Change in an Industry with Opposing Trends – 2019 Professional Services Benchmark

Author: Categories: Benchmarks, Professional Services

2019 Professional Services Benchmark

Change is both a blessing and a curse for the global professional services industry. As this year’s 2019 Professional Services Benchmark puts it, “After all, without disruption and change, professional services would not exist, because clients would not need expert help to navigate new opportunities and landmines.” The past months have seen no dearth of “opportunities and landmines” in the … Read More

Invoicing for Professional Services: Best Practices and Scalable Processes

Author: Categories: Operations, Professional Services

Invoicing for Professional Services

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

Author: Categories: Professional Services, Resource Utilization Management

Forecasting Revenue Using Predictive Analytics

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

5 Myths of Measuring Professional Services Profitability, and How to do it Right

Author: Categories: How To, Professional Services, Project Management

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

The State of the Industry – 2018 Professional Services Benchmark

Author: Categories: Benchmarks, 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

Utilization and Engagement – How Efficient Management Impacts the Workplace

Author: Categories: Resource Utilization Management

Utilization-Management-Tools

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

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