A few years ago, Sweden was in the headlines for experimenting with a six-hour workday.
The professional services automation (PSA) software market has shown no sign of slowing down. With a CAGR of 11.7 percent, the market is expected to hit $16 billion by the end of 2025. The exploding software market means that professional services organizations have a lot of choices to select from.
Yet, with all the project management software solutions available today, professional services firms still struggle with uncovering revenue and profit opportunities because current software options don’t provide a single source of truth for all their business operations. This leads to questions over what data is correct and what is most important for data-related decisions. This is why Replicon developed Polaris, the world’s first self-driving PSA.
A Comprehensive Enterprise PSA Solution
Polaris is a complete PSA solution that does all the heavy lifting by analyzing real-time data to recommend the best possible choices for business leaders to decide from. It provides advanced project management capabilities, including analytics through MissionControl, financial modeling, intelligent resource allocation through SmartMatch, 360-degree project visibility through SmartBeats, global governance, and more. It serves as the single source of truth for all your organization’s project, resource, and finance metrics, giving managers and senior executives complete real-time visibility into all key metrics across the entire practice or client projects.
Polaris Features That Rise Above the Competition
A reliable PSA solution has a few common project management, resource management, and bookkeeping features. But today’s modern services organizations need an enterprise project management solution that can go above and beyond the basic requirements to thrive in the competitive market. Here are a few features that you can find exclusively in Polaris PSA to supercharge businesses:
MissionControl: This is the analytics center that gives a comprehensive real-time view of the pulse of your business. It is role-based and provides real-time metrics that business leaders need and leads to agile responses for rapidly getting and keeping resources, projects, and finances on-track and optimized. Unlike the analytics offered by other PSA solutions, MissionControl creates a shared data platform while eliminating data silos and enabling your teams to operate in harmony across groups.
SmartBudget: This is the financial modeling engine that helps professional services firms optimize revenues and pricing utilizing all relevant metrics. It looks at all direct, indirect costs related to resources and business while accounting for margins, utilization, overheads, and more. It helps to generate resource-based rate cards to bid every project better and maximize profits.
SmartMatch: The AI-powered resource recommendation engine helps managers quickly identify the most-suitable resources from a global pool based on availability, location, skill set, department, or other criteria. Since Polaris PSA can track skills, certificates, and expertise levels of every resource in your services firm, SmartMatch does all the heavy lifting to make the best recommendation based on project needs, reducing planning time and saving supervisors from the tedious manual selection process.
SmartBeats: Most of the PSA solutions in the market have the traditional weekly or monthly timesheets that fail to provide an up-to-date status of projects and tasks. But, SmartBeats in Polaris PSA provides real-time insights into the work completed, tasks that are due, and estimated time to close the project successfully. It continuously harvests data from users and systems they use to provide the most accurate information and 360-degree visibility into your professional services organization’s work.
Collaborative Business Workflows: Timely communication within the team is a critical factor for successful project completion. Rigid and limited workflows in traditional PSA solutions make timely information flow even hard. But with Polaris PSA, you have flexible, pre-configured workflows for resource requisition, approval, billing, and more to streamline the end-to-end process. The resource requisition workflows enable an early conversation between project and resource managers to ensure there is no delivery delay due to resource crunch or overlap. The approval workflows help managers and other stakeholders approve timesheets instantly for the billing team to raise client invoices in real time.
Project Financials: When you want to accommodate various client/project billing needs, including fixed-bid, time and materials, flat, or any combination, you need a versatile bill plan model that Polaris PSA provides exclusively. Have customers across the globe? Leverage our configurable invoicing engine with multiple templates to create custom invoices to suit your clients’ billing needs. As services organizations grow, recognizing the accrued revenue over a period becomes more complex. Apply revenue recognition with ease even to complex projects and get support for industry-standard revenue recognition standards — ASC 606 and IFRS 15.
Global Governance: Polaris PSA is built to support global businesses with teams spread across the world. It gives you the flexibility to customize organizational hierarchy and create user groups that determine the access rights for enhanced security of the project’s critical information. Unlike our competitors that support only a few regions, Polaris supports multi-currency and multi-language to provide a better user experience for local teams.
Mobile: To empower the remote workforce, Polaris PSA provides mobile capabilities. Users can log in to their mobile apps to provide project updates in real time from anywhere. The mobile app data is synced with the cloud instance instantly to ensure that business leaders have up-to-date information on project, resource, time, costs, and billing data for making informed decisions. Instant notifications and alerts help managers and team members stay on top of their work.
Enterprise-Grade, Scalable, Cloud Platform: Polaris is a secure, global, and configurable solution that can scale from 10 to 1 million users with ease.
Plug-and-Play Integration: Easily share a project, resource, time, cost, and billing information with your ecosystem — whatever that may be. Polaris integrates with your CRM, ERP, PM, HRMS, BI, and other systems to enable project and resource planning, billing, and revenue recognition.
Benefits of Using Polaris PSA
Now that you know what makes Polaris a better PSA than our competitors in the market, let’s see what benefits our customers have realized after using our solution. On average, our customers see:
- Up to 10 percent increase in solved revenue leakage
- Up to 90 percent decrease in administrative overhead
- Increase average revenue per resource
- 5–10 percent increase in resource utilization
- Decrease in resource allocation times from weeks to a few hours
- Increase in resource planning horizon from a month to over a year
- Reduce compliance risk for global accounting standards
Polaris PSA is built to help professional services organizations uncover new revenue opportunities by reducing revenue leakages, improving resource utilization, streamlining professional services workflows, and reducing compliance risks with accounting standards.
Our PSA solution is built to adapt to your business workflows and requirements rather than disrupt them. Explore Polaris PSA today to learn how you can make the best decisions based on a real-time, accurate, holistic view of your services business.