As everyone is trying to adapt to the new normal, many organizations are shifting to a digital platform. This trend will continue to grow and will now boost by digital transformation platforms being widely adopted in sectors such as software, engineering, management consulting, advertising, architecture & high-tech services.
Hence, we can say PSA Software plays an important role in efficiently managing professional services organizations.
PSA software is a suite designed to benefit organizations by providing complete visibility over the business. Diverse project and service-oriented sectors to establish a variety of metrics across the business and to take control of the business processes.
Instead of observing and optimizing processes one by one, PSA can take all processes at a single time, providing end-to-end solutions, and favoring automated and supported daily tasks. Within such a big blanket of advantages, organizations can streamline operations, speed up workflows, enhance relationships, and most importantly, increase revenues.
In this article, we refer to the key benefits one should expect after the successful implementation of PSA software and the necessary features of PSA.
Key PSA Software Benefits:
1. Accurately Track Project Invoices, Costs, and Deliverables
For a service organization, tracking various processes and making sure that everything works according to the plan is a must. At the very basic, invoices both ingoing and outgoing, overall costs, workflow progress, and managing deadlines should be at the center of the company. Herein, a professional services automation software can bring all such data into a single place.
It will provide an updated view of the project by setting up priorities for areas that require the most attention. Firms can spare themselves from operational inefficiencies that come along if such tasks are handled ineffectively. A PSA solution can bring in and automate data, save time, and provide accurate information throughout the project.
2. Control Over Administrative Costs
From basic entry data, filling up spreadsheets, manual invoicing, and time-tracking, and data migration alongside many traditional tasks can be automated using a professional service automation system. With such automation, businesses can free up the workforce and use them over more daunting tasks.
Such tools become more valuable when participating in a tight budget. Managers can look after the budget and locate where they stand on the development. They can figure out the productivity of the resources and each person’s contribution is maximized.
3. Better Decision-Making
The ever-growing digital world carries ever-growing digital data. If not dealt with, scattered data can create problems in overseeing the entire project. Even if the workflows and processes are managed, the internal technical information would still require more attention.
A PSA solution delivers up-to-date reports, analytics on strengths and weaknesses, and assists managers to identify issues, and provides options to correct them. It evaluates the continuous source of data and provides the information to make the best decisions.
4. Team Collaboration at its Best
With professional service automation software, managers don’t have to stretch between multiple offices, and clients, or even communicate via different channels.
Authorized personnel can update real-time information sitting in a plane at 30000 feet, regulate the workforce, and have access to information on multiple tasks at the click of a button.
Furthermore, professionals can contact clients and conduct deals regardless of the area. Real-time updates and automation aid in having eyes on all tabs and carrying out well-informed decisions and strategies.
Key PSA Software features to look for:
1. Proposal Management
Proposal management is a key step in the process of acquiring business from a prospective buyer. Having proposal management software enables you to create a response to RFP in an easy & collaborative manner.
Hence proposal management software streamlines and automates your end-to-end proposal creation process. It enables planning tailor-made workflows between the various sectors and shareholders, tracks milestones, and deliverables, automates the evaluation process, and triggers for action.
This eliminates complexities in the proposal creation, editing, reviewing, and approval process and provides faster proposal creation time so that one can get the proposal out to potential clients soon.
2. Resource Management
Project Management software that consists of remote resource management helps you get complete visibility regarding each team member’s workload and availability.
Remote resource management is focused on remote resource efficiency and optimization. It refers to the overall process of planning, allocating, and scheduling all of your resources in a way that increases productivity and employee retention while reducing the risk of project failure due to disengagement. Key benefits:
- Effective Remote Team Management
- Resource Availability Analysis for Flexible Resource Management
- Resource Demand Forecast for Strategic Resources
- Resource Timesheets for Timely Effort Tracking and Client Billing
- Controlled Resource Allocation & Tracking
3. Timesheet Management
The key benefit of implementing Timesheet Management Software is the potential to increase productivity and profitability. It allows employees to manually fill timesheets against standard activities or project tasks.
It ensures your employees focus on timesheet compliance which leads to the more appropriate input of time, and reduces time entry errors, resulting in accurate billing, and improved revenue recognition. Also, it helps you with estimated vs actual approved hours which will lead to correct invoicing & revenue recognition.
4. Skill Metrics & Leave Management
Leave management offers detailed support for multi-countries. It provides an automated workflow right from the leave application to the approval of the leave and can be integrated with the resource calendar.
Professional services automation is a vital step in the administration that seeks to optimize mundane yet important tasks that define a successful business.
As business processes grow, companies will need more hands to look after human capital, which can be utilized to take off in the industry by handing over duties to PSA.
With a PSA solution at hand, businesses can free up the workforce, have access to real-time data, save costs, make informed decisions, collaborate on teams, and reach heights of success.
TouchBase® from ProductDossier is a leading Professional Services Automation (PSA) solution that enables you to manage your entire Project Lifecycle from the Proposal stage to the Delivery stage in a very simple and collaborative manner.
It ensures business continuity and helps you seamlessly manage your projects and remote resources. The Key Benefits of TouchBase PSA Software are:
- Improved Overall Revenue and Project Profitability
- Supports Multi-Entity, Multi-Location, and Multi-Currency
- Improved Resource Allocation and Utilization
- Business Process Automation Which Leads to Higher Productivity
- Intuitive Navigation and Great User Experience
- Secure, Scalable, and Collaborative