The professional services industry has drastically changed in the last several years, particularly during the aftermath of the global pandemic.
Clients now expect exceptionally fast turnaround times on deliverables, more people are working from home than ever before, and competition is growing in a crowded market.
Professional service organizations are adopting new technologies to gain the competitive advantage required to thrive.
At the top of the list of leading technological solutions is professional services automation software. In this quick guide, you’ll learn the five key benefits of this essential tool and why you should consider implementing it in your firm.
What is Professional Services Automation?
Professional services automation is dedicated software designed to assist service professionals (lawyers, marketers, IT consultants, etc.) with project management and resource management for client projects. Having a centralized platform for invoicing, communication, and project management helps boost profit margins and ensure projects run smoothly.
5 Important Benefits of PSA Software
If your organization doesn’t already use professional services automation software, here are five key benefits of implementing it.
1. Streamlined Communication
PSA software provides a centralized hub for team members to collaborate, share files, and keep up to date on the latest information. This includes integrated project management of ongoing tasks, outstanding issues, real-time status updates, and time-tracking tools.
You can even set automated alerts for deadlines and upcoming milestones to prevent delays and ensure the entire team is on track.
Around 86% of executives report that a lack of communication is the main source of workplace failures, and well-connected teams can boost productivity by up to 25%.
If you haven’t got a centralized platform for easy, effective team communication, this is one of the key benefits you’ll see from PSA software.
2. Increased Visibility
Clients can view work progress and billing within your PSA software using a dedicated client portal. Not only does this give transparency on project progression, but it also allows you to better allocate resources, manage schedules, and get at-a-glance status updates.
By having a dedicated client portal, you’ll save countless hours giving updates on project progress and enjoy happier clients who feel more in the loop.
3. Consistency in Service
The best professional services automation software allows you to set up automated workflows that maintain your service standards. It’s difficult to streamline your team and ensure the right resources are being used without automation, but PSA software can streamline your service process entirely and allow for better workload balancing.
With automation also comes higher profit margins. Companies that use PSA software have a 34% project margin, compared to 27.4% in organizations that do not.
You’ll also get resource backups within your PSA software to avoid delays and downtime should a disaster happen.
4. Enhanced Expectation Management
One of the key issues professional services companies face is managing client expectations. Over-promising and underdelivering is a recipe for unhappy clients, so it’s important to manage expectations and address early concerns.
Using professional service automation software, your team can set clear, appropriate timelines, accurately track project hours, and address any early concerns through a dedicated feedback system.
By proactively resolving issues, you can avoid scope creep and deliver on client expectations.
5. Expedited Issue Resolution
Streamlining internal communication removes obstacles and allows for expedited issue resolution. Automating standard services reduces approval delays, and providing omnichannel support allows your team to solve issues much faster.
Gartner showed that 89% of companies compete mainly on customer experience. In support of that, one survey showed that automating conflict resolution of customer conflicts to shorten timeframes for addressing concerns increases the odds that those clients become loyal brand ambassadors.
Implement the Best Professional Service Automation Software For Your Company
The right professional services automation software can have a massive impact on your company. From better collaboration and automated workflows to higher client satisfaction and fast issue resolution, the benefits can bring tangible results.
But it’s essential to find the right PSA tools for your business. No two professional services companies are the same, so effective planning is crucial for finding the right software and implementing change management.
Fortunately, we can handle the process for you. At StackPlan, our tech advisors will collaborate with you to develop your IT roadmap, streamline your internal operations, and select the best PSA software for your needs. Connect with a tech advisor today!
