Acumatica ERP: End the Guessing of Making Profit Decisions
Posted on: March 10, 2020 | By: Guy Logan | Acumatica, Professional Services
Acumatica ERP – Professional Services
Professional service organizations face the challenges of balancing resources and requirements to keep customers happy and utilization high. To manage projects proactively, employees and managers need real-time data that connects all the moving parts – from deliverables to expenses to resource schedules. Information accessible from the field enables employees to be productive and responsive no matter where they are serving your clients. In this blog, we will look at how proactive information from Acumatica ERP will build revenues and reduce costs. This will improve project success and profitability.
Increase revenue: Increase bid to win ratio
Professional service firms consistently cite close ratios as their most significant overall sales challenge. Bids can require a considerable investment of time and can even be a grueling task to complete. Companies are faced with quite a few challenges during a bidding process. These challenges could be deciding whether to bid or not based on limited data, or having accurate historical data to project costs, especially when no two jobs are exactly alike.
Acumatica Project functionality allows companies to see both current and historical projects and project bids or quotes. So, you can see completed projects that may be similar to the one you are currently bidding. You could even review billings by project phase or task. Furthermore, you can track projects that you bid on, but didn’t win and why you didn’t win. This allows our clients to improve their win ratio and pass on project bids that don’t fit the companies sweet spot.
Reduce costs: increase employee utilization
In an age of specialization, you need to carefully match the skills of your resources with the requirements of the job. With the complexity of matching up those moving parts, professional service organizations need to take a structured and systematic approach to assigning the right person at the right time. It becomes an issue when there is no centralized data. Without it, the complexity of efficiently matching schedules and project needs can become overwhelming.
Acumatica Project functionality will allow you to see projects that are currently running as well as upcoming projects. You can assign resources to projects and understand your workload and resource gaps across the organization. The key benefit we see from our clients is increased utilization. Clients are able to keep the right resources on the right projects, maximizing their skills and driving employee utilization.
In addition, early warning of changes in schedules and complete visibility into requirements across projects allow you to place resources where they are needed the most. Keeping valuable employees fully engaged and delivering high-profit services will improve the bottom line and employee satisfaction.
Summary/Conclusion
To grow your professional service organization, you’ve had to focus more on serving clients than optimizing internal operations. There comes a time when “getting by” with aging business management systems puts the business at risk. By taking advantage of the latest advances in business management applications you can increase billable hours, reduce costs, identify business opportunities faster and improve client relationships.
Download the white paper here to get an in depth understanding of 10 profit decisions professional service companies are making blind and how these decisions can be made with confidence.
