Professional services automation (PSA) software manages a firm’s entire operations from selling services, implementing services and billing for services. Transparency and clean hand off between departments ensures high service quality. PSA suites provide fluidity to support the transitions from the front office, to project delivery to the back office. This trifecta successfully increased project margins, improved resource utilization rates and lowered days sales outstanding (DSO).
Most professional service (PS) firms average upwards of 50 employees. The lack of proper project workflows and controls can lead to cost overruns or even face projects being axed. As of 2012, the PS industry had grown in revenue, headcount, project deal size and backlog revenue. The upward trend of companies needing more billable services requires a sound, software platform to manage a service-based business.
Ventana Research predicts that small to midsize PS firms will move towards a cloud based PSA solution. PSA Cloud is the most economical and is well suited for this environment.