Invoicing for professional services work is one of those things that seems simple on the surface. Download an Excel invoicing template for consulting services, punch in your hours and rate, render a services invoice, and send it to the client. For professional services organizations with just a few consultants, this is often the approach. Of course, as service teams grow … Read More
Forecasting Revenue Using Predictive Analytics: An Interactive Case Study
Now, for those of you who want more detail… Much has been written about using fancy technologies like artificial intelligence, machine learning, and predictive analytics in the workplace to do everything from identifying the most effective project managers to making recommendations on Netflix. Too often, the reader is left with the impression that the technology is only available in high-end, … Read More
Can Artificial Intelligence Identify Your Most Effective Project Managers?
I harbor no illusion that the current state of artificial intelligence and machine learning is advanced enough to be an effective substitute for a talented, experienced, passionate project manager. For me, a more interesting question is whether these techniques can help improve success rates within the project management discipline. Could artificial intelligence and machine learning identify the most effective PMs … Read More
5 Myths of Measuring Professional Services Profitability, and How to do it Right
When it comes to measuring professional services profitability, many firms have a myopic focus on revenue generation and resource utilization with the hopes that profitability will be there in the end. While revenue growth and healthy utilization are essential, forgetting to manage your profit margins can have a dramatic impact on the business’s performance. The most successful professional services firms … Read More
Growing a Professional Services Firm: What it Takes to Make $10 Million in Profit [Infographic]
Growing a professional services firm to $10 million in profit depends quite a bit on the systems, structures, and strategies deployed by the firm. See what the latest Professional Services Benchmark reveals about the impact these choices can have.
The State of the Industry – 2018 Professional Services Benchmark
Few industries change as rapidly or evolve as continuously as the professional services industry. As the economies of developed nations continue to shift to be predominantly service-based, the firms that produce that output are continually reinventing themselves to overcome obstacles, satisfy market needs, and seize opportunities. Every year SPI Research surveys those firms and develops their annual Professional Services Maturity Benchmark. The 2018 Professional Services Benchmark shines light on the state of the professional services industry.
Professional Service Contract Structures – Comparing 6 Different Models
At the core of every professional services engagement there is a contract structure that dictates the expectations of each party. While strong results are ultimately what every client wants, the contract structure that surround consulting a project plays a significant role. It dictates who bears risk, when money changes hands, and the how final product is to be delivered. As … Read More
When Should You Implement a PSA Solution
Are you still managing your professional services firm with spreadsheets, whiteboards, emails, and a host of manual processes? Do you know what sort of software you need to manage your consulting firm more efficiently? Should you settle for a series of individual point solutions—separate time tracking, invoicing, project management, and resource scheduling applications—or invest in an integrated Professional Services Automation … Read More
What is PSA Software? – A Deep Dive into Professional Services Automation
“What is PSA software?” It’s a question that I get all the time. I can answer that here (and I will), but in the tradition of great journalistic practices, I’ll do more than that. Journalism 101: in order to tell a compelling (and complete) story, I’ll make sure I answer the what—but will also cover the who, when, where, why, … Read More
Utilization and Engagement – How Efficient Management Impacts the Workplace
Utilization is a loaded term in the professional services sector. Decision-makers get excited when discussing utilization because they often face demand to maximize every bit of resourcing they have available to improve the bottom line. We talk about strategies for maximizing resource utilization a lot on this blog (because it is what we do every day), but there really are … Read More