Last month we held a great breakfast event in London highlighting the secrets to running a successful services business. One of our customers, Phil Davitt from NewVoiceMedia, a leading global provider of cloud contact centre and inside sales technology, was there to share meaningful insight on this hot topic. As the company’s RVP of Services for EMEA, Phil has been up close and personal on how using a Professional Services Automation (PSA) solution has helped them grow the business and increase margins considerably.
Phil discussed the areas that NewVoiceMedia was looking to make improvements on, why they chose FinancialForce PSA, and how surprisingly quick the solution helped the company enhance its business operations.
Prior to FinancialForce PSA implementation
Before FinancialForce, the team was using an in-house project management tool but discovered it had far too major limitations. They were using Excel Gantt charts for project calendars and also as a resource tool, but those resulted in a lot of breakages. Meanwhile, the regional offices were using different methodologies making it difficult to analyse information collectively as a business. This combination of different solutions to run a team meant the visibility of team utilisation, efficiency and work requests were seriously limited.
Phil laid out requirements for a partner as being a solution that is native to the Salesforce platform, could deliver results quickly but also offer scalability, as NewVoiceMedia continues to grow with a strong support structure or community of users. NewVoiceMedia was already using FinancialForce Financial Management and happy with the solution.
FinancialForce PSA checked all the boxes and once implemented, NewVoiceMedia doubled its headcount and number of projects, yet only needed to grow its project team by 20%, significantly increasing its margin.
Phil shared that FinancialForce PSA has transformed NewVoiceMedia’s reporting from the bottom up. Previously, there was no visibility of utilisation, yet in just the first week of going live with FinancialForce PSA, the team was able to see it had only 50% utilisation. They could then quickly take action, and after just three months increased it to 60%, and also with a reduced cost rate. Phil flagged the benefits of using live data which you can trust because it is all based on a single record on the same platform. NewVoiceMedia now uses this to check areas such as resource intensive projects, delayed project go-lives, and projects with high capacity needs.
NewVoiceMedia has also customised the application to add a status button which means project status reports can be instantly sent to a customer, saving hours of team time compiling these each week manually.
Other success indicators show that day rates are up 10% from FY 15/16 – FY 16/17 and already up 2% further this year. The team is also handling 12% more projects with the average professional services per project up 32%. Plus, expenses being recharged have gone from 52% to over 80%.
Continued partnership to drive further success
NewVoiceMedia will now also use FinancialForce PSA to implement Professional Services Communities, where they can introduce customer surveys to get feedback at every stage of the customer lifecycle and facilitate a project health score.
This will not only help NewVoiceMedia increase revenues but will help them improve the service it provides to customers and tackle any issues that arise.