Professional Management Software:
Professional services automation software is an alternative to the complex array of separate proposal management, contract creation, project management, documentation, time tracking, invoicing, and resource planning tools. The software offers central business intelligence that many teams use for optimizing their projects.
With the help of PSA software, executives can evaluate how well their business is performing by getting a holistic view of projects, programs, and portfolios. They provide analytics tuned to stakeholders’ needs to manage projects and programs for ‘better predictable outcomes.’
Even with all the positives that PSA software offers, some professionals continue to have mixed opinions. It is time to settle the confusion once and for all.
Here are the top 5 prejudices that have been hovering around for a while – and the reality!
#1. You can achieve the same level of performance with a project management tool or spreadsheet.
Many companies think that Spreadsheets (such as MS Excel) and a project management tool are enough to successfully run any projects and programs. The reality is: you do not get capabilities such as proposal management, contracts, resource management, cost management, billing & invoicing, documentation, or collaboration in any of them, but with only a comprehensive PSA solution.
#2. It is OK if your resource management tools are not integrated with analytics tools.
If you want to make sure that all of your resources are being used effectively, it is time to start thinking about introducing analytics into resource scheduling. Every staffing decision can balance experience, skills, certifications, and utilization rates against billable rates for companies to save money and get the most out of their project team members.
#3. PSA Software and resource planning are just for consulting engagements.
The use of PSA tools spans all businesses and industries. Any organization undertaking projects (professional services, pharma, EPC, FMCG, Consumer durables, etc.) considers resource management a critical dimension of the projects and programs they undertake.
#4. Automation is only about reducing costs
The benefits of automating your business are incredible! You’ll increase efficiency and productivity, reduce overall costs per task, free up previously-bogged down teams to innovate to inject real value into your company.
The cost reductions that you experience will be well worth the initial investment because they lead directly to increased revenue for the company.
#5. It is expensive, particularly for a small business
Automation can seem expensive when considered as a product, but considering it instead as an investment is what makes automation worth the cost. Automating work that your employees would otherwise have to do manually saves time and money while adding value back into your business.
Automation is a key investment for small businesses looking to grow and scale at an affordable cost. A smaller team can achieve great things quickly when given the tools necessary, like automation.
In the end
Professional Service Automation is an investment. When you pay for automation, it’s not just a one-time cost; the automation becomes part of your business tool that provides long-term benefits.