How to Create an Innovative Professional Services Organization
The future of professional services is real-time information. Digital transformation has taken center stage as firms look to increase productivity, grow more rapidly and achieve higher levels of profitability. All of this must be done while balancing the needs of both clients and employees.
With increasing competition, a constrained talent pool, and greater global regulatory accountability, the top-performing professional services organizations (PSOs) are turning to technology to keep an innovative edge.
A new approach, combined with fully integrated quote-to-cash professional services automation (PSA) solutions, offers greater business process support and visibility into current and future work.
Here’s the winning approach to rising – and staying – above the competition:
Be able to deal with change
The speed of change is ever increasing. You help your customers deal with that. You deal with it also; as a company and yourself. Innovation is not a department, it is everyone’s job. Focus on what is relevant to get the job done and for each person to remain relevant – to the customer, and to their own common and personal goals.
See what’s coming and act decisively
Like your customers, you have to see what’s coming and act decisively and effectively in order to remain relevant. So, in professional services we need to be equipped with the right, real-time insights. We don’t know today what decisions we face tomorrow. But with transparency and by eliminating information silos, we have access to the insights we need to drive the outcomes that our customers and we ourselves need. You can achieve a 9 percent improvement in projects delivered on time with PSA.
Give your teams insights to make decisions and take action
Give your teams the insight they need to make decisions or take action. Take ownership of YOUR work. Have clear goals and how people can contribute. If a customer needs something – take care of it. If a request, a plan, a project is not relevant – make it known. If you see opportunity for progress for the customer, your business or for yourself – pursue it. Few things in our work life are more rewarding and constructive than taking charge and succeeding.
Share knowledge within teams, across the company and with clients
Services are a team sport and being engaged is much more than collaboration. It’s critical to share knowledge and experience within teams, across the company and externally with clients. That knowledge leads to ownership and accountability to make better-informed decisions faster.
In short, real-time information provides a strong competitive advantage in professional services. Gaining that visibility will help you mature your PSO and:
- Drive new business and quality of revenue
- Lower overhead and have better cost control
- Engage employees, make better decisions and take faster action
- Improve project margins by 11 percent with PSA
- Ensure better business outcomes
Want to learn more about a smarter approach to running your services firm? Get in touch with our team. We’ll help you drive the outcomes you need to grow your business: better margins, lower overheads, higher utilization and more revenue.