Self-service and automation are key
Enabling self-service for project managers through a dashboard can drive efficiency in a number of ways, from approving timesheets to managing scheduling, approving expenses, and performing billing. Not only does this benefit the project managers, it will benefit profit margins too.
Real-time visibility of project data not only helps to improve processes and understand profit margins better, it helps with pricing projects the business is bidding on more accurately. In turn, this reduces the risk of losing revenue in future projects and helps to maximize profit margins. Customers will commonly ask professional services firms for fixed price projects, and without the ability to track costs, these projects can result in a low margin. Yet with access to the right data, fixed price projects can be more profitable too.
Automating key procesess
Anything that can be automated or simplified will help to protect and grow profit margins. In addition to providing dashboards for reporting, it’s important for systems to remind employees that they should be reporting. This can be done at a project manager level, notifying them when team members haven’t completed time sheets, for example. It should also happen on an individual level, reminding employees that they need to record their time regularly. Project managers can also be automatically notified by the system when a project is within a 10% margin of its estimated budget.
Single source of truth
Implementing a system that makes it easy for employees to log time and costs, and provides project managers and employees with a holistic view of data across their projects, will enable oversights to be replaced by action. When this is achieved, professional services firms can watch their profit margins flourish.
Interested in how FAST Professional Services can transform your business? Do not hesitate to reach out and discuss your needs with our dedicated team.