To succeed, the entire picture needs to be in one place. Joseph Fanutti, chief financial officer at Bill Gosling Outsourcing, explained that before Workday, “Numbers were always challenged, no one could agree on metrics, and people couldn’t agree on what actions to take going forward.” Using a professional services automation (PSA) system, firms can access information across their service delivery, resources, and client needs so they can assign the right talent to the right projects.
In the “Forrester Report: Now Tech: Project Business Automation Solutions, Q3 2020” report, Forrester advises that a PSA tool “ must become the communication and management hub that provides firms with transparency into resource availability and performance while supporting regulatory reporting requirements.” As Bobby Riggs, chief financial officer at Collaborative Solutions, shared, “Workday PSA helps us eliminate manual processes, staff projects as soon as they’re proposed, and increase visibility into project financials and resource demand.”
Furthermore, a cloud-based system can make it easier for employees to leverage data across the organization—accessible on any device. In the same report, Forrester notes that “firms require their people to be available to respond to project issues regardless of their current location. The right tool will also allow for autonomy across different lines of businesses and locations. With a cloud-based platform, data can be quickly pulled and analyzed to make business decisions and shift in real-time.”
In today’s competitive landscape, firms aren’t just facing pressure from their competitors. Their own practices and technologies may be wreaking havoc on the organization, and a reevaluation may be in order. By standardizing firm-wide performance metrics and integrating finance, HR, and client data into a single system, firms can empower their employees and managers to increase profitability and scale the business.