what is professional services automation?
Here’s a simple
definition of PSA.
Professional services automation (PSA) describes the technology for managing and automating businesses processes surrounding service delivery. The goal is simple: Optimize these processes holistically to improve delivery execution and overall profitability.
By managing resources, projects, time and expenses, budgets, financials, billing, and customer interactions from a single dataset, a PSA solution gives you a complete view of delivery, leading to more insights and improved business agility.
Who is PSA for?
Effectively manage the lifecycle of every billable hour—from contract and forecasting to delivery to billing and revenue.
Any organization with professional services teams can benefit from PSA systems, which improve project handoffs, delivery, accounting, and more. All departments of a professional services company, from sales and marketing to accounting, as well as project managers can benefit from PSA systems. Additionally companies in health and life sciences, media and communications, and software and high-tech, can also benefit from PSA software.
In this video, we spotlight customers from across industries and regions to share their experiences with FinancialForce PSA, and why it matters to their business.
The Power of FinancialForce PSA
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#1 Professional Services Automation solution
Here’s why PSA matters to your business.
In a world where remote work has become increasingly essential, it’s fortunate that most businesses have embraced the power of cloud technologies. Yet many companies still manage processes around service delivery and resource management with custom-built applications and spreadsheets.
PSA offers a better way forward.
From multinational professional services firms to rapidly scaling technology companies, PSA systems help organizations with services teams fill the gaps in their business processes.
By connecting CRM and PSA, for example, sales and delivery teams get better visibility and alignment into project status and customer needs. In turn, this fuels higher margins, selling the correct scope, accurately setting customer expectations, and increasing customer satisfaction. With increased sales and service collaboration, clients get accurate, real-time updates about projects and are more satisfied with project outcomes. Finally, at project completion, invoices are more accurate and timely, leading to improved cash flow and lower days sales outstanding (DSO).
Service Performance Insight (SPI) reports that organizations using PSA earn 12% higher EBITDA on average, versus organizations that don’t use PSA. This growth is driven in large part by significant increases in billable utilization, a direct result of the way PSA empowers organizations to maximize their time and resources. But it’s also a result of a whole cascade of benefits and efficiencies that come with connecting the front and back office.learn more
Cut costs and boost revenue with PSA
Average increase in utilization,
leading to increased revenue*
Cost savings from productivity enhancements
for project and resource managers**
Savings from productivity enhancements to reporting and billing functions**
* 1% utilization increase at avg rate of $200/hour leads to $280K additional revenue per 100 consultants
** Actual results from a publicly traded, US-based software company with approximately 1,000 employees
Here’s how a PSA system can help your
Make you complete
A PSA system allows you to facilitate a seamless handoff from sale to delivery—easily convert won opportunities into billable projects, balance real-time resource demand against resource capacity, forecast future capacity supply and demand, and more.
In other words, PSA makes you complete, filling the gap in your existing technology stack and extending your investment in customer experience.
Get full business transparency
Build predictability into your professional services team. By empowering your front and back office employees with a more unified, continuous lens across the customer lifecycle, your business can be more transparent, data-driven, and easier to forecast.
Bringing both revenue and cost signals into one delivery-driven system, PSA allows decisions to be made based on future impact and services profitability, aligning actions at the individual and team level to overall business goals.
Support new services & subscriptions models
Today’s customers expect your business models to meet their needs - period. Optimized for services and customer-centric companies, the right PSA system can help you more rapidly adapt your offerings to support time and materials (T&M), subscription-based contracts, fixed-fee services, or a blend of business models.