Why is PSA crucial for service firms in 2021?
After an intense year with Covid and working from home, many businesses have finally made the shift to solutions that automate teams across all departments whether they work from home, abroad, or even at different times zones. Technology that streamlines teams' workflows has been a key factor to many businesses coping with Covid impacts and staying afloat. As a software vendor of PSA, we have seen massive growth in services-based firms adopting this software, so we decided to write a blog on how utilizing a PSA solution in 2021 can help your business come out bigger and better than ever!
Let's start with the basics, the primary goal of a Professional Services Automation solution is to streamline and reduce the burden of processes for users in the services industries such as consulting, engineering, architecture, IT, marketing, legal, accounting, and more! Basically, any business that offers billable services will see their processes streamlined by the use of a PSA solution.
PSA software enables users to generate workflows and enhance the testing or reviewing of their operations. To achieve these outcomes, PSA solutions can offer you a wide variety of integrated features including project management, time management, resource management, document management, CRM, financial accounting, reporting, and billing and invoicing. Through these features, users can gain 20/20 visibility over their projects at any given time. Furthermore, many PSA solutions are tailored to the needs of your specific business verticals and processes. These specialized solutions can be very useful as they generally provide you with a range of industry-specific capabilities, therefore, it is certainly worth considering how beneficial the desired solution will be for your business's unique needs.
According to Big Market Research, 'The global professional service automation software market size is estimated to reach $16,015 Million by 2025, at a CAGR of 11.7%. Rapid advancements in functionalities of the solution are anticipated to boost growth. Increasing needs to improve operational efficiency among professional service firms are expected to propel the market over the forecast period. The companies have been focusing on optimally aligning resources while profitably delivering projects on time. PSA tools offer benefits such as optimized staffing, improved collaboration, and automated time and expense.'
Small enterprises have been using spreadsheets for various tasks such as resource and time management. However, as your business grows, complexity, the need for automation, and the challenge of maintaining business quality, throughput, and effectiveness will grow as well. Small-sized businesses are untapped markets and increasing IT budgets of these enterprises are expected to demand over the forecast period.
How PSA Software Can Help Your Business In 2021
PSA software helps you stand out from competitors by freeing up time spent on a manual cumbersome task, freeing up your resources to spend that time on more revenue orientated tasks and projects. More advanced, robust PSA solutions also provide CRM and financial modules right out of the box. This eliminates the need for your resources to set up projects manually. Time saved on administrative duties can be better-spent customer satisfaction and ultimately greater turn-over.
Enhanced Project Control
PSA software typically comes out of the box with an array of features around project management which allows your business to effectively budget and plan. In addition to project visibility, your resources will also have the necessary insights to stay within the project scope and budget from conception to completion of each project. This is because PSA software allows you to track project costs at a very granular level. You can easily account for every minute of time spent on each project and all the resources associated with it. Additionally, this allows you to analyze the productivity of your assigned resources to help you maximize your output and make better future decisions.
Data-Driven Decision Making
Incorrect or uninformed project decisions are a huge time waster and a risk for a professional service firm. PSA software contains all the information around a project in one unified solution. Any updates or changes made are global across the PSA solution giving all your resources access to view the changes avoiding the need for manual edits. Additionally, PSA software enables your resources to track all of your projects: you can view historical costs, risks, and pay-offs in order to get better insights on how to price in the future. Information is key for effective management of a service firm, and PSA software provides the answer!
Effective use of professional services automation tools can help your business improve productivity, operational efficiency, financial margins, and billable utilization. PSA software improves your project management and resource management by increasing efficiency through increased collaboration and personnel utilization, better planning, and integrated knowledge management. PSA software also provides standardized reports, which help management make key business decisions. PSA software really is a no-brainer for any service firm hoping to scale in 2021!
To find out more about PSA software, check out our blog - How PSA Software Can Standardize Your Business Processes & Efficiently Manage Your Resources
Also, check out - What is PSA Software? Everything You Need to Know
Why Not Trial the PSA Software Built by Service Professionals for Service Professionals!
CrossConcept Continuum goes beyond traditional PSA solutions available today by incorporating cutting-edge UI technology making the solution more user-friendly, resulting in fewer clicks within the solution and time spent logging data. CrossConcept Continuum has been built from the ground up to integrate with all major accounting systems to seamlessly synchronize projects and accounting within one unified system.
Our innovative PSA solution allows organizations to maximize proﬁtability by integrating connecting projects and ﬁnancial accounting, enabling you to manage all stages of your project from conception to completion and deliver on your promises.CrossConcept has decades of experience helping service organizations automate their processes.
Our solution is a simple, yet powerful PSA solution built with the end-user in mind - fast, flexible, powerful, and user-friendly! We are offering all new clients a free 2-week trial with no contract obligations. This is a great opportunity for any business to try out the solution and decide if PSA software is for you!
To book a free 15-minute consultation, email: firstname.lastname@example.org or call: 1-888-528-3898 x110.