During our discussion, I mentioned the names of some of the other well-known vendors that we compete against, that we appear in studies and benchmarks alongside, and that heavily use the term “Professional Services Automation.” The response? (Long pause.) “Hmmm…never really heard of them.” Similarly, when talking with people intimately familiar with the professional services market, I mentioned a few … Read More
Resource Management: What Facebook and Professional Service Firms have in Common
Facebook has recently conquered another huge milestone. The social network corporation just achieved the title of fourth most valuable company in the world, dethroning Exxon Mobil. It is nothing new that people simply loves Facebook. But why would an executive at a professional services firm care about the success of this giant? The answer is simple. Think about Facebook’s biggest … Read More
The Secret to Smart Professional Services Resource Management
I just published an article in the July issue of Professional Services Journal that discusses combining art and science in the pursuit of resource management in a professional services firm. It talks about how necessary it is to combine two different perspectives when managing resources: the mathematical, algorithmic, metric-oriented, rational world with the intuitive, empathetic, human one. Systems like Professional … Read More
Short-term Implications of Brexit on Your Services Firm
The world went to sleep last night with early polling suggesting that the Brexit referendum on whether the United Kingdom should remain within the European Union was leaning in the “stay” camp. In a surprising turn of events, when the final tallies came in, more than 17 million people voted in favor of leaving, formalizing Britain’s decision to sever its … Read More
How a Focus on Incrementalism Drives Professional Services Results
The following article is a guest post authored by Phil Pedlikin. Phil is a professional services executive with a proven track record of growth and profitability–increasing revenues and profits wherever he has been a leader. In this guest post Phil outlines how he has leveraged incrementalism to drive significant improvements in professional services profitability. As services companies strive to improve … Read More
The Power of Results-Driven Professional Services Automation
Here at Projector PSA we have taken a decidedly different approach to professional services automation (PSA) software. Designed by professional services executives, our solution is solely focused on helping people- and project-centric services firms run more efficiently, successfully, and profitably. This results-driven approach is apparent not only in our product, but also in our diverse service and support offerings. And it … Read More
3 Things I Hate about Blog Posts with Numbered Lists
The Ubiquitous Numbered List 3 No-fail Ways to Improve Project Profitability 7 Example Proposal Templates that Can’t Lose 10 Things You Should Never Ever Say to Your Client Blog posts with numbered lists are everywhere. Cognitive scientists believe they appeal to our brains’ innate desire for organization and structure. Marketers rely on them to increase engagement, lower bounce rates, and … Read More
Three Key Questions You Need to Answer When Measuring Utilization
Utilization. Every professional services firm I’ve ever worked with—whether they’re a management consultancy, a digital marketing organization, a technology implementer—measures utilization. Every professional services manager—from the executive leadership level to delivery managers to department heads—tries to improve utilization. Every billable consultant is, at least in part, evaluated and compensated on utilization. Problem is, not everyone has a common understanding of … Read More
Continuity and Change: Consistency in an Ever-Changing Environment
Every year over the past decade, Service Performance Insight (SPI) publishes their comprehensive Professional Services Maturity Benchmark that provides a unique perspective into what’s going on in the professional services industry. Every year, I eagerly pour through the results to understand what’s new, what’s changed, and what’s different. This year, however, what really stood out was one factor that has … Read More
Getting the Right DIRT on Time Reporting
Labor is the largest investment made by a professional services company. There are two important quality measures: accuracy and timeliness. Accurate time reporting leads to higher project profits and resource utilization, as well as greater customer satisfaction. The benefits of accuracy are: Better knowledge of project profitability and resource utilization Better process improvements through better knowledge of actual effort Correct … Read More