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Professional Services Automation (PSA) software gives professional services organizations real-time access to critical information throughout their entire services project life cycle. PSA software improves operational effectiveness, employee value, and management visibility.
Currently, there are hundreds of PSA software solutions on the market. In order to help you navigate this complex market, we’ve written this buyers guide to support professional services organizations across a range of industries as they assess their options.
Here’s what we’ll cover:
PSA software is designed for service-oriented organizations needing to automate their processes and streamline their operations, including administration, service delivery and new business generation. PSA software is basically enterprise resource planning (ERP) software for a professional services firm. However, it’s focused primarily on the management of services delivered through human resources, rather than tangible assets. With fully integrated professional services software, firms can improve intangibles that are more difficult to quantify, such as employee turnover, vendor efficiency and customer satisfaction. PSA software typically includes capabilities for project management, resource management, timesheet management, and financial accounting. Key industries benefiting from PSA software include: accountancy, advertising, architecture, audit, computer software services, construction, engineering, management consultancy, and marketing services.
|Project Management||Supports managers as they create and track schedules, budget for costs, and collaborate with employees and clients. Functions include scheduling projects and employees, implementing budget and project cost tools, and managing project tasks. Example products are Microsoft Dynamics GP, Netsuite OpenAir, and Deltek Vision.|
|Project Accounting||Tracks revenues and expenses by client and project while simultaneously maintaining a close watch on profitability. A few key functions include billing as well as measuring accounts payable and receivable. Examples of products that provide this are Intacct Project Accounting, Sage Accpac, and Microsoft Dnyamics SL for Professional Services.|
|Time & Expense Tracking||Monitors employee work time and expenses. Functions of this application include detailing each professional’s availability, utilization, and billing status as well as providing web-based time sheets that can be accessed from anywhere in the world. Examples of products that provide this application are Microsoft Dynamics NAV, SAP Business ByDesign, and Sage Peachtree Quantum.|
|Billing & Invoicing||Streamlines and automates the expense management and reimbursement cycle, helping businesses create prompt and accurate invoices. Functions include financial reporting and submission processing. Examples of this product are Lawson S3 Financial Management, BillQuick, and Sage Peachtree Accounting.|
|Help Desk||Improves service support for customers that have urgent queries needing attention. Functions of a help desk involve managing and tracking inquiries to create prompt responses as well as the option to compile a FAQ section so clients can instantly find answers. Example products are SAP for Professional Services, Epicor Professional Services, and Microsoft Dynamics SL for Professional Services.|
|Knowledge & Document Management||Maintains information shared across company networks to ensure that knowledge isn’t lost with changes in time, location, or personnel. Functions involve collecting different document types, creating a centralized information repository, and making this knowledge accessible for future development. Some example products include Epicor Professional Services, Deltek Vision, and SAP for Professional Services.|
|Resource Management||Gives companies the tools to track human resources and schedule individuals to projects that best meet their knowledge and skills. Functions include helping managers streamline human resource allocation with customizable databases and providing detailed profiles of professionals that show their project availability and qualifications. A few examples of products with this application are BillQuick, Microsoft Dynamics AX, and Lawson S3 Financial Management.|
|Procurement & Inventory||Ensures that supplies are acquired in compliance with regulations, are readily available, and have been safeguarded against loss. Functions include identifying the best products at the best price and automating the process of managing vendors, commodities, and contracts. Example products are SAP Business ByDesign, Sage Accpac, and Microsoft Dynamics GP.|
|Sales & Account Management||Enables companies to provide high quality service by tracking past transactions and customer information. Some functions include storing and organizing customer information, analyzing buying trends, generating leads, and personalizing marketing. Example vendors are Netsuite OpenAir, Sage Peachtree Quantum, and Microsoft Dynamics NAV.|
As you evaluate PSA software comparisons, a number of trends should be considered. The viability of software vendors will depend on how they address the following trends:
PSA software helps firms achieve immediate results by quickly improving, automating and streamlining processes that will ultimately help them, including:
Unfortunately, some firms fail to achieve these benefits, typically as a result of: