Each project is unique in its scope and fluidity—and agility is the lifeblood of most professional services firms. In Workday PSA, every role supporting a project has the ability to quickly pivot when a customer’s needs change. People working within operations, project management, billing and finance, and client-facing sales and delivery can all make the necessary changes for business continuity. Workday PSA also allows employees to view current assignments, upcoming opportunities, and essential information for projects based on their interests—empowering them to take ownership of their work, clients, and career.
How Does a PSA Solution Help With Workforce Planning?
For a professional services organization, its people are its biggest commodity. In order to find the right talent for a project while delivering an engaging employee experience, firms must be able to staff contingent or full-time talent based on availability, job profile, skills, performance, interests, and more.
Workday PSA arms recruiters, resource managers, and project managers with a comprehensive view of their current workforce and candidate pipeline. The system enables resource managers to define roles, find talent, and hire the right people, all while using machine learning to predict attrition, identify at-risk performers, and take actions to retain key resources.
Workday Journeys also provides a personalized, meaningful employee experience—maximizing both their engagement and productivity. This allows an organization to not just source the right talent for an existing project, but also plan for long-term growth by upskilling employees for future needs based on their individual goals and interests.
How Can a PSA Solution Improve Client Budgeting and Billing?
With Workday PSA, firms can plan, execute, analyze, and manage projects and financials all in one place—eliminating silos and fostering collaboration. The tool’s ability to build budgets with granular dimensions and controls allows firms to more effectively manage project costs against budget. With all of the changes that can occur during a project’s life cycle, that combination of agility and control can be a real competitive difference.
Properly staffing and invoicing projects is a key part of project delivery success and fostering client relationships. Professional services organizations require a robust billing tool that can support a wide range of contract types, billing terms and conditions, as well as mass ad-hoc changes that can trickle down to the invoice level. Workday PSA is flexible enough to support various customer contract renewals with different constructs and fee structures—helping meet complex contractual demands and delivering a positive customer experience.
Takeaway: Workday PSA Enables Better People, Processes, and Technology
Workday PSA is a critical tool that enables firms to be unified, agile, and talent-centric. With Workday PSA, professional services organizations can own their entire project process in one tool, giving them insights into human capital, project performance, and profitability. The tool provides a single source of truth that dynamically connects data and unlocks real-time insights.
Workday PSA enables professional services organizations to increase efficiency in resource utilization, project billing, revenue recognition, time tracking, and expense management. All this actionable data and analytics results in better decision making across HR, service delivery, and finance. And ultimately, it enables firms to better understand the overall direction of the business and make informed decisions on how to enter new markets, cross-sell services, and hit growth targets.