Lessons Learned in the Professional Services Industry – A Decade of Insights

SPI Research

This year marks the tenth publication of Service Performance Insight’s annual Professional Services Maturity Benchmark survey. This phenomenal body of work not only provides insight into the micro trends affecting the professional services market over the past 12 months, it examines broader macro trends tracing back a decade or more. This broader history is especially interesting as it examines the … Read More

6 Revenue Forecasting Mistakes Professional Services Firms Make – Part 2

At the center of every professional services firm, there is a revenue forecast. Regardless of the platform used to develop a revenue forecast—spreadsheets, whiteboards, or Professional Services Automation software—every services manager is trying to predict what the future may hold.  And revenue forecasts are just that, a prediction. In my last post (link below) about revenue forecasting mistakes, I took … Read More

6 Revenue Forecasting Mistakes Professional Services Firms Make – Part 1

Professional services firms live and die by their ability to forecast revenue. Although there are many types of forecasts that service firms perform—utilization, profitability, or backlog—they all tie into an underlying revenue forecast. Get your revenue forecasting right, and you have an appropriately sized firm that has a healthy service mix. Get your predictions wrong, and you will be under … Read More

Revenue Forecasting Models for Professional Services Firms

Revenue Forecasting for Professional Services Firms

Revenue forecasting is more of an art than a science—for professional services firms at least. Although the inputs used are quantitative in nature, successful service executives will often layer in their perspectives on the business, the market, or key accounts. Perfecting the qualitative aspect of forecasting revenue comes with years of experience working in PS firms. The underlying forecast model, … Read More

Choosing a Professional Services Automation Solution

Choosing a Professional Services Automation Solution

I’ve been doing some work writing an eBook that’s a primer on professional services automation software, and I got to the section on some of the choices you as a buyer would need to make in order to select the right vendor. I actually dislike the term “vendor” in general, because what I think you’re really doing here is less … Read More

The Two Faces of the Professional Services Automation Market

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