professional services firms in particular, effectively capturing, managing, and optimizing your resources’ time is of the utmost importance to your firm’s bottom line, and current PSA solutions often lack the ability to do so in a useful way.

What is Time Intelligence™?

Time is universal in any business. 60 percent of a company’s cost is time, yet there’s no easy way to understand time spent and connect it to a company’s work, accomplishments, events, and results thanks to the multiple (and often disparate) systems we use to track time today. Between the CRM, ERP, HR, project management, and PSA solutions we use to track time in different ways, our time data often can’t be connected, shared, or assimilated.

Time Intelligence™ means alleviating this issue of siloed information. It means that businesses have the ability to connect time spent to outcomes produced, and understand and deploy time as an asset — which ultimately stems from treating time the way we typically treat money, resources, and materials.

A competitive advantage in a competitive industry

With rapidly-burgeoning disruptive technology and dramatically-increased customer expectations, the professional services space is a different world than it was just a few years ago. Firms need to utilize every possible advantage at their disposal — Time Intelligence™ being one of them — to ensure that they can adapt to and even thrive in the changing times while continuing to grow.

Frankly put, any company that operates without understanding time as an asset is wasting time. Optimizing time, treating time as a valuable asset, is a competitive advantage in professional services, and getting you there is a problem Replicon solves.

Revamp your PSA solution

Current PSA solutions have been over-promising and under-delivering for years. They view professional services delivery with a narrow lens, focusing heavily on project management and completely ignoring the financial controls and visibility needed to run a profitable business. With a rigid process flow, definitions, and an illusion of control on service delivery, PSA solutions have been unable to meet businesses’ financial goals. They are unable to help companies achieve effective utilization, profitability, margins, and revenue recognition disciplines needed to be compliant with accounting regulations. PSA solutions have been focusing on different workgroups rather than aligning the entire organization on a single source of truth for work done. Businesses need a platform that can be modeled around their needs without being straightjacketed by current PSA solutions.

For professional services firms in particular, Replicon’s Professional Services Automation — built on the Time Intelligence™ Platform — provides a framework for firms to configure and orchestrate their unique business workflows, rather than adapting to a particular solution’s dictated processes. Our solutions deliver on the key financial pillars that help firms grow quickly — Service Delivery Management, Financial Management, Current Utilization, Future Utilization, and Project Accounting.

 

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Regina Mullen
ABOUT THE AUTHOR
Regina Mullen
Regina is the Workforce Management Expert & Content Marketing Associate for 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.
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