Professional services firms are project driven and must effectively manage the project lifecycle in its entirety, from estimating to billing and through to project closeout. If at any point in the process there is poor project management, there will also be a hit to the project’s profitability. Luckily, solid project planning and control processes can help you optimize project management, which can maximize project profitability–all of which can be achieved with the right strategy and technology to support them:
Creating accurate estimates and budgets. Your first chance to optimize a project’s performance is before the project ever begins. Integrating a professional services automation (PSA) solution with your CRM software allows you to begin creating an accurate project plan and estimate early on in the sales/business development phase.
Optimizing resources. Professional services automation tools that have built-in resource scheduling and utilization management can help you better control project schedules and deliverables. They can ensure you know when you’re over- or under-resourcing a project relative to the budget.
Ensuring on-time, on-budget delivery. If the work doesn’t get done on time, firms can take a huge hit. It is essential that your project managers have complete, real-time visibility into project progress and utilization to guarantee on-time and on-budget delivery.
These are just a few of the areas that can be addressed with project and resource management software—software that can also facilitate collaboration across project teams, simplify time and expense capture and approval, and give you visibility into burn rates and project profitability.
Increase Profits Without Increasing Overhead: Learn How
To help professional services firms operate more effectively in all phases of their operations, we developed a series of webinars that examine strategies you can employ to realize improved results across the board—for clients, staff, and the bottom line.
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In just 30 minutes, you’ll learn how to:
- Start projects off right by developing more accurate project estimates
- Drive on-time delivery and reduce write-offs by more effectively planning and managing resources
- Empower your project managers to own project and budget controls
- Leverage real-time insights to drive better utilization and project margins