PSA Software
Professional Services Automation is a type of software that enables an organization to plan, measure, monitor and adapt business processes by combining different systems into one unified interface. For example- the systems for productivity tracking, project management, and invoice processing can be combined into one Service Automation Platform.
This software eliminates the use of unmanageable spreadsheets and enables a bird’s eye view of the entire project to any user.
PSA software can also be used to monitor independent tasks/projects or even entire business units. Hence, this software is an essential tool for many professionals, especially those working in the IT or project management industries who often juggle between multiple teams, projects, and functions.
PSA acts as an integrated suite of applications and hence is a useful tool to increase operational efficiency and project visibility in technology-based organizations. The tool can be used by employees across levels and functions, such as:
- A finance manager can monitor the revenue or expenses generated by the project
- Project delivery manager can check the project status and adapt timelines if required
- Solution architects can plan and scope the project phases
- CXOs can monitor the dashboards relating to project delivery and resource allocation.
Because of its singular focus, PSA software provides IT managers with the tools, functionality, and best practices required to streamline and consolidate their processes. It can also be used to automate repetitive tasks, which would free up the IT manager’s time to pursue growth activities such as innovation or even pursuing new projects.
PSA is even more beneficial to information technology companies in the new normal of working-from-home due to the ongoing pandemic. As most employees are now working remotely, it might get challenging for managers to effectively track the productivity and utilization of their employees. Following are some of the benefits of utilizing PSA software:
- Real-time tracking of project progress
- Visibility on project status at anytime
- Expense control
- Improved remote resource utilization & allocation
- Adherence to timelines and deadlines
- Risk assessment and control
- Improvement in communication and accuracy
- Improved remote team collaboration
- Multi country leave management
- Managing multi-country timesheet hours
As businesses grow, the complexity of their processes grows as well. A PSA solution can not only help in managing metrics for a mid-size firm but can also be scaled up according to customer and organization requirements. In short, PSA improves Business Results by providing organizations the tools to operate as efficiently as possible.
Modern PSA software is quite economical to implement. A study was concluded with a return on investment (ROI) model for an average 172-person professional services firm. According to the research, over a five-year horizon, the firm could expect to invest just under $200,000 in implementation and software license costs. The return, however, was estimated at nearly $23 million in increased revenue and reduced costs (Source: Wikipedia).
The software can also be easily implemented because it is easily configurable, and can be quickly integrated with the company’s legacy systems such as those of Customer Relationship Management, Project Management, and Knowledge Management. In conclusion, the time and finances initially invested in deploying a Professional Services Automation software can provide a myriad of benefits in the long run.
TouchBase® from ProductDossier is a leading Professional Services Automation (PSA) solution which enables you to manage your entire Project Life-Cycle from Proposal stage to Delivery stage in a very simple & collaborative manner. It ensures business continuity and helps you seamlessly manage your projects and remote resources.
