When we invest in something, we leave no stone unturned to ensure a better ROI. Yes, now that you have made up your mind to integrate PSA software into your firm, you’re probably thinking of ROI, right? Then read on and find out by yourself.
The Rapport between Professional Service Automation & ROI
When you deploy PSA software, you adopt a centralised and streamlined business process for your firm. It enables a single interface and eventually saves time and resources, resulting in improved ROI. Let’s have a look at how PSA software promises you better ROI.
#1.PSA helps manage your finances.
You can delegate your financial management to PSA software. It has several features including but not limited to budgeting, reporting, forecasting, etc that ensure financial visibility. When PSA software takes over these chores, it helps you identify trends to make informed decisions. Thus, it leads to cost optimisation and profit maximisation.
#2. You will have a streamlined project management system in place.
With PSA software, you can form a centralised project management system in place. This centralised automation streamlines various trajectories of a project beginning from initial planning to completion. As a result, you can ensure efficient use of resources, reduce manual errors, and increase project profitability.
#3.ROI through the least amount of revenue leakage.
As a thriving company, it is crucial to ensure that the time your employees spend at work is billable. When you deploy PSA software, it records your employees’ working hours and links them with the clients and projects concerned. This helps to track billable hours with ease and make sure of reduced revenue leakage.
#4.PSA proactively manages and allocates resources efficiently.
PSA software forecasts resource requirements and plans ahead. Then, you can effortlessly hand-pick the right resources at the right time. It enables proper utilisation of resources without leaving room for any under or over-allocation. Similarly, PSA software makes it easier to allocate work according to individual expertise. All these capabilities pave the way for optimised resource allocation resulting in better ROI.
#5. Accurate and timely reporting.
PSA possesses the capacity to present customizable dashboards and reports for deeper analysis and real-time insights. It saves manpower and time devoted to spreadsheets and manual data entry.
#6. With PSA software, client management is a cakewalk.
The customer relationship management(CRM) feature in PSA software makes customer interactions easier. It helps you better deliver your service. With better service, you can retain your customers.
Three key metrics you can rely on to evaluate ROI
#1. A surge in your billable hours.
PSA software automates administrative tasks and lets your employees focus on billable work. It leads to higher revenue and ROI.
#2.Visible improvement in resource utilisation.
As we discussed, PSA software plays a significant role in allocating your resources prudently. It eliminates unwanted resource wastage. Eventually, this effective utilisation of resources ensures cost reduction and increased profitability. The result is better ROI.
#3.Reduction in time spent on non-billable tasks.
PSA software streamlines workflow and reduces the time needed for tasks that are not billable. This leads to increased operational efficiency and improves profitability. You can keep it as a metric to gauge ROI.
It is easy to calculate the ROI of PSA software.
ROI=[ (Current value of investment-cost of investment-cost of investment)/cost of investment]x 100.
Wrapping up
We hope that the question ‘Is it worth investing in PSA?’ has found its answer. If your ultimate aim is to take your business to the next highest level possible, then, you cannot miss automation for a streamlined workflow. If that is the case, Professional Service Automation software is undoubtedly the best option you can rely upon to ensure better ROI.
