Innovation happens because an individual or a company is seeking ways to make work easier, move faster and make better use of their resources to outpace and outperform their competition and provide a better overall customer experience.
Up until recently, the key to innovation for professional services businesses was to attract and retain the best talent, and adapt to changing expectations of their workforce. For example, new generations have brought with them some significant cultural shifts as they’ve entered the workforce with a new set of expectations for what work should be. Professional services businesses have had to adapt and be flexible in terms of where and how their employees work to accommodate this shift.
While these cultural shifts are still important, as more and more professional services organizations have adopted flexible work environments, they’re no longer enough for a business to truly be considered innovative.
So what makes a professional services organization innovative in today’s competitive landscape?
The services businesses that are leading the way have implemented technology in the form of Professional Services Automation (PSA).
A strong PSA solution gives every member of a professional services organization the tools, insights, and transparency they need to make better decisions faster. Efficiency also increases with project management tools that allow collaboration, document management, budget and resource planning, and tracking of deliverables.
As for financing, PSA can typically manage projects, accounts payable and receivable, corporate profit and loss, and automated billing.
Moreover, some PSA systems offer real-time metrics to give a clear picture of a business’s health, supporting better decision making.
As a business leader, PSA solutions have the potential to simplify operations and give you time and greater control of your core business operations. Once a PSA platform is live, you and your team will have access to accurate information to support precise and rapid decision-making. This is the true power of PSA, as it can move you ahead of your competition and position your business as a leader in your industry.
Too often companies implement CRM, Enterprise Financials, and HR solutions without investing in the heart to tie it all together. The heart is a PSA solution to sync all the various systems to one another to improve not only project planning and execution but performance in all areas of a business. The innovative professional services organizations who have grasped this concept and implemented a PSA solution have been found by Aberdeen Research as 3 times more likely to become best-in-class businesses.