Part 3: Acumatica ERP: End the Guessing of Making Profit Decisions

Posted on: June 4, 2020 | By: Julia Paul | Acumatica, Professional Services

Acumatica Profit Decisions 

Welcome to the third blog of the “10 Profit Decisions Service Firms are Making Blind: How a Progressive ERP Ends the Guessing” series. In this blog, we will look at how proactive information from Acumatica ERP will build revenues and reduce costs to improve project success and profitability. Professional service organizations can increase revenue by optimizing training opportunities and reduce costs by making remote work more efficient. Read on to learn more!

Increase Revenues: Optimize training opportunities

As the baby boomer generation of skilled workers approaches retirement, professional service organizations need to focus on ensuring the continuity of expertise. College graduates may have the basic technical, engineering or marketing credentials, but still need industry-specific training to deliver maximum value to their clients.

The challenge behind this is cost effective training. Tracking and delivering training for a dispersed set of employees is complex and expensive. Manual processes to determine the status of employee certifications and requirements is time-consuming and prone to error. Scheduling people for group training programs is logistically challenging, interrupts ongoing projects and impacts resource utilization.

The solution to this problem is developing a comprehensive plan. A comprehensive training plan supported by automated skill/certification, tracking, and remote training tools will significantly reduce the complexity and costs of your training efforts. This will centralize and automate the tracking of employee certifications, license expirations and training plans. It will also provide virtual training when possible and centralized access to training materials. Scheduling will be simplified for required on-site training through full insight into project schedules and resource commitments.

Helping employees build their knowledge and stay on track to replace needed skills is a win-win. A well-managed training plan will increase job satisfaction, support capacity to adopt new technologies and methods and promote innovation in strategies and products.

Reduce Costs: Make remote teams more efficient

Dispersed or virtual engagement teams are cost effective and can deliver an ideal mix of skills to projects. Working across multiple time zones and geographies can hamper delivery without the tools in place to foster collaboration for the remote team. A common problem companies face is having disconnected systems. A mobile and decentralized workforce needs to be linked by rich processes and culture. The legacy systems most professional service organizations are using today were built to serve a traditional office environment. Separate, disconnected systems house the data for project plans, supporting documentation and project accounting, making it difficult to deliver that information to the field.

The solution is to obtain collaboration tools. Remote project teams need a centralized platform that fosters communication and collaboration to work more efficiently. Project information made available through secure controlled access will improve resource scheduling through central visibility of utilization and capacity levels, provide centralized storage of access to project-related documents, allowing sharing of project calendars, task lists and issues logs to project team members in synch. Providing project portals for clients can save many hours of reporting. It will also promote the open sharing of ideas, best practices and recognition of achievement through discussion boards, wikis and announcements.

As your organization takes on larger and more dispersed projects, you need the centralized systems that simplify team collaboration.

Conclusion

Professional service firms can increase revenues and reduce costs by optimizing training opportunities and making remote teams more efficient. As your organization takes on larger and more dispersed projects, you need the centralized systems that simplify team collaboration.

Interested in learning more on how proactive information from Acumatica ERP will build revenues and reduce costs to improve project success and profitability? 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.

 

Acumatica profit decisions



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