The State of the Industry – 2018 Professional Services Benchmark

Author: Categories: Professional Services

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

Author: Categories: Professional Services, Project Management

Professional Service Contract Structures

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

Author: Categories: Professional Services

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

3 Tiers of Professional Services Management that Unlock the Potential of Enterprise Data

Author: Categories: Professional Services

3 Tiers of Professional Services Management Software

Managing projects based on a consolidated view of performance has always been an attractive idea in the professional services sector, but one that has been traditionally difficult to follow up on. Accounting for revenues, costs, profits, and performance to both budget and schedule for in-flight projects requires a complex data gathering and analysis processes. Bringing together information from disparate systems … Read More

Contingency Planning for Professional Services Projects

Author: Categories: Professional Services, Project Management

One of the greatest risks to a professional services project is starting it without dedicating any time to contingency planning. Sure you’ve delivered this type of project a thousand times. Of course, you have an excellent relationship with the client. Without a doubt, your team has the right skills to deliver under budget and on time. But things change, and … Read More

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

Author: Categories: Professional Services

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

Author: Categories: Professional Services

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

Author: Categories: Professional Services

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